How to Identify Analytics Use Cases
Analytics is a powerful tool that can help organizations gain insights and make data-driven decisions. But with so much data available, it can be challenging to determine where to focus your efforts. This slide deck will provide you with a step-by-step guide on how to identify analytics use cases that can help you achieve your business goals. In this presentation, you will learn how to: Define your business goals and objectives Identify key performance indicators (KPIs) that measure progress towards your goals Gather and analyze data to identify patterns and trends Determine which use cases align with your business goals and KPIs Prioritize use cases based on potential impact and feasibility Develop a roadmap for implementing analytics use cases By following these steps, you will be able to identify the most valuable analytics use cases for your organization and create a plan to implement them successfully. Whether you are just starting with analytics or looking to expand your current capabilities, this presentation will provide you with the knowledge and tools you need to succeed.
How to Identify Analytics Use Cases
- 1. How to identify analytics use cases? https://vitalflux.com 4/13/2023 https://vitalflux.com
- 2. Steps Understanding Business Objectives Strategic or Tactical Identify Key Business Stakeholders Identify Hypotheses: Key Decisions / Actions / Output / KPIs Identify Analytics Use Cases & KPIs / Metrics Prioritize Use Cases Identify / Create Analytical Solution Design Identify data sources Identify Technology & Related Architecture Implement Analytical Solutions Create Experimental Design & Deploy 4/13/2023 https://vitalflux.com
- 3. Understanding Business Objectives Strategic or Tactical What the business objective? What are the value metrics & KPIs which will be used for measuring the outcome and related performance of analytics initiatives / projects? 4/13/2023 https://vitalflux.com
- 4. Identify Key Stakeholde rs Identify stakeholders to understand their challenges, key decisions, and potential actions related to objectives Key stakeholders Decision makers Those impacted as part of initiatives taken for fulfillment of business objectives 4/13/2023 https://vitalflux.com
- 5. Identify Hypotheses Brainstorm potential decisions, actions, or outputs related to the business objective. Each of these decision actions outcome becomes a hypothesis Asking questions is key in identifying the hypothesis 4/13/2023 https://vitalflux.com
- 6. Identify Analytics Use Cases & Metrics Identify analytics use cases for testing one or more hypotheses Choose relevant KPIs and metrics to measure progress and outcomes. 4/13/2023 https://vitalflux.com
- 7. Prioritize Use Cases Rank analytics use cases based on impact, feasibility, and alignment with business objectives. Focus on high-priority use cases to optimize resources and maximize return on investment. 4/13/2023 https://vitalflux.com
- 8. Create Analytical Solution Design Design analytics solutions tailored to the specific use case, taking into account data requirements and desired outcomes. The solutions can be of type such as descriptive, diagnostic, predictive or prescriptive analytics. Consider existing solutions or develop custom models to address unique challenges. 4/13/2023 https://vitalflux.com
- 9. Identify Data Sources Determine the data needed for each use case and identify potential sources, internal and / or external. Ensure data quality, accuracy, and accessibility to support the analytics solution. 4/13/2023 https://vitalflux.com
- 10. Identify Technology & Related Architecture Evaluate existing technology infrastructure and identify any gaps or limitations. Select appropriate tools, platforms, and architecture to support the analytics use case. 4/13/2023 https://vitalflux.com
- 11. Implement Analytical Solutions Develop, test, and deploy analytics solutions, ensuring they meet stakeholder requirements and align with business objectives. Monitor and refine solutions to optimize performance and outcomes. 4/13/2023 https://vitalflux.com
- 12. Create Experimental Design & Deploy Establish A/B test plan and related environment to test the analytics solution's effectiveness and validate hypotheses. Assess results and refine the solution before deploying at scale, ensuring the highest impact and value. 4/13/2023 https://vitalflux.com