(Three)Data Analysis-1：DA on decision making brief talk

目录

Data Analysis and Decision Making：

0-the Role of Big Data

0.1 For the business and the company

0.1.1-For business

0.1.2-For company

0.2 It’s true, big data is popular

0.2.1-big data’s advantages-5 aspects

1-the Role of Data analysis 

1.1-It’s true data analysis is necessary

1.2-Data analysis’advatages-3 aspects

1.2.1-making most out of consumer patterns

1.2.2-using data to drive performance

1.2.3-managing risk through analytics

2-Data Analysis would Improve Decision Making

2.1-How to make decision based on data analysis      

2.2-Make decision based on data analysis

2.2.1-making most out of consumer patterns

2.2.2-using data to drive performance

2.2.3-managing risk through analytics​​​​​​​

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Data Analysis and Decision Making

Note:

It supports the opinion that data analysis improve decision making.​​​​​​​

0-the Role of Big Data

Information:

A description on that why there is an increasement on the needs to utilize data in the organization.

0.1 For the business and the company

0.1.1-For business

In the business world, the role of big data is likely a game changer, which because that more trends have being given birth due to the rise of data there.

Reference_reflective data(2019)

0.1.2-For company

For the companies themselves, many of them have been adopted the benefits providing by big data. The business which uses data analytics experienced an increase in profit and an reduction in costs.

Reference_reflective data(2019)

0.2 It’s true, big data is popular

Note:

Data could become information, then information will be knowledge.

0.2.1-big data’s advantages-5 aspects

-big data will handle routine tasks and save time

Reference_ENTERPRISE BIG DATA FRAMEWORK(2019)

-help analyze social media platforms

Reference_ENTERPRISE BIG DATA FRAMEWORK(2019)

-drastically reduce costs for the business

Reference_ENTERPRISE BIG DATA FRAMEWORK(2019)

-the demand for big data analysts is increasing

Reference_ENTERPRISE BIG DATA FRAMEWORK(2019)

-machine learning is the future of society

Reference_ENTERPRISE BIG DATA FRAMEWORK(2019)

1-the Role of Data analysis 

Note:

A description on that why there is a necessary to introduce data analysis to the organization, in terms of the decision making.

1.1-It’s true data analysis is necessary

What is data analysis:

Reference_WIKIPEDIA

1.2-Data analysis’advatages-3 aspects

Information:

The advantages are making most out if consumer patterns; using data to drive performance; managing risk through analytics.

1.2.1-making most out of consumer patterns

Note:

In terms of decision making, data analysis is help in improving productivity an performance.

Introduction:

Reference_towards data science(2018)

-consumers’ insights should be analyzed:

If one organization could correctly capture the consumer’s insights and successfully match their requirements, it will remain competitive in the market, and frontline monetization opportunities. This is means using consumers’ insights to shape the products, then give back to the consumers.

-which should be in-deep analyzed:

buying habits and preferences

-for example: automotive seller, Sam’s Club

They studies consumer’s buying habits and preferences by the record of purchasing and behavioral history.

Reference_towards data science(2018)

1.2.2-using data to drive performance

Note: 

In terms of decision making, data analysis is helpful in, reducing inefficiency and streamlining business operations; improving the way organizations attract and retaining talent; providing useful value proposition in supply chain.

-reducing inefficiency and streamlining business operations

For example:

Reference_towards data science(2018)

-improving the way organizations attract and retaining talent

For example:

Reference_towards data science(2018)

-providing useful value proposition in supply chain

For example:

Reference_towards data science(2018)

1.2.3-managing risk through analytics

In company, for measuring and managing risk, the risk managers should focus on the following five aspects: repetitive losses, insurance premiums; report improvements; monitoring performance; forecasting.

Reference_ClearRisk(2021)

2-Data Analysis would Improve Decision Making

Note:

There is an explanation of Session_2 (the Role of Data Analysis) in details.

2.1-How to make decision based on data analysis      

Note:

There are 7 steps to implement this idea, separately, 1-set clear goals; 2-choose the data sources; 3-set metrics; 4-monitor the metric on regular basis; 5-choose the right dashboard; 6-get the key people; 7-analyze the data.

Reference_reflective data(2019)

2.2-Make decision based on data analysis

2.2.1-making most out of consumer patterns

Note:

Using data analysis to make the most out of Consumer Patterns: data analysis is likely to create a demographic of a brand’s ideal customers. 

-Four methods to develop predictive analysis

Which help business to provide the right products and services to the market.

Reference_reflective data(2019)

2.2.2-using data to drive performance

Note:

Data can Drive Performance

-The method to avoid inefficient operations:

Which improves the company’s profit margins by developing more efficient processes.

Reference_reflective data(2019)

2.2.3-managing risk through analytics

Note:

Risk Mitigation is Improved through Analytics

-The method to develop predict analysis

Companies that have a baseline standard for measuring risk are going to be able to incorporate exact numbers into their decision modelling process. In short, they can predict certain scenarios and plan for them in advance.

Reference_reflective data(2019)

Reading:

[1] ER1-the Efficiency of Data to Increase Competitive Advantages

[2] Review of business intelligence through data analysis​​​​​​​