PwC Approach — The Data and Analytics Framework.
Course Notes from PwC Data Analytics Speculation.
There are five mega trends that are impacting the global marketplace and creating new challenges and opportunities.
- One is urbanization as we face a huge shift of people moving from rural and suburban locations into cities around the world.
- Another is the accelerating rate of population growth.
- Climate change and the skyrocketing demand for more natural resources.
- There are global shifts in economic and political power.
- Technology is exploding, and the digital data each of us has at our fingertips is changing every business and organization.
More powerful sources of data and analytic tools give us the ability to create the insights that will allow us to solve the new challenges and opportunities we will face today and tomorrow.
Importance of a data and analytics framework
- Navigate data analysis in an orgnized manner
- Provides a prcess for solving problems
- Allows focus in outcomes first, enabling actions and decisions.
- Identify where value in generated
The 4 aspects of the data and analytics framework
Discovery
- Define the problem
- Develop a hypohesis
- Colllect and explore data
Insights
- Perform data analysis
Action
- Link insights to actionable recommandations
- Excution plan
Outcomes
- Review the desire outcomes of long-term objectives and solutions
- Define the problem
- Impacts executive decisins and employee actions
It is always better to start from the outcomes and the hypothesis, as opposed to the available data to generate the best value from data and analytics.
Data analytics framework: tools and technique
Descriptive — What happened?
Examples of descriptive analytics:
- sales patterns
- Customer behaviour
- Cutomer profitability
- Past competitro actions
Diagnostic — Why did it happened?
- Diagnostic analytics helps you understand why it happened. It provides the reasons for what happened in the past. This type of analytics typically tries to go deeper into a specific reason or hypotheses based on the descriptive analytics.
- Diagnostic analytics goes deep, probing into the costs of issues.
Predictive — What could happen?
- What are my customers likely to do in the future？
- What are my competitors likely to do?
- What will the market look like?
- How will the future impact my product or service?
Prescriptive — What should be done?
Adaptive and Automous — How to adapt the change ?
This kind of insight is powerful and can fundamentally change the speed and sophistication of decision making.
My name is Meiling, a marketing master student at NYU. I am during my Gap Year and write reflections and business related inspiration.
