17-05-2024

BITS Pilani
Pilani Campus

Importance of defining value

Why you need to define value

• Value: Worth of various goods and services as identified in the

market
• Created when action is taken, not when insight is generated
• BA can be applied to multiple discrete value-creating activities
within an organization
• Importance of value addition- a constant
– Common starting point to compare, contrast and consider
– Cannot provide guidance around what form specific measures
should take
• Defining value is critical, else
– Reluctance of organization to invest in change
– Reluctance of teams to change their processes

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Why you need to define value

• Gap between planning and execution
• Reasons for failure
– Trying to accomplish too much
• Broad set of competencies or extended focus may act against
– Not prioritizing
– Getting blocked by other stakeholders
• Struggle to get internal support
• Understand the benefits and the costs
– Building internal support
– Eliminate bias and minimize counterarguments
– Increase focus and probability of success
• Translate relative complexity of BA into outcome-based
language
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Different types of value

• The outcomes obtained are the source of business analytics

not the analysis itself
• Without action there is no value
• Value of change
• Value means different things to different people
• Dimensions of benefits of Business Analytics Project
– Tangible versus intangible
– Organizational vs personal

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Personal vs. Organizational Value

• Classic view of measuring value

• Decisions often made
– With high level of internal and external uncertainty
– Within limited time frame
– Based on impact on a personal level
• Organizations will not invest unless there is a return
• People will not commit unless they benefit somehow

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Value Matrix

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Role of business case

• Why build a business case ?

– A Necessity for financial release
• Financial constraints
• Opportunity cost
– A Way of Minimizing Bias
• Bias arising from interest and psychology
– A Way of Creating Focus
• Avoid scope creep
• An effective business case communicates
– Identifies the expected return
– Quantifies investment needed
– Describes timings and limits of return

BITS Pilani, Pilani Campus

Necessity for financial release

• Absolute return
• Level of investment
• Timing of investment and return
– Money needs to be allocated within budgeting processes
– Other options may offer return sooner

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Minimizing Bias

• Reality is defined by perceptions

• Psychological bias:
– Subjective biases
– Historical anchoring
– Preference toward specifics over trends
• Base rate bias
• Business case can help
– provides quantitative (and not subjective) measures
– uses a standardized and transparent process
– requires explicit documentation of the assumptions

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Creating Focus

• Unwieldly projects
– Increases risk and the odds of failure
– Lengthens the time until value is realized
– Broadens the focus of organizational transformation

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Identifying tangible value

• Tangible benefits : Returns that can be readily translated to

some sort of economic return
– Profitability improvement
– Capital investment reduction
– Improved liquidity
– Decreased bad and doubtful debts
– Deferred investment
• Sources of Tangible value
• Revenue and profitability improvements
• Productivity improvements
• Cost deferrals
• Risk mitigation

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Common Financial Measures

• Money
• Time
• Rate of return
– Total cost of ownership
– Return on investment
– Payback
– Net present value
– Internal rate of return

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Total cost of ownership

• Advantage
– Ensures all costs are captured
– simple to calculate and communicate
• Disadvantage
– Discouraging investment in high - cost/high - return projects
– Biasing investment toward low - cost projects
– Encouraging a culture of cost - cutting over profit seeking

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Return on Investment

• A simple calculation to represent the simple return from an

investment
• A class of measures that provide different perspectives on
investment return
• Total return from the investment less the total cost of the
investment
• Advantage:
– captures both returns and cost in a single measure
– simple to calculate and communicate
• Disadvantage:
– Treats investments that have a long payoff time the same as
investments that pay off immediately

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Payback Period

• Advantage:
– provides insight into the ability of the investment to cover its
costs
– simple to calculate and understand
• Disadvantage:
– Not considering any acceleration in the rate of return in the post
- payback period
– Not taking into account the greater value of money delivered
sooner
– Failing to represent potentially large returns in the post –
payback period

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Net Present Value

• Time value of money

• Key elements
– Define the life of the investment
– Understand the cost and return schedule over the life of the
investment
– Identify the discount rate to be used
• Advantage:
– Provides a directly comparable measure between projects
– Accounts for the time value of money
• Disadvantage:
– Requiring a certain level of financial acumen
– inability to deal with strategic and long - lifespan investments

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Internal Rate of Return

• Equal to the interest rate needed to make the net present

value of future cash flows equal to zero.
• Represented as a percentage
• Given limited availability of capital, it might be more
advantageous for an organization to select a project with a
lower IRR if it delivers greater NPV in a reasonable time frame.

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Sources of Tangible Value

• Revenue and profitability improvements

• Productivity improvements
• Cost deferrals
• Risk mitigation

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Identifying Intangible Value

• Intangible returns include

– Personal time savings and improved productivity
– Strategically valuable insight
– Reductions in uncertainty
– Faster and better decision making
– More trustworthy data
• Everyone cares but not enough
• Sources of Intangible benefits
• Strategic value
• Time savings
• Insight and ease of decision making
• Career growth

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Simulating business cases

• Simulation is used to
– Conduct sensitivity analysis
– Financial stress testing

Likely
outcomes for a
startup

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Need for Communication Strategy

• Communication can be challenging

• Traits of effective communication
– Generating Commitment to change
– Convincing others of the need for change
– Achieving consensus on how the change can be delivered
• Communication preferences
– Personal
• Analytical perspective
• Process perspective
• Personal perspective
• Strategic perspective
– Environmental

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Successful Communication

• Successful communication of the values include

– Identification of the formal / informal decision making
procedures
– Developing a communication strategy that is holistic in nature
– Mapping and Profiling
– Role of decision makers

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The Communication Process

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Awareness and Information

Relevancy
• High information relevancy
• Two most important considerations in this context:
 What is being stated is understood and applied to relevant
situations.
 It aligns with personal motivations of relevant people

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Comprehension and Relevancy

• Few people have solid understanding of technicalities of

Business Analytics
• Lack of foundational knowledge cannot always be
compensated with education
• Focus on the reason behind the message
• Focus on the shortest path to create value
• Focus on translating the model into one that is
comprehensible to the other party

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Motivational Understanding

• Many different motivational factors exist

 Respect for the individual making the request
 Political or relational consideration
 Interest in the work and the resultant self – actualization
 Involvement in a broader team
 Philosophical considerations
 Goal setting and self – determination
 Career development

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Organization and Societal Cultural

Consideration
• Culture plays an important role in accepting or resisting a
message
• Most important factors to influence our level of message
acceptance
– Historical Influences: Backgrounds and experiences
– Message Delivery: Proxemic Factors and Time Sense
– Implicit Understanding: High and Low Context

BITS Pilani, Pilani Campus

Historical Influences: Background

and Experiences
• A single, successful project helps the growth of business
analytics in an organization
• An unsuccessful project leads to internal biases when starting
a new project

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Message Delivery: Proxemic

Factors and Time Sense
• Two of the most relevant broader cultural influences:
 nonverbal communication preferences (proxemic factors)
 the way we perceive time (time sense)
• For a team operating across cultural boundaries, maintaining
an open mind and observing these differences is a critical
component of success.
• People perceive time in two ways:
 A continuous stream (polychronicity)
 A discrete measurement (monochronicity)

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Implicit Understanding: High and

Low Context
• High - context cultures characterized by:
 More relationally driven decision making
 Situational and personal knowledge
 A higher level of implicit (or internalized) understanding of
taboos, knowledge, and acceptable behavior
 Greater use of nonverbal and indirect communication
 A need for consensus and a preference for team - based
problem solving

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Implicit Understanding: High and

Low Context
• Low - context cultures characterized by:
 More rule - based and process - driven decision making
 Public and transferable knowledge
 Explicit identification of acceptable behavior and common
activities
 Greater use of written and formal communication
 A belief in personal ownership and independent execution
 A focus on speed and inductive thinking

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Conceptual Relevancy

• It is critical to make information conceptually relevant

• This can be achieved by applying a relevant conceptual
framework
• Four perspectives of a useful model
– Analytical
– Process
– Personal
– Strategic

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The Path to Persuasion

• It is important to understand the roles people have in decision

making process
• Things to explicitly consider
– How decisions are made
– Who owns and influences the final decision
– How to overcome objections and provide coverage
• Understanding the decision making process
• Tailoring a Communication Strategy

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Understanding Decision Making

Process
• Formal process
• Informal process
• Mapping stakeholders and decision makers
– Decision makers
– Key influencers
– Potential supporters
– Anyone else being impacted by the change

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Tailoring a Communication
Strategy
• Who needs to be contacted
• Core message for each person
• Best starting point for each person for creating information
relevancy
• Likely motivational factors
• Likely preferred conceptual models
• Desired outcome

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Best Practices for Delivery:

Outcomes
• Meet business as usual requirements
• Consistently deliver more with less
• Find new applications for the use of business analytics
• Deliver regular incremental value to the organization

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Consequences of Failure in
Planning
• Significant delays because of unforeseen issues
• Constant fight against scope creep due to badly defined
project objectives
• Struggle to maintain value created
• Significant and constant resource constraints
• Internal friction by failing to give other stakeholders sufficient
notice of their required input
• Failure to prioritize tactical activities, resulting in failure in
strategy

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Need for an Execution Plan

• Planning : Essential component of successful delivery

• Delivering value through business analytics : Essential to
understand how to link strategic outcomes to tactical activity
• Starting point : Understand how different initiatives create
value, their potential for outsourcing, outcomes they produce

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Activities in Road-mapping
Process
• Scanning for opportunities
• Prioritizing the opportunities
• Mapping the opportunities into a series of sequentially
delivered initiatives
• Analyzing gaps in current assets and capabilities and
establishing enabling initiatives to close these gaps

• Avoid uncertainties
– Monitor slippage
– Plan for early warning systems
• Establish clear ownership across team

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Role of Execution Plan

• Defines the direction being taken

• Communicates the direction in practical terms to the broader
organization
• Prioritizes activity and establishes how value will be
maintained
• Identifies how tactical initiatives will translate into
competitive advantage
• Balances organizational value creation against productivity
improvements, allowing the team to scale

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Establishing Direction

• Common delivery challenge for BA managers:

– Create and maintain value in the short term
– Demonstrate ability to innovate and create organizational
competitive advantage
• Understand
– What types of initiatives a team can deliver
– The different types of value the initiatives usually create
– How the initiatives can be structured into a strategic road map

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Defining Tactical Initiatives

• Growth initiatives
• Operational activities
• Research initiatives
• Enabling initiatives

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Growth Initiatives

• Examples:
 use of retention models to aid in reducing customer churn
 propensity models to improve marketing targeting
 credit models to reduce the rate of defaults

• Creation of competitive advantage makes these initiatives

preferred by most organizations

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Operational Activities

• Growth initiatives Operational initiatives

• Ensures returns are maintained
• More process driven
• No fixed end date
• Leverage existing assets, capabilities and processes
• Frequency of process varies by applications

• When should you hire an external consultant for these

activities?

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Research Initiatives

• Delivers insight, not direct value

• Often form the basis for additional incremental investment
• Common applications include:
 Feasibility studies to determine the potential return
 Process redesign studies, aimed at mapping existing processes
and identifying opportunities for efficiency improvements
 Road-mapping studies, aimed at identifying a tactical and
strategic growth path

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Enabling Initiatives

• Rarely delivers much tangible value to the organization

• Necessary prerequisites to creating tangible economic value
• Have fixed end dates
• Have series of well-defined variables
• Create a variety of processes and assets
• Can be executed by an external party
• Whereas growth initiatives deliver incremental value to the
business, enabling initiatives often deliver incremental value
to the team

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Role of the execution plan

• Creating competitive advantage is not easy

• A good execution plans helps achieve the following
– Defines the direction to be taken
– Communicates the direction
– Prioritizes activity
– Balances organizational value
– Identifying how tactical initiatives can be translated into
competitive advantage

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Establishing Direction

• Business analytics managers need to

– Maintain and create value in the short run
– Demonstrate ability to
• Innovate
• Create organizational Advantage
• Balancing competitive advantage and short value is critical
• Doing so involves the following
– Defining tactical initiatives
– Mapping tactical initiatives to strategic advantage
– Establishing a road map

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Mapping Tactical Initiatives to

Strategic Advantage
• Evolution vs. innovation
– Innovation: the process of delivering a fundamentally different
approach, often involving high amounts of disruption
– Evolution: incremental improvement or extension on existing
processes or capabilities, often involving adaptation or
modification
• Difference:
– Risk
– Resource requirements
– Probability of success
– Level of sustainable competitive advantage

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Establishing a Road Map

• Be timely
• Be pragmatic about delivery
• Be realistic about resourcing

• Applying the Road Map

– Focus of the team
– Types of value the team will create
– Investment schedule required to deliver value
• Obtaining organizational commitment
• Measuring the frequency of value creation

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Creating the Delivery Map

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Delivering to the Plan

• Delivering value is challenging

• Teams need to deal with
– Lack of sufficient resources
– Methodological uncertainty
– Confusion around process ownership

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Dealing with Resource Constraints

• Key challenge : Balancing time between

– Delivering growth and enabling initiatives
– Operational and research activities
• Catch 22 of Business Analytics
• Understanding Tactical Revolution
• Delivering Tactical Revolution

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Planning for success

• Successful delivery requires
– Tactical plan
– Strategic plan
• Difference between business analytics initiatives and other
disciplines
– High degree of uncertainty involved in Business analytics
– Inclination to rely on ability rather than management
– Ignoring the significance of transforming discovery processes
into operational processes
• Monitor ongoing effort and apply the 80/20 rule
• Plan for transition into operational use
• Establish ownership early: Set appropriate success and reward
measures
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Sources of Big Data:

Considerations
• Structure of data • Quality of the data
• Structured • Verified
• Unstructured • Static
• Semi-structured • Streaming

• Sources of data • Storage of the data

• Internal • Remotely accessed
• External • Shared
• Private • Dedicated platforms
• Public • Portability

• Value of the data • Relationship of the data

• Generic • Superset
• Unique • Subset
• Specialized • Correlated

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Stages in the Analytics Process

• Locating
• Importing
– Scrubbing
– Indexing
• Designing templates and scripts
• Mining data for value

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Hunting for Data

• Finding data for big data analytics

– Science, Investigation, Assumption
• Concentrated effort to find the appropriate data.
• Determine what Big Data analytics is going to be used for

BITS Pilani, Pilani Campus

Setting the Goal

• Which all data sources can you think for your organization?
• Define the goals and objectives before hunting for data
sources
• Start with the internal, structured data first
• Next come the unstructured data
• Finally, external data to be taken into account

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Types of Data

• Structured data (e.g. – Financial data, customer data)

• Unstructured and semi-structured data (e.g. – photos, videos)

• Internal data (e.g. – sales data, CCTV video data)

• External data (e.g. – Weather data, Social media profile data)

– Private
– Public

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Datification: The new forms of Data

• The world is being ‘datafied’ and there are now many forms of
useful data.
• Data are being mined from:
– Our activities (Activity data)
– Our conversations (Conversation data)
– Photo and video image data
– Sensor data
– The internet of things

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The anatomy of Big Data

• Four V’s of Big Data

– Volume
– Velocity
– Variety
– Veracity

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Retail Organization

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Growing Sources of Big Data

• Data growth rate over the past few years have been infinite, in
many cases!
• Industries falling under the umbrella of new data creation and
digitization of existing data:
– Transportation, logistics, retail, utilities, and
telecommunications
– Health care
– Government
– Entertainment media
– Life sciences
– Video surveillance

BITS Pilani, Pilani Campus

Growing Sources of Big Data

(Cntd.)
• The legal profession is adding to the multitude of data
sources, thanks to the discovery process.

• Leading e-discovery companies are handling terabytes or even

petabytes of information to reanalyze for the full course of a
legal proceeding.

• Additional information and large data sets can be found on

social media sites such as Facebook, Foursquare, and Twitter.

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Some More Big Data Sources

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Diving Deeper into Big Data

Sources
• A change in resolution is further driving the expansion of Big
Data.
• Some examples of increased resolution can be found in the
following areas:
– Financial transactions
– Smart instrumentation
– Mobile telephony

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A Wealth of Public Information

• Many of the tools that are readily available on the market

• For point-and-click simplicity, Extractiv and Mozenda offer the
ability to acquire data from multiple sources and to search the
Web for information
• For processing data on the web: Google Refine
• 80Legs specializes in gathering data from social networking
sites as well as retail and business directories.

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A Wealth of Public Information

(Cntd.)
• Analysis tools: Grep, Turk and BigSheets

• Visualization tools: Tableau Public, OpenHeatMap and Gephi

• Big data services: Crunchbase, InfoChimps, Kaggle, Freebase,

Timetric

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Accessing External data

• Why we need external data?

– National census data for demographics and trends
– Social media platforms as sources of customer insights
– Google Trends for monitoring industry trends
– Weather data for planning and stocking decisions

• Where can we get external data?

– Specialized industry-focused data providers (e.g., Corelogic)
– Free external data sources (e.g., WHO, IMF, government
initiatives)

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Building a Platform

Factors that lead to storage dilemma due to increase in the size

of data and other factors.
– Capacity, Security, Latency, Access, Flexibility, Persistence &
Cost

Factors which need to be considered while building a platform.

• Support for batch and real-time analytics
• Alternative approaches
• Available Big Data mapping tools
• Big Data abstraction tools.

BITS Pilani, Pilani Campus

Building a Platform(Cntd.)

• Business logic
• Moving away from SQL
• In-memory processing
• Built-in support for event-driven data distribution
• Support for public, private, and hybrid clouds
• Consistent management

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Bringing structure to unstructured

data
• Metadata creation

• Search technologies

• Automated data categorization

• Taxonomies, semantics, and

natural language recognition

• Data visualization and

personalization

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Architecture and Process in a DW

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Selection of Columns to be
Loaded
• Translating coded values
• Mapping of values
• Calculating a new calculated value
• Joining from different sources
• Summing up of several rows of data
• Transposing

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Staging Area and Operational Data

Stores
• Data arranged as flat files
• Generally new data extracts or rows are added to tables in the
staging area
• Subsequent complex ETL processes may be performed
• Real-time data -> Operational data store

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Causes and Effects of Poor Data

Quality
• Poor data quality
– Substandard customer service
– Impaired decision making and management and operational
levels
– Delay in budgeting process
• Data quality firewall
• Data profiling
• Data validation
– Hard
– Soft
• Data cleansing

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Data Warehouse: Functions and

Components
• Collected, joined and transformed in the actual DW
• Enriched with dimensions, such as organizational relationship
and placed in the product hierarchy
• Metadata repository • Why is metadata important?
• Data mart vs data warehouse
• Organization of data in DM
– Relational
– OLAP cubes

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Alternative Ways of Storing Data

• Hadoop
– Stores large amount of data on multiple servers
– Can replicate data
– Data can be stored quickly
– “Store once, read many times”
• Disadvantages?
– Raw data
– Complexity
– Time

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Techniques in data warehousing

• Master Data Management

– MDM provides a unified view of data, when data is integrated
from different data sources

• Service-Oriented Architecture
– SOA is a way of thinking about how to use the organization’s
resources based on a service approach and with the objective
of providing a more efficient achievement of overall business
targets

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Getting Started with Big Data

Acquisition
• Barrier is mostly cultural, not technological

• Training to understand the paradigm shift

• Integration of development and operations teams (DevOps)

BITS Pilani, Pilani Campus

Getting started with Big Data

Acquisition
• As these data sets grow in size—typically ranging from several
terabytes to multiple petabytes—businesses face the
challenge of capturing, managing, and analyzing the data in
an acceptable time frame.

How is this problem handled?

Move to
Business
Integrate the
Train Data Executives &
DevOps Team
Decision
Makers

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Getting started with Big Data

Acquisition(Cntd.)
• Identify a problem that business leaders can understand
• Do not focus exclusively on the technical data management
challenge
• Define the questions that must be answered to meet the
business objective
• Understand the tools available to merge the data
• Build a scalable infrastructure
• Identify technologies that you can trust
• Choose a technology that fits the problem.
• Be aware of changing data formats and changing data needs

BITS Pilani, Pilani Campus

Collecting Data

• Sophisticated tools for capturing data, thanks to the IoT.

• Sensors
• Apps
• CCTV video
• Beacons
• Website cookies
• Social media

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Storing Data

• Company server
• Computer hard disk
• Distributed or cloud-based storage systems
• Data warehouses
• Data lakes
• Off-the-shelf hardware and open-source software
• ‘Enterprise’ versions

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Cloud-based / distributed storage

systems

• Distributed/cloud storage
• ‘Distributed storage’ : cheap, off the shelf components to
create high-capacity data storage, which is controlled by
software that keeps track of where everything is, and finds it
for you, when you need it
• ‘Cloud Storage’ simply means that your data is stored
remotely, but connected to the Internet, so that it is
accessible from anywhere with an internet connection.

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Introducing Hadoop

• Most widely used system for providing data storage and

processing across ‘commodity’ hardware
• Backbone of data infrastructure
• Highly flexible
• Modules: Distributed File System and MapReduce
• Off-the-shelf components being linked together, as opposed
to expensive, bespoke systems custom made for an
organization.
• Alternative: Spark
• Data warehouse vs data lake?

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Analyzing and processing data

• The process of extracting insights from data boils down to

three steps:
1) Preparing the data (identifying, cleaning and formatting the
data so you can analyze it more easily
2) Building the analytic model
3) Drawing a conclusion from the insights gained

• Google’s BigQuery
• Microsoft’s HDInsight
• Amazon Web Services

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Analytic Services

• Amazon Web Services

• Cloudera CDH
• Hortonworks Data Platform
• Infobright
• IBM Big Data Platform
• InfoSphere BigInsights
• IBM Watson
• MapR
• Microsoft HDInsight
• Pivotal Big Data Suite
• Splunk Enterprise
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Providing access to data

• The final layer of any data infrastructure

• Visualizing and communicating data
• Access to data
• Data stewardship
• External users and customers

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Considering Data Stewardship

• Company-wide data strategies to engage all staff with data-

driven decision making and operations
• Meaningless and valueless data
• Missing and mismatched metadata
• Data Stewardship

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Communicating Data

• Visualization platforms to make data attractive and easy to

understand
• Self-service BI reporting and management dashboards
• Automated machine-to-machine (M2M) communication

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Case: Apixio

Apixio

• Enabling healthcare providers to learn from practice-based

evidence to individually tailor care
• Need to mine unstructured data for insights
• Extracting data from various sources
– OCR technology
– ML based algorithms
– NLP capabilities
• Product: HCC Profiler
– Customers: Insurance plans & Healthcare delivery networks
• Outcomes:
– Increased accuracy and efficiency
– Finding gaps in patient documentation

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Apixio

• Data used:
– Both structured and unstructured
– Information on diseases and procedures reported to the
government
• Technical details:
– Non-relational database Cassandra
– Hadoop and Spark
– Own bespoke orchestration and management layer
– AWS
– Processed and analyzed in-house
– Own knowledge graph

BITS Pilani, Pilani Campus

Apixio

• Challenges overcome:
– Convincing healthcare providers and health insurance plans to
share data
– Data security

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Introduction

• Analytics is the process of collecting, processing and analyzing

data to generate insights that help you improve the way you
do business
• Software-based analysis using algorithms
• Answer key business questions, improve operational
performance, monetize data and meet strategic goals
• Strategic business objectives
• Plan how to apply analytics
• Data infrastructure and competencies

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Data, information and knowledge

• Data is defined as the carrier of information.

• Information is data that is aggregated to a level where it takes
sense for decision support in the shape of, for instance,
reports, tables, or lists.
• Knowledge is generated when information has been analyzed
and interpreted

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Understanding and interpreting

data
• We need to understand what data is telling us.
• We need to communicate this to the people in our
organization who can take action to benefit from it.
• To do this we create summaries of our findings and
visualizations (dashboards) that illustrate the core datapoints
that should inform decision-making
• Dashboards are the interface through which we interact and
interpret data, and there are two types of dashboard that are
particularly relevant to data in business today.

BITS Pilani, Pilani Campus

Analyzing and processing data

• The process of extracting insights from data boils down to

three steps:
1) Preparing the data (identifying, cleaning and formatting the
data so you can analyze it more easily
2) Building the analytic model
3) Drawing a conclusion from the insights gained

• Google’s BigQuery
• Microsoft’s HDInsight
• Amazon Web Services

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Bias and the importance of ‘clean’

data
By ‘clean’ we primarily mean two things: data that is of high quality
and data that is free from bias
Data Quality:
• There should be consistency in data.
• Data must be error-free.
• Uniqueness is another essential metric, which simply means that
there are no duplicate entries.
• Validity is a way of measuring whether every record or piece of
data in a database is fit for the purpose it’s intended for.
• Timeliness measures whether your data is likely to be relevant with
regard to the time at which it was collected.
• Finally, completeness is a measurement of how much of the total
availability of data on a subject is captured in your dataset.
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Bias and the importance of ‘clean’

data
Data Bias:
• The second element of ‘clean data’ is bias.
• Bias refers to data that is not truly representative of the data
subject. Usually this is due to factors inherent to the way in
which the data was collected.
• Biased data can be the result of poor data quality but
sometimes even if your data scores well against all of the
quality metrics, bias can creep in.
• There are very serious implications to data bias.

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Different types of Analytics

• Text Analytics • Scenario Analysis

• Sentiment Analysis • Forecasting/ Time series
• Image Analytics Analysis
• Video Analytics • Monte Carlo Simulation
• Voice Analytics • Linear Programming
• Data Mining • Cohort Analysis
• Business Experiments • Factor Analysis
• Visual Analytics • Neural Network Analysis
• Correlation Analysis • Meta Analytics/literature
• Regression Analysis Analysis

BITS Pilani, Pilani Campus

Hypothesis driven methods

• When working with hypothesis-driven methods, we use

statistical tests to examine the relationship between some
variables.
• We have to go through a process of identifying which
variables we want to include in the analysis, as well as which
relations between the variables it makes sense to test.
• There are tests that can handle several input variables at a
time: linear regression analysis, forecasting, ordinal regression
analysis.

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Data mining with target variables

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Explorative methods

• Data Reduction
• Cluster Analysis
• Cross-Sell Models
• Up-Sell Models

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Text Analytics

• Text mining
• Process of extracting value from large quantities of
unstructured text data
• More insight about internal and external customers
• Does not fit neatly into a relational database
• Ways to use text analytics:
– Text categorization
– Text clustering
– Concept extraction
– Sentiment assessment
– Document summarization

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Image Analytics

• Extracting information, meaning and insights from images

• Relies heavily on pattern recognition, digital geometry and
signal processing
• Facial recognition
• Recognizing brands or product in photographs

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Video Analytics

• Process of extracting information, meaning and insights from

video footage

BITS Pilani, Pilani Campus

Video Analytics

• Process of extracting information, meaning and insights from

video footage
• Measure and track behavior
• Reduce cost and risk and assist decision making
• Distinguish between normal and abnormal behavior
• Self-correcting system

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Voice Analytics

• Also known as speech analytics

• Process of extracting information from audio recordings of
conversations

BITS Pilani, Pilani Campus

Voice Analytics

• Speech analytics
• Analyze topics or actual words and phrases being used, as well
as the emotional content of the conversation
• Maintaining and building ongoing customer relationships as
well as highlighting issues that need to be addressed
• Identify recurring themes around customer complaints or
recurring technical issues
• Pitch and intonation of conversations taking place in call
centers

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Combined Analytics
• Real value comes from the combination of data sets and the
combination of analytics tools to analyze that data.
• Medical field
• Journalist
• Facebook “Like”

BITS Pilani, Pilani Campus

Visual Analytics

• Integrated approach that combines data analysis with data

visualization and human interaction

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Visual Analytics

• Integrated approach combining data analysis with data

visualization and human interaction
• Useful while analyzing huge volume of data or complex
problems
• Helps to spot patterns and trends
• Makes vast amount of data accessible and understandable

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Data visualization- displaying maps, text,

data, emotions and behavior, connections

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Different types of data visualization

techniques

BITS Pilani, Pilani Campus

How to Improve Data

Visualization?
• Requires the SMART combination of succinct presentation,
aesthetics and meaningful, mission critical content

• High quality colour photographs or graphics are another

staple in publishing

• A short summary encapsulates the story before going into

more detail.

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Infographics

• A hybrid of ‘information’ and ‘graphics

• Graphic visual representations of information, data, or

knowledge intended to present information quickly and
clearly

• Three distinct parts of a successful infographic:

– Visually attractive – use of colour, graphics and icons
– Useful content – use of time frames, statistics and references
– Impart knowledge – use of facts and deductions.

BITS Pilani, Pilani Campus

The Ingredients of Successful Data

Visualization and Infographics
• Identify your target audience
• Customize the data visualization
• Give the data visualization a clear label or title
• Link the data visualization to your strategy
• Choose your graphics wisely
• Use headings to make the important points stand out
• Add a short narrative where appropriate

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Management Dashboards

• The results of enquiries will need to be reported regularly and

the best way to do that is to create a management dashboard.

• Allows to report relevant ongoing results that will assist in

keeping the firm on pace to meet goals

• Types of dashboards:
– Operational dashboards
– Strategic dashboards

BITS Pilani, Pilani Campus

Developing management
dashboards
• It is simply the concise visual display of the most mission
critical information

• Finding a way to report the results quickly, clearly and

engagingly is crucial to any SMART business.

• You need to know who is going to use the information you

have in your possession

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Curated data dashboards

• In a curated data dashboard, information is communicated to

the decision-makers by business analysts or data scientists
• KPIs are needed to track and understand the effects your
initiative is having.
How to create a great curated dashboard:
• Start with questions
• Keep things simple
• Ensure accessibility
• Make it easy to look at, navigate and understand
• Focus on information delivery and understanding

BITS Pilani, Pilani Campus

Data storytelling

Questions are identified at the start of the process.

The middle part of the story is taken up to solve the problem.
The end of the story describes the results.
Some of the most effective forms of data visualizations are:
• Charts and graphs
• Scatter plots
• Infographics
• Word clouds
• Network diagrams

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The future of data visualization and

storytelling

• VR Based Data Visualization

• Real-time Data Visualization
• Storytelling Platforms
• Augmented Analytics
• AI and Machine Learning Integration

BITS Pilani, Pilani Campus

BITS Pilani
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Advanced Analytics

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Machine Learning and Deep

Learning
• Machine learning and deep learning involve feeding data into
machines, which then decide the best course of action
without human intervention
• Computers can change and improve their algorithms by
themselves
• Programmer tells the computer how to go about learning to
solve the problem for itself
• Decisions may prompt some sort of human action

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Cognitive Computing

• Mashup of cognitive science

• Simulate human thought processes in a computerized model
• Self-learning algorithm
• Cognitive computing systems rely on deep learning algorithms
and neural networks to process information by comparing it
to a teaching set of data

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Combining Analytics for Maximum

Success
• The goal behind integrating analytics is to base your decisions
and company operations on as clear a picture as possible.

• Combining information from more than one source and using

different analytic approaches allows to verify insights from
more than one angle

BITS Pilani, Pilani Campus

Big data as a service

• Data Storage and Management

• Data Processing and Analytics
• Scalability
• Cost Efficiency
• Security and Compliance
• Data Visualization and Reporting

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Delivering The Measurement framework

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Requirement of a measurement
framework
• Helps build trust and credibility within the organization
• A measurement framework also plays a critical role in focusing
attention on evolutionary improvements.
• Clarify attention where it is needed, and maintain focus where
competing priorities arise..
• Optimize internal activities

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Overworked and Under-Resourced

Team

BITS Pilani, Pilani Campus

Role Of The Measurement

Framework
• Limiting scope creep is not optional; it is mandatory.
• Without a measurement framework, it is impossible to
demonstrate real and sustainable value creation.
• A measurement framework helps the team provide empirical
and quantifiable evidence of the value of growth initiatives
• Defending its decision to reduce emphasis on supporting
operational insight processes.

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Justify Ongoing Investment

• Growth initiatives usually require some degree of incremental

investment
• Every growth initiative eventually transitions into operational
activity to maintain the value being created.

BITS Pilani, Pilani Campus

Justify Ongoing Investment

(Cntd.)
• Moving from a growth initiative to an operational activity
typically requires:
– The creation of required data structures in the operational data
warehouse
– Promotion or migration of discovery data management
processes to operational data management processes
– Migration of analytics assets from the discovery environment
into the operational environment
– Training operational support staff in how to interpret and best
leverage the new insight that is provided to them

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Optimize Internal Activities

• This can be done in two ways:

– By hiring additional resources
– By doing more with existing resources

• Measurement framework helps in two ways:

– It exposes inefficiencies, allowing managers to direct their
reengineering efforts where they will have the greatest impact.

– It provides visibility of value - creating time and effort, allowing

managers to prioritize their overall projects.

BITS Pilani, Pilani Campus

Establish and Defend Priorities

• Measurement framework helps managers to maintain

strategic direction in the face of competing pressures

• Establishing this framework help managers focus on road map

instead of ad hoc requests

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Measuring What Is Important

• Measure the value being created.

• Focus attention on underperforming assets.
• Identify areas that may benefit from optimization.
• An effective measurement framework tracks a minimum of
measures across all three, balancing the need for
management visibility against the overhead created by any
measurement process.

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Measuring What Is Important

• An effective measurement framework aims to do three things:

– Measure the value being created
– Focus attention on underperforming assets
– Identify areas that may benefit from optimization.

• When the right measures are not tracked, teams often

struggle to understand what is adding value, how much value
they have created, and where they should be investing
resources.

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Measuring What Is Important

(Cntd.)
• The most effective teams consider three broad classes of
indicators:
– Business measures
• Financial outcomes
• Activity outcomes
– Analytical measures
• Accuracy measures
• Improvement measures
• Deviation measures
– Technical measures
• Technology effort
• Development effort
• Operational effort

BITS Pilani, Pilani Campus

Establishing a measurement
framework
• Ensures that they are relevant.
• Minimizes the overhead imposed on the team.
• Consistent between initiatives.
• A good framework gives managers the ability to compare
effort across different initiatives and activities.
• Level of comparability and focus cannot be built on an ad hoc
basis — it should be planned.

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Delivering the measurement

framework
• For measurement processes to run without direct interaction.
• A platform to support presentation, investigation, and
understanding.
• The most effective measurement frame works often integrate
the abilities to delegate tasks, create workflows, and monitor
outstanding issues.
• Focusing on automation is a useful starting point to provide
managers with an effective performance monitoring tool.

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Automation Makes the Difference

• Monitoring operational activities can be an extremely time -

consuming process.
• Measuring the different commercial, analytical, and
technological indicators connected with this shift may be very
straightforward in isolation.

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Automation Makes the Difference

• Over time, the predictive model of an organization may

degrade in accuracy due to:
– An overall increase in the level of sophistication of business
analytics within the industry
– Changing customer behavioral patterns
– Technological convergence creating higher levels of product
substitutability across historically separate technologies
• Adopt a mindset of automating anything that can be
automated

BITS Pilani, Pilani Campus

Developing a Platform for

Measurement
• In order to effectively action the insight provided by these
measures, a manager must be able to:
– Quickly scan and visualize current performance
– Identify measures that are outside of acceptable patterns
– Directly compare the quality of various assets and the time
invested in delivering initiatives and operational activities

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Developing a Platform for

Measurement (Cntd.)
• Creating an uniform monitoring platform benefits managers in
a number of ways
– It shortens delivery timeframes by making monitoring methods
easier to include into projects
– It aids in directing attention to where it is most required.
– It makes it simple to explain the organizational value produced
by business analytics

BITS Pilani, Pilani Campus

Metrics and Data in Action

• SMART questions guide approach is used then it’s remarkably

easy to maneuver through the overload and secure the exact,
specific pieces of data.
• Make a note of the data’s format– is it structured or
unstructured?
• Describe the data volume.
• It is always better to have two data sets than one and always
better to have three than two.
• Make a note of how each data set will be analysed as well as
the costs involved in the data capture, storage and analysis.

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Advanced Measurements
Concepts
• Testing measures are heavily related to outcomes - based
measures.
• By applying test-and-learn strategies, an organization identify
effective approaches prior to using them against its entire
target group.
• speed at which a model loses accuracy is dependent on the
inputs, techniques, and algorithms being used.
• An outcome-based measure focuses on the final results,
testing measures leverage a variety of techniques to provide
an indication of what the outcomes are likely to be prior to
applying them .

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Test-and-Learn Strategies

• By applying test-and-learn strategies, measurement

procedures can assist a company in identifying effective ways
before applying them to their whole target audience.
• Two areas worth considering are:
– Establishing champion/challenger processes
– Applying statistical techniques such as design of experiments

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Champion/Challenger Processes

• Usually make comparisons between potential predictive

models and execution processes
• Compares the level of ongoing predictive and classification
accuracy between a variety of challenger models and the
current champion model.
• If a champion model regularly outperforms one or more
challenger models, it can be replaced with a new model.

BITS Pilani, Pilani Campus

Design of Experiments

• This statistically driven method aids in the discovery of the

frequently complicated connections between numerous
elements and the desired outcome.

• This approach's basic idea is to use statistical sampling with

predictive modelling to discover the strength of connections
between actions and outcomes without needing these
activities to be extensively evaluated across a complete
customer base.

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Pilani Campus

Ensuring your data doesn't become a

liability

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Prediction vs. privacy

• In the past if you wanted to know something you developed a

hypothesis and run experiments to establish if the hypothesis
was correct or not.

• The sample was always therefore limited in size.

• Big Data could change all that.

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Staying on the right side of the law

• Privacy regulations are being

tightened around the world,
with the introduction of the
General Data Protection
Regulation in Europe

• You need to be sure you

have the rights to use any
algorithms you are
employing

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Pragmatic steps to secure your

data
• A starting point is to get rid of data that are no longer needed

• If an information is not needed it should be destroyed as it

poses a risk

• The real challenge may be determining whether the data are

needed

• The data can be archived, retrieved for processing, and then

returned to the archive

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Considering Data Ownership and

Privacy
• There are two strands to data ownership:
– making sure you own any data that is essential to your business,
as opposed to relying on a data provider
– ensuring the correct rights and permissions are in place that
allow you to use that data in the way you intend

BITS Pilani, Pilani Campus

Data Ownership

• What you need vs. what is allowed

• Owning vs. procuring from third party
• Importance of metadata
• Correct rights
• General Data Protection Regulation (GDPR)
• Data minimization
• Understanding privacy concerns
• Right to be forgotten
• What will happen to Gmail, Microsoft?
• Pokémon Go
• Employee data
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To Own or Not Own?

• Own the data that is crucial to your business operations,

revenue, or even critical decision-making processes

• If one is unable to collect own external data and must rely on

a third-party supplier
– It must be ensured that there is no loss in the access to the
data.
– the provider raises their rates or refuses access for whatever
reason

BITS Pilani, Pilani Campus

Ensuring the Correct Rights Are in

Place
• Metadata is highly useful in this regard.

• As a general rule of thumb, private data has to be protected

and can only be used for the purpose for which it was handed
over

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Data Minimization as Good

Practice
• Data minimization:
– limiting the collection of personal information to that which is
directly relevant and necessary to accomplish a specified
purpose

• A major leak of sensitive personal information can easily

destroy a business’s reputation or even lead to charges of
criminal negligence

BITS Pilani, Pilani Campus

Understanding Privacy Concerns

• When asking for data from individuals, it is important to:
– Explain what data is required
– What are the intentions for it
– Whether the information will be shared with anyone else

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Classifying Data

• Data can be confined to a few distinct groups or categories to

make things easy for processing and monitoring.

• All data are not created equal

• Understanding data is important before classifying it

• The more data are placed into silos at higher levels, the easier
it becomes to protect and control them

BITS Pilani, Pilani Campus

Protecting Big Data Analytics

• Big Data comprises everything one doesn't want to see while

trying to safeguard data.

• Big Data can contain very unique sample sets which if lost
cannot be recreated.

• There is also the issue of the large size and number of files
often found in Big Data analytic environments

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The Intellectual Property Challenge

• Intellectual property refers to creations of the human mind,

such as inventions, literary and artistic works, and symbols,
names, images, and designs used in commerce

BITS Pilani, Pilani Campus

The Intellectual Property Challenge

(Cntd.)
• Protecting IP in the realm of Big Data follows many of the
same rules that organizations have already come to embrace
• The same concepts just have to be expanded into the realm of
Big Data, basic rules:
– Understand what IP is and know what you have to protect
– Prioritize protection
– Label
– Lock it up
– Educate employees
– Know your tools
– Use a holistic approach
– Use a counterintelligence mind-set

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Practicing Good Data Governance

• Moral and legal requirements and regulations

• Policies in place to determine who has access to data and who
is responsible for maintaining the quality and accuracy of the
data
• Building data culture within an organization
• Data as asset
• Data governance team to plan, implement and maintain data
• Organization-wide approach

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Practicing Good Data Governance

• Data governance: overall management and maintenance of

data, including its usefulness, integrity, and security.

• Good data governance: making sure no laws are broken,

correct permissions and metadata are in place

• At every layer of the organization there should be a culture of

data being the foundation of good decisions and efficient
business operations

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Practicing Good Data Governance

(Cntd.)
• At its core, data governance is about managing data as one of
the business assets (like staff).

• Data governance plan should define:

– who is the owner of various data within the organization
– who is accountable for various aspects of the data

BITS Pilani, Pilani Campus

Data Ownership for a Distributed

and Decentralized Data Economy
• IoT has changed what personal data is – Connected devices
are creating what we can as our digital twins describing what
we are doing where we are etc.
• This data has huge potential value.
• Decentralized Data Ownership is a data management concept
in which control and ownership of data are distributed across
multiple entities

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The Impact of COVID-19 on

Cybersecurity and Data Privacy
• Vast increase in phishing, spam and malware and a lot of
fraudulent attempts arriving in peoples inboxes.
• Because it's a stressful time for a lot of people, many of them
will take a chance.
• Compensate for the lack of baseline security due to remote
working.

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Executing Data Strategy

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Data Strategy

• Start small
• Think big
• Create data culture
• Revisit and renew data strategy
• Data into action
– Better decision
– Improved operations
– Increased revenue

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Attitude

• Support from the top management

– Orientation of organization
– Expenditure
– Need for data
– Competition
– Customer focus
– Value of anomalies
– Expediency vs. accuracy

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Preventing Failure of Data

Strategies
• Understanding of management
• Clarity of strategy
• Communication across departments
• Breaking into smaller manageable projects
• Testing systems
• Staff engagement
• Training staff

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Creating Data Culture

• Cultural shift
• Engage key personnel in developing and implementing data
strategy
• Communication across the business
• Change management
• Explaining usage and importance to employees

09 Jan 2021 BA ZC415/PDBA ZC413 5

BITS Pilani, Pilani Campus

Revisiting Data Strategy

• What is the primary purpose of your data strategy?

– Improved decisions
– Core of business model
• Extending current scope of data use
• Extending to a new business
• Changing technology landscape

09 Jan 2021 BA ZC415/PDBA ZC413 6

BITS Pilani, Pilani Campus

3
 17-05-2024

Edge Analytics

• Large retailers
• Emergency repair works
• Driverless vehicles

09 Jan 2021 BA ZC415/PDBA ZC413 7

BITS Pilani, Pilani Campus

Looking to Future

• LiFi
– Upto 224 GBPS
• Theory of Fully Automated Luxury Communism
• Digital feudalism

09 Jan 2021 BA ZC415/PDBA ZC413 8

BITS Pilani, Pilani Campus