From the course: Introduction to Business Analytics
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Demonstrate the value of data
From the course: Introduction to Business Analytics
Demonstrate the value of data
In business analytics, it's easy to fall into the trap of thinking more data automatically means more value. But the truth is, data for its own sake is worthless. It only becomes valuable when tied to real, measurable outcomes like increased revenue, reduced costs, or happier customers. One way to think about this is through something called the Analytics Maturity Model. It charts the value you receive from your data on the Y axis across increasingly sophisticated methods on the X axis. In the early stages, the types of analytics you'll see is called “descriptive.” You’re simply answering the question “What happened?” with facts and figures. While this can be timely decision-making guidance, stakeholders are often left asking, “But why?” With a little more effort and expertise, the next phase is called “diagnostic,” where you explore the question “Why did it happen?” through ad hoc exploration of data and things like root cause analysis. This is a reactive approach, usually responding…
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