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Data Analytics Internship
under
Prof. Sameer Mathur, Associate
Professor of Marketing,
IIM Lucknow
Submitted by,
Shivaprakash.B,
NIT-Trichy
WEEK 4 DAY-5- Task 3-b
Q1) List the two most (important /
interesting / informative) insights from this
article?
Q2) Why and how are these insights
relevant to a manager in India?
Q1) List the two most (important /
interesting / informative) insights from this
article?
Insight 1- Ways to simplify the
analytics strategy
• Businesses are challenged by the
complexity and confusion generated by
analytics.
• Finding real time opportunities and
achieving desired outcomes can be
elusive. So, there are methods available
simplify this analytics strategy.
• So, there are methods available simplify
this analytics strategy:
1. Accelerate the data:
o Fast data leads to fast insights and
outcomes. A hybrid technology
environment enables businesses to move,
manage and mobilize the data.
o Real-time delivery of analytics speeds up
the execution velocity and improves the
service quality of an organization.
2. Delegating the work to the analytics
technologies:
There are 4 ways of delegating the work.
They are:
(a) Next-Gen Business Intelligence (BI) and
data visualization:
o BI gives life to data and analytics by
optimizing the decision making.
o This is carried out by turning the
organization’s data into an asset by having
the right data, at the right time and place
and displayed in the right visual form.
(b) Data discovery:
o By using data discovery techniques,
companies can test their data to uncover
data patterns that aren’t clearly evident.
o When more insights and patterns are
discovered, more opportunities to drive
value for the business can be found.
(c) Analytics Applications:
o Applications can simplify advanced analytics
by putting the power of analytics elegantly
into the hands of the business user to make
data-driven business decisions.
o They can also be industry-specific, flexible,
and tailored to meet the needs of the
individual users across organizations.
(d) Machine learning and cognitive
computing:
o With an influx of big data, and advances in
processing power, data science and
cognitive technology, software intelligence
is helping machines make even better-
informed decisions.
o Machine learning can be used to target
customers effectively in sales platforms.
Insight 2- The 2 types of approaches
to solve a business problem
• Each path to a data insight is different and
unique. Also, another main component of a
company’s analytics journey depends on
the company’s culture itself.
• While determining which problem to
address, companies should first focus on
the one that can offer the highest value,
then it can choose a hypothesis-based or
discovery-based approach based on the
degree of institutional knowledge it has to
solve that kind of problem.
• Once the insights are uncovered, the next
step is for the business, of course, to make
the data-driven decisions that place action
behind the data.
• Companies can take two approaches
depending on the nature of the business
problem. They are:
1. Hypothesis-based approach:
o For a known problem with a known
solution, the company could take a
hypothesis-based approach by starting with
the outcome and test the solution with a
control group and then scale broadly across
the customer base.
2. Discovery-based approach:
o For a known problem with an unknown
solution, companies should go with a
discovery-based approach to look for
patterns in the data to land up on
interesting correlations.
Q2) Why and how are these insights relevant
to a manager in India?
MANAGERIAL RELEVANCE
• Managers should insist their company
executives to make a hypothesis/
discovery-based approach to solve
business problems.
• They should make intellectual decisions by
relying on Business Intelligence.
• Managers should be able to uncover the
data patterns using data discovery methods.
• Advanced analytics can help managers
handle their inventories.

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Simplify your analytics strategy

  • 1. Data Analytics Internship under Prof. Sameer Mathur, Associate Professor of Marketing, IIM Lucknow Submitted by, Shivaprakash.B, NIT-Trichy
  • 2. WEEK 4 DAY-5- Task 3-b Q1) List the two most (important / interesting / informative) insights from this article? Q2) Why and how are these insights relevant to a manager in India?
  • 3. Q1) List the two most (important / interesting / informative) insights from this article?
  • 4. Insight 1- Ways to simplify the analytics strategy • Businesses are challenged by the complexity and confusion generated by analytics. • Finding real time opportunities and achieving desired outcomes can be elusive. So, there are methods available simplify this analytics strategy.
  • 5. • So, there are methods available simplify this analytics strategy: 1. Accelerate the data: o Fast data leads to fast insights and outcomes. A hybrid technology environment enables businesses to move, manage and mobilize the data. o Real-time delivery of analytics speeds up the execution velocity and improves the service quality of an organization.
  • 6. 2. Delegating the work to the analytics technologies: There are 4 ways of delegating the work. They are: (a) Next-Gen Business Intelligence (BI) and data visualization: o BI gives life to data and analytics by optimizing the decision making.
  • 7.
  • 8. o This is carried out by turning the organization’s data into an asset by having the right data, at the right time and place and displayed in the right visual form. (b) Data discovery: o By using data discovery techniques, companies can test their data to uncover data patterns that aren’t clearly evident.
  • 9. o When more insights and patterns are discovered, more opportunities to drive value for the business can be found. (c) Analytics Applications: o Applications can simplify advanced analytics by putting the power of analytics elegantly into the hands of the business user to make data-driven business decisions. o They can also be industry-specific, flexible, and tailored to meet the needs of the individual users across organizations.
  • 10.
  • 11. (d) Machine learning and cognitive computing: o With an influx of big data, and advances in processing power, data science and cognitive technology, software intelligence is helping machines make even better- informed decisions. o Machine learning can be used to target customers effectively in sales platforms.
  • 12. Insight 2- The 2 types of approaches to solve a business problem • Each path to a data insight is different and unique. Also, another main component of a company’s analytics journey depends on the company’s culture itself.
  • 13. • While determining which problem to address, companies should first focus on the one that can offer the highest value, then it can choose a hypothesis-based or discovery-based approach based on the degree of institutional knowledge it has to solve that kind of problem. • Once the insights are uncovered, the next step is for the business, of course, to make the data-driven decisions that place action behind the data.
  • 14. • Companies can take two approaches depending on the nature of the business problem. They are: 1. Hypothesis-based approach: o For a known problem with a known solution, the company could take a hypothesis-based approach by starting with the outcome and test the solution with a control group and then scale broadly across the customer base.
  • 15. 2. Discovery-based approach: o For a known problem with an unknown solution, companies should go with a discovery-based approach to look for patterns in the data to land up on interesting correlations.
  • 16. Q2) Why and how are these insights relevant to a manager in India?
  • 17. MANAGERIAL RELEVANCE • Managers should insist their company executives to make a hypothesis/ discovery-based approach to solve business problems. • They should make intellectual decisions by relying on Business Intelligence.
  • 18. • Managers should be able to uncover the data patterns using data discovery methods. • Advanced analytics can help managers handle their inventories.