This is a summary of the book titled “Be Data Analytical:
How to use analytics to turn data into value” written by Jordan Morrow and
published by Kogan Page in 2023. The author is a data expert who empowers
organizations by elevating their data literacy levels and supporting an ethos
of curiosity and experimentation. He argues that decision making must comprise
of both human intuition and data analytics. A data driven culture that supports
curiosity and experimentation must be nurtured. Descriptive analytics must
capture and communicate meaningful patterns and trends. Outperform your
competition with diagnostic analytics to uncover root causes. Explore multiple
outcomes with predictive analytics to improve strategic decision making. Build
better descriptive, diagnostic, predictive and prescriptive analytics in six
steps. Apply your data and analytics mindset to your life.
Data-driven activities involve leveraging data and analytics
to assist in decision-making, allowing individuals and organizations to make
better data-informed decisions. To improve decision capabilities, progress
through four levels of analytics: descriptive, diagnostic, predictive, and
prescriptive. Nurture a data-driven culture that supports curiosity and
experimentation, aiming to build a "data and analytics mindset" that
encourages experimentation and making mistakes.
Data-driven cultures should align with data ethics,
embracing transparency and questioning data rigorously. Descriptive analytics
can be used to capture and communicate meaningful patterns and trends, with
various roles playing in generating data. Data analysts, data scientists, data
architects, and leaders can all contribute to generating descriptive analytics.
To create a data-driven culture, embrace the democratization
of data, giving everyone access to the information they need. By embracing data
ethics, embracing transparency, and fostering a culture of data literacy,
organizations can effectively problem-solve effectively with data.
Diagnostic analytics is a crucial tool for organizations to
uncover root causes and make informed decisions. It helps organizations
understand the reasons behind various phenomena, enabling them to make more
informed decisions. This can be achieved using tools like Tableau, Microsoft
Power BI, and Qlik, as well as coding languages like R and Python. Predictive
analytics is another powerful tool for strategic decision-making, allowing
organizations to anticipate supply-chain challenges and forecast credit card
delinquency rates. Leaders play a significant role in driving better predictive
analytics, requiring data literacy and data-driven decision-making. Data
science platforms like RapidMiner can be used to perform predictive analytics,
allowing users to understand data visually. While not everyone in the
organization will build predictive analytics, democratizing predictions can
ensure the right parties have access to the necessary information. Prescriptive
analytics, which uses machine learning to make recommendations and create
action steps, can also be beneficial. However, it's important to remember that
predictions are not prophecies and should be communicated clearly.
Prescriptive analytics is a powerful tool that can be used
to make decisions based on patterns and trends. However, it is essential to
maintain the human element in analytics, as it allows for the freedom to change
your workout regimen and downsize your company. Everyone at your company plays
a role in building these analytics, from C-suite executives to data analysts,
engineers, and data scientists. To build better analytics, follow six steps:
1. Awareness: Ensure staff are familiar with the four levels
of analytics, their problems, and solutions.
2. Understanding: Understand how each phase of data
analytics fits within the bigger picture, helping you achieve broader goals.
3. Assessing: Evaluate personal skills and the organization
as a whole, identifying gaps to fill.
4. Questioning: Improve each phase of analytics by asking
questions about data quality, purpose, and future implications.
5. Learning: Gain data literacy and improve problem-solving
abilities.
6. Implementation: Don't waste valuable insights and execute
data-informed decisions.
Applying a data and analytics mindset to your life is
crucial, as failures present opportunities to improve and refine your approach
to data analytics.
Previous book summary: BookSummary99.docx
My writing: MLOps3.docx
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