NUS-ISS Business Analytics Practice, by Dr Barry Shepherd
-
date post
18-Oct-2014 -
Category
Data & Analytics
-
view
535 -
download
7
description
Transcript of NUS-ISS Business Analytics Practice, by Dr Barry Shepherd
![Page 1: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/1.jpg)
© 2014 NUS. All rights reserved.
Dr. Barry ShepherdSenior Member, Business Analytics PracticeInstitute of Systems Science, National University of [email protected]
Business Analytics Practice
How do we “do” Business Analytics?
![Page 2: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/2.jpg)
© 2014 NUS. All rights reserved.
What is Business Analytics?
The process of extracting useful knowledge from data to solve business problems
![Page 3: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/3.jpg)
© 2014 NUS. All rights reserved.
What is Business Analytics?
![Page 4: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/4.jpg)
© 2014 NUS. All rights reserved.
What is Business Analytics?
• Statistical Analysis• Predictive Modeling• Association Finding• Link analysis• Data Visualisation• Graph/Network Analysis• Sequence Finding• Data Clustering• Outlier Detection• Text Mining• Many more….
• Customer Segmentation & Profiling• Customer Acquisition & Retention• Campaign & Promotion Analysis• Measure Sales Force Effectiveness• Spend Analysis• Market Basket Analysis• Demand Forecasting• Warehouse Planning• Inventory Management• Logistics Optimisation• Healthcare Management &
Optimisation• Analysis of Clinical trials• Fraud Detection• Market & Credit Risk Analysis• Many more….
The process of using techniques such as….
To perform tasks such as….
In domains such as…
![Page 5: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/5.jpg)
© 2014 NUS. All rights reserved.
How do we “do” Business Analytics?
• I have lots of data, it must be useful, go find me some insights
• Let’s build a big data warehouse then see what we can do with it
• We have just bought XYX tool/algorithm, go use it
Start with a business problem!
Understand what data is available, needed, could be useful
Identify an analytics approach/strategy
XX
![Page 6: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/6.jpg)
© 2014 NUS. All rights reserved.
Business Analytics Practice
![Page 7: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/7.jpg)
© 2014 NUS. All rights reserved.
![Page 8: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/8.jpg)
© 2014 NUS. All rights reserved.
Discovery: Find me some Insights!
What is an insight?
![Page 9: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/9.jpg)
© 2014 NUS. All rights reserved.
Finding Insights
• Insights must be useful and actionable
• Insights often happen when you are looking for something else
![Page 10: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/10.jpg)
© 2014 NUS. All rights reserved.
Finding Insights
10
Starting Hypothesis & Questions
Verify, Evaluate, Test,Explore, Visualise
New avenues to explore,Serendipitous insights
• Where do you think your inefficiencies are?
• What feedback are you getting from customers?
• Is the Pareto principle at work?(the 80/20 rule)
• What caused the anomalies, outliers?
New/Amended Hypothesis
Start with some hypotheses, questions to answer…..
![Page 11: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/11.jpg)
© 2014 NUS. All rights reserved.
Business Analytics Pitfalls
• Remember to get off!
• Have a clear exit criterion
• Avoid perfectionism
• Do a quick first-cut solution as a ball-park measure of success
![Page 12: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/12.jpg)
© 2014 NUS. All rights reserved.
Business Analytics Pitfalls
• What data do you have?
• What data do you need?
• What data could be useful?
Success is more often achieved by getting better data rather than tweaking an algorithm
12
![Page 13: NUS-ISS Business Analytics Practice, by Dr Barry Shepherd](https://reader031.fdocuments.us/reader031/viewer/2022013121/5443481ab1af9f310a8b494d/html5/thumbnails/13.jpg)
© 2014 NUS. All rights reserved.
Institute of Systems Science, National University of Singapore
Mission: To Inspire and prepare Infocomm leaders to innovate over the course of their professional careers
• IT graduate education,• Professional development
courses• Consultancy …