Making a business impact

Forming Analytical Questions

Konstantinos Kattidis

Data Analytics Lead

The data-driven path to success!

Business decisions made based on intuition can lead to poor decision-making.
Data analytics provides stronger evidence to support decisions.

How do we ensure that we focus on the right areas?

How do we select the right analytical solutions?

Line chart with an upward trend, a person holding analytics paper walking upwards on the line which has a trophy at the top.

The "Value from Analytics" workflow

Diagram showing the six steps of the "Value from Analytics" workflow that separates the steps of the business environment from the analytics environment.

Know the strategic business goals

Diagram showing the first step of the "Value from Analytics" workflow that separates the steps of the business environment from the analytics environment.

Strategic business goals can be defined as predetermined targets that companies want to achieve over a set period.

Knowing these goals gives direction and purpose to the teams.

Compass

Define the business questions

Diagram showing the first two steps of the "Value from Analytics" workflow that separates the steps of the business environment from the analytics environment.

Business teams define team-level goals based on the strategic goals.
This results in business questions that need to be answered or problems that need to be solved.

Why is customer churn increasing?

How can we increase the product sales of existing customers?

Form the analytical questions

Diagram showing the first three steps of the "Value from Analytics" workflow that separates the steps of the business environment from the analytics environment.

Analytical questions that require the use of data and analytics to be answered.

Display of the word "Translate"

In this translation process we are moving from the business environment to the analytical environment.

What are the main drivers of customer churn based on the past sales data?

Select the analytical solutions

Diagram showing the first four steps of the "Value from Analytics" workflow that separates the steps of the business environment from the analytics environment.

Select the right analytical approach or solution to answer the analytical questions.

Examples:

Regression analysis
Time-series analysis
Forecasting

Develop & deliver the analytical solutions

Diagram showing all the six steps of the "Value from Analytics" workflow that separates the steps of the business environment from the analytics environment.

Develop the analytical solution.
Deliver the solution.

Display of the word "Translate"

The solution is translated back into business terms.

Our focus for this course

Understand the business question
Translate and form the analytical questions
Select the best analytical solutions

Light bulb with the word "VALUE"

Let's practice!

Forming Analytical Questions