Scribd
Upload
12 views

Module 01 - 1.3 Becoming Data Driven

Uploaded by

Mike Dave Elygun
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
12 views

Module 01 - 1.3 Becoming Data Driven

Uploaded by

Mike Dave Elygun
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 8

Data Analytics:

Unlocking the Power


of Information
Data analytics is the powerful process of extracting meaningful insights
and patterns from complex data sets. By leveraging a diverse range of
techniques and tools, data analytics empowers organizations to make
informed decisions, drive innovation, and gain a competitive edge in
today's data-driven landscape. From business intelligence to predictive
modeling, this comprehensive field offers a transformative approach to
understanding and interpreting the wealth of information at our
fingertips.
Mastering Data Transformation
Data Cleaning Data Integration Data Enrichment
Data transformation often Integrating data from diverse Data transformation also
begins with the critical step sources is a key aspect of involves enriching data by
of data cleaning, where raw data transformation. By adding context, metadata,
data is meticulously seamlessly combining data and supplementary
scrubbed, validated, and from multiple systems and information. This process
standardized. This process formats, analysts can create enhances the value and depth
ensures the integrity and a comprehensive and of the data, empowering
reliability of the information, cohesive data ecosystem, analysts to uncover more
laying the foundation for enabling more robust and nuanced and impactful
more advanced analytics. insightful analysis. insights.
Uncovering Hidden Patterns with Data
Mining
1 Predictive Modeling 2 Clustering and 3 Association Rule
Data mining leverages Classification Mining
advanced algorithms to Data mining techniques By uncovering
identify patterns and such as clustering and associations and
trends that can be used classification help correlations between
to make accurate analysts group similar seemingly unrelated
predictions about future data points together, data points, data mining
events or behaviors. This revealing hidden can uncover valuable
powerful technique relationships and insights that drive
enables organizations to segmentations within strategic decision-
anticipate market shifts, the data. These insights making. This technique
mitigate risks, and can inform targeted is particularly useful in
capitalize on emerging marketing strategies, areas like customer
opportunities. personalized product behavior analysis and
recommendations, and product
more. recommendation
systems.
The Spectrum of Data Analysis
1 Descriptive Analysis
Descriptive analysis focuses on summarizing and understanding what has
happened in the past, providing a clear picture of the current state of the
data. This foundational step lays the groundwork for more advanced
analytical techniques.

2 Diagnostic Analysis
Diagnostic analysis delves deeper, exploring the underlying causes and
reasons behind the observed data. By identifying the "why" behind the
"what," organizations can gain valuable insights to inform their decision-
making process.

3 Predictive Analysis
Predictive analysis leverages statistical models and machine learning
algorithms to forecast future trends, behaviors, and outcomes. This
powerful technique enables organizations to anticipate and prepare for
potential scenarios, giving them a strategic advantage.

4 Prescriptive Analysis
Prescriptive analysis determines which of an assortment of actions to take
given a future opportunity or future problem and typically uses artificial
intelligence techniques to evaluate the outcomes of many different
scenarios of varying probabilities. It provides an idea of what could
happen, given the internal and external data employed in the analysis.
Exploring Data Through Simulation and
Time Series
Exploratory Data Simulation and Time Series Analysis
Analysis Modeling Time series analysis
Exploratory data analysis is Simulation and modeling focuses on the study of
a crucial step in the data allow data analysts to data points collected over
analytics process, where create virtual time, allowing analysts to
analysts delve into the representations of real- identify trends,
data to uncover patterns, world scenarios, enabling seasonality, and other
relationships, and them to test hypotheses, temporal patterns. This
potential insights. This experiment with different approach is essential for
iterative approach often variables, and explore the forecasting, anomaly
involves the use of visual potential outcomes of detection, and
tools, statistical complex systems. This understanding the
techniques, and simulation technique is particularly evolution of key business
models to gain a deeper valuable in areas such as metrics or market
understanding of the data. risk management, supply conditions.
chain optimization, and
strategic planning.
Establishing Data Governance
Data Policies
Effective data governance begins with the establishment of clear, well-
1 defined policies that outline the rules, standards, and procedures for
managing data within an organization. These policies ensure consistency,
compliance, and accountability in data-related practices.

Data Ownership
Identifying data owners and their respective responsibilities is a critical
2 component of data governance. By clearly defining data ownership,
organizations can ensure the integrity, security, and appropriate use of
their data assets.

Data Quality
Data governance also encompasses the implementation of processes and
3 controls to maintain the accuracy, completeness, and timeliness of data.
This helps organizations make informed decisions based on reliable and
trustworthy information.
Aligning Data Analytics with Internal
Controls

Control Risk Assessment Control Activities Information and


Environment Effective risk Control activities are Communication
The control assessment helps the policies, Robust information
environment sets the organizations identify procedures, and and communication
tone for an and analyze potential actions that help systems are essential
organization's risks that could ensure management for the effective
approach to internal impact the directives are carried transmission of
controls, including the achievement of their out and address relevant and reliable
commitment to objectives, allowing identified risks. data throughout the
integrity, ethical them to develop organization.
values, and the appropriate
competence of its mitigation strategies.
people.
COBIT: A Framework for IT Governance
Governance Ensures that stakeholder needs, conditions,
and options are evaluated to determine
balanced, agreed-on enterprise objectives to
be achieved; setting direction through
prioritization and decision making; and
monitoring performance and compliance
against agreed-on direction and objectives.

Management Plans, builds, runs, and monitors activities in


alignment with the direction set by the
governance body to achieve the enterprise
objectives.

Domains Evaluation, Direction, and Monitoring; Align,


Plan, and Organize; Build, Acquire, and
Implement; Deliver, Service, and Support;
Monitor, Evaluate, and Assess.

You might also like