Coaching Session 1 : What is Data Analytics

In this section you will learn:

1. Data analytics as a business process for managing data
2. Data analytics as  a discipline used for decision-making
3. Why data analysts need to be able to explain data analytics in layman’s terms

WHAT IS DATA ANALYTICS?

1. The process of examining, cleaning, transforming, and modeling data to discover useful information, draw conclusions, and support decision-making. (The Process)
2. The use of statistical, machine learning, and other data analysis techniques to gain insights and knowledge from data (The Use)

WHY DO WE NEED DATA ANALYTICS?

According to consulting firm Bain, organizations that use data analytics effectively are:

• Twice as likely to be in the top quartile of financial performance within their industries 
• Three times more likely to execute decisions as intended
• Five times more likely to make decisions faster

WHAT IS THE DATA ANALYTICS PROCESS?

The process typically involves the following steps:

1. Data Collection – Making sure you have the right data
2. Data Preparation – Organizing your data for optimal use
3. Data Exploration – Funneling data so you just use what you need 
4. Data Modeling – Looking for trends, patterns, and behaviors
5. Data Visualization – Making the data easier to understand
6. Data Reporting – Providing the data, analysis, and/or visual materials to decision-makers

HOW DO WE USE DATA ANALYTICS?

The type of things one can do with data analytics include:

1. Customer Analysis – What, why, and how customers do things 
2. Sales and Marketing Analysis – What’s giving me my ROI 
3. Financial Analysis – Where the money flows
4. Operations Analysis – What’s working and what’s not
5. Supply Chain Analysis – Identifying where things get stuck
6. Risk Management – Stay out of jail, stay in business
7. HR Analysis – Why your team does what they do

DATA ANALYTICS VOCABULARY WORDS

• Artificial Intelligence 
• Big Data
• Business Analytics / Analysis
• Business Dashboard
• Business Intelligence
• Competitor Intelligence
• Data Analytics / Analysis
• Data Architecture 
• Data Blending 
• Data Lake
• Data Modeling
• Data Science 
• Data Silos
• Data Storytelling
• Data Visualization
• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
• Volume, Velocity, Variety, Veracity, and Value of Data

MY ANALYTICS STORY

• Baseball Stats – How I learned statistical analysis as a Kid
• MS Excel – Nerd to hero
• Wells Fargo – One sales report
• Spreadsheet – From customer service to project manager (MS Access), and then web manager (Coding)
• Business Analyst trained in Lean and Six Sigma
• Analytics consultant and outsourcing resource trainer 
• BPO Elite > DMAIPH > AAP > Sonic Analytics > Sonic VA

Portfolio

Email Subject:  Data Analytics – Portfolio 1

1. Please define in your own words what Data Analytics is. Submit in a PDF file with at least 3 sentences.
2. Cite one Data Analytics terminology that is relevant and best describes your job as a freelancer, etc… Include in your PDF submission.