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Business data analytics is a specific set of techniques, competencies, and practices applied to the continuous exploration, investigation, and visualization of business data. BDA can be applied to investigate a proposed business decision, action, or hypothesis or to discover new insights from business data that may result in improved decision-making.
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data-centric activity set,
decision-making paradigm, and
set of practices and technologies
Let me tell you about family financial management to illustrate how a business data analyst can help in the decision-making process. The wife of the family has already recorded the last 10 years of family expenses. The details are good enough for the husband to understand the fee structure via a donut chart. However, with the current forecasting of income streams, the family is not quite sure how much they should invest for their children's college fees.
As an inspiring analyst, you can provide a little bit of your SQL, R, or Python skills to further investigate the uncertainties of income streams along with the data sets. Depending on the current academic levels of the children of the family and, of course, their preferences in colleges and majors they want to pursue, You can propose good hypotheses and explain, with a data-driven approach, what amount of budget for college the family can possibly invest in the education of the children.
So then the analyst would start by analyzing the family's income streams and expenses over the past 10 years. Visualizations will then be created, e.g., line charts or bar charts, to show the trends and patterns in the data. Based on the analysis, the analyst will propose hypotheses about how much the family can realistically invest in their children's college education. Also, it would be beneficial to take into account the academic levels and preferences of the children when recommending a budget for college that aligns with their goals and financial situation.
The BACCM model can be applied to this situation:
Needs: The family in the example has a need for improved decision-making with regards to investing in their children's college education. Using business data analytics techniques can help address this need.
Changes: By applying business data analytics techniques, the family can drive improved decision-making with regards to their college investments.
Solutions: The application of business data analytics can help to investigate proposed decisions, such as how much the family can realistically invest in their children's college education, or to discover new insights from their financial data that may impact their decision-making.
Stakeholders: The family is the primary stakeholder in this example, as they require assistance in making informed decisions about their college investments. However, there may be other stakeholders involved, such as college admissions offices or financial aid providers.
Contexts: The financial context of the family, including their income streams, expenses, and academic goals for their children, is the main context of this situation. However, other contexts to consider may include the wider economic climate or trends in the higher education industry.
Value: The value provided by business data analytics in this situation is that it enables stakeholders, such as the family, to make informed decisions based on data-driven insights. By using business data analytics to investigate their financial data, the family can gain a better understanding of their financial situation and make more informed decisions about their college investments.
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