Tag Archives: data analytics
Analytical thinking & Reasoning: Real-life Examples
Analytical thinking and analytical reasoning are two concepts that are often misunderstood. Many people think that they are the same thing, but this is not the case. In fact, analytical thinking and analytical reasoning are two very different things, however, related. Analytical thinking is an important aspect of analytical skills. Most of us do not realize how to use analytical thinking and often end up solving the problem incorrectly or half-heartedly. As data analysts or data scientists, it would be of utmost importance to acquire this skill well. In this blog post, we will learn these concepts with the help of some real-life examples. What is analytical thinking? Analytical thinking …
Business Problems to Analytics Use Cases: How?
Data is the new oil. It is the lifeblood of modern businesses. It can be used to take informed decisions, measure performance and gain insights into customer behavior. But how do we go from a business problem to an analytics use case? How do we unlock the power of analytics to drive real results? Let’s explore how to make it happen. 1. Identifying Business Objectives – Strategic or Tactical Identifying business objectives (Strategic or Tactical) is an essential part of identifying analytical use cases. When organizations start working on their analytics projects, they need to first define the objectives they want to achieve through their data analysis. There are two …
Data Analysis Types: Concepts & Examples
Data analysis plays an important role in understanding the world, discovering trends, and making decisions. Having a good understanding of the different types of data analysis available is essential for anyone looking to make sense of their data. In this blog post, we’ll discuss the six different forms of data analysis and provide examples of each type so you can get a better idea of how they work. The following is a representation of six forms of data analysis. Descriptive Data Analysis One of the most common forms of data analysis is descriptive data analysis. This type of analysis involves analyzing and summarizing the metrics in a dataset including central …
Data-Driven Decision Making: What, Why & How?
Data-driven decision-making is a data-driven approach to making decisions to achieve desired outcome. More precisely, data-driven decision making is an insights-driven approach to drive decisions and related actions. The data can come from internal and external data sources to avoid data biases. Data-driven decision-makers use data in their decision process to validate existing actions or take new actions (predictive or prescriptive analytics). They make decisions based on the actionable insights generated from the data. The goal is to make informed decisions while ensuring trust & transparency across the stakeholders & organization as a whole. It can be noted that data-driven decision making provides great thrust to digital transformation initiatives. In …
Data Governance Framework Template / Example
Data governance is a framework that provides data management governance. It’s the process of structuring data so it can be governed, managed and used more effectively. Data governance framework forms the key aspect of data analytics strategy. This blog post will discuss key functions of a standard data governance framework and can be taken as a template or example to help you get started with setting up your data governance program. What is Data Governance Framework? Data governance can be defined as enterprise-wide management of data from availability, usability, security and integrity standpoint. The data governance framework is intended to put some structure around how data can be managed and …
ESG Concepts: Reports, Metrics & KPIs
This blog post is geared toward Environmental, Social & Governance (ESG) professionals looking to understand different aspects of ESG and some metrics that can be reported via ESG reports as part of their organization’s ESG reporting (annual reports) in relation to representing the sustainability aspect of their business. An understanding of different aspects of ESG can help you in getting started with ESG initiatives and ESG reporting. ESG initiatives can help companies improve their overall sustainability factor while creating a positive impact on environmental, social, and governance issues. Getting started with ESG-related practices in your organization or department (such as procurement) requires a set of ESG initiatives and related performance …
Top Healthcare Data Aggregation Companies
Data aggregation is the process of collecting data from multiple sources and compiling it into a single database. This process is essential for healthcare professionals, companies and startups because it allows them to track and analyze patient data, which can be used to improve patient care. There are many companies that offer healthcare data aggregation services. However, not all of them are created equal. To help you choose the right company for your needs, we’ve compiled the following list of the top healthcare data aggregation companies. This list will be updated from time-to-time. Athenahealth: Athenahealth is a healthcare data aggregation company that provides electronic health records, practice management software, and …
Data Analyst Technical & Soft Skills
Do you want to become a data analyst? It’s a great career choice! Data analysts are in high demand these days. Companies rely on data analysts to help them make better decisions by turning data into insights. In order to be successful, data analysts need a mix of technical skills and soft skills. Technical skills include expertise in analyzing data. Soft skills include communication and problem-solving skills. Data analysts must be able to take data and turn it into insights that help their company make better decisions. They also need to be able to effectively communicate those insights to people who may not have a technical background. In this blog …
Digital Twins & its Types: Concepts & Examples
You’ve probably heard of the term “digital twin” but aren’t sure what it means or how it can help your business. A digital twin is a virtual replica of a physical object or system. There are various different types of digital twins such as component, asset, system and process twins. Digital twins have become an important part of Industry 4.0 and the Internet of Things (IoT). They allow companies to improve product quality, optimize operations and reduce costs. For example, Airbus uses digital twins to monitor the health of its aircraft engines in real time. This helps them to identify potential problems early and take preventative action. In this blog …
Building Data Analytics Organization: Operating Models
Most businesses these days are collecting and analyzing data to help them make better decisions. However, in order to do this effectively, they need to build a data analytics organization. This involves hiring the right people with the right skills, setting up the right infrastructure and creating the right processes. In this article, we’ll take a closer look at what it takes to set up a successful data analytics organization. We’ll start by discussing the importance of having the right team in place. Then we’ll look at some of the key infrastructure components that need to be put in place. Finally, we’ll discuss some of the key process considerations that …
Differences: Data Analyst & Business Analyst
Data analysts and business analysts are two very different positions in the world of business. Data analysts are responsible for examining data and manipulating it into a format that is easy to understand, while business analysts are responsible for taking this data and using it to make informed business decisions. This is not to say that one job is more important than the other – both positions are necessary for a well-functioning company. However, it is important to understand the distinctions between these two jobs so that you can better identify which role you might be interested in pursuing. Data Analysts vs Business Analysts Data analysts and business analysts are …
What are Actionable Insights: Examples & Concepts
The idea of actionable insights is something that has gone mainstream across different departments in any and every business due to the onset of digital transformation initiatives at large. Today, actionable insights are at the heart of many successful business decisions, and are used to help your company grow further than ever before. Actionable insights are key to any data analytics initiatives including decision-centric data analytics which are at the heart of digital transformation. Analytics centered around actionable insights is also termed actionable analytics. In this blog post, actionable insights are explained with examples along with few actionable analytics tools which are used when dealing with actionable insights. What are …
Gartner Data Analytics Trends for 2022
Every year, Gartner releases a report on the latest data analytics trends that will be influential for businesses in the coming year. These reports are always insightful, and provide valuable information for companies who want to stay ahead of the curve. This year is no exception, and Gartner released their predictions for data analytics trends in earlier in 2022. In this blog post, we will take a look at some of the most important trends that Gartner has identified. Although it is a bit late to publish this post. However, this post discusses the concepts in detail and will be updated from time-to-time. Stay tuned for more insights into the …
Purpose of Dashboard: Advantages & Disadvantages
A dashboard is a visual representation of the most important information needed to achieve a goal. Dashboards form an integral part of analytical solutions. As the demand for data analytics continues to grow, dashboards are well-positioned to become one of the most essential tools in any business toolkit. It can provide an overview of what is happening in your business and help you make better decisions. While there are many advantages to using a dashboard, there are also some disadvantages that you should be aware of. In this blog post, we will discuss the purpose of the dashboard and its advantages and disadvantages. As a product manager/business analyst and data …
What is Data Quality Management? Concepts & Examples
What is data quality? This is a question that many people ask, but it is not always easy to answer. Simply put, data quality refers to the accuracy and completeness of data. If data is not accurate, it can lead to all sorts of problems for businesses. That’s why data quality is so important – it ensures that your data is reliable and can be used for decision-making purposes. Data is at the heart of any enterprise. It is essential for making sound business decisions, understanding customers, and improving operations. However, not all data is created equal. In order to make the most out of your data, you need to …
Digital Transformation Strategy: What, Why & How?
Digital transformation is a digital strategy that aims to change the way an organization operates. It’s not just about digital marketing anymore – digital transformation includes all aspects of digital engagement from customer service, product development, and delivery, operations, etc. And it requires a holistic approach to digital transformation without any silos or strategic gaps in between departments. In this blog post, we will cover what digital transformation is and why organizations should take advantage of this strategy. We’ll also look at how digital transformation is happening in different industries. What is digital transformation? Digital transformation is a digital strategy that aims to change the way an organization operates and …
