IMPACT Cycle: Overview: Big Data

Tim Dosen Analitik
Big Data
IMPACT Cycle: Overview

Outline
1. Introduction
2. Identify the Problem
3. Master the Data
4. Provide the Meaning
5. Actionable Recommendation
6. Communicate Insight
7. Tracking the Outcomes
1. Introduction
New technology tools are making adoption by the front line much
easier, and that’s accelerating the organizational adaptation needed
to produce results.
• The Data Analytics cycle is
complemented with various competence
areas that are in line with the existing
frameworks such as “Framework for
21st Century Learning”, i.e.
champions of the 4Cs (Critical Thinking,
Communication, Collaboration, and
Creativity)
• Based on our combined 40 years of experience in analyzing data, as well as
input we received from researching best practices of other analytical
professionals, Jim Knight has developed and used a practical framework to
guide you through the process of ensuring that your analysts are insightful
business partners, rather than just purveyors of data.
• We call this the IMPACT cycle
• The IMPACT Cycle provides a guiding
framework for thinking about the steps for
being effective analytical consultant, and can
be a tool to help you drive effectiveness
through your analytical teams.
• Data is the foundation upon which analytics
can have an impact on your business.
However, data is necessary but not sufficient in
order to unlock business value for your
organization.
• Providing analytical services is somewhat like
being a professional translator, helping to
convert numbers and trends into something the
business can understand and act upon.
• However, often analysts are very comfortable
deep in the data and not as comfortable
translating that data into action.
2. Identify the Problem
• In a non intrusive way, help your business partner identify the critical
business question(s) he or she needs help in answering. Then set a
clear expectation of the time and the work involved to get an answer.
• User requirements
(a) Recognizing the need for data;
(b) Generating specific questions that can be answered with data
• Analyst should has Creativity
(a) Using different approaches/techniques in a particular task;
(b) Generating new ideas and methods;
(c) Being open to new diverse perspectives
•
3. Master the Data
• This is the analyst’s sweet spot—assemble, analyze, and synthesize all available
information that will help in answering the critical business question. Create
simple and clear visual presentations (charts, graphs, tables, interactive data
environments, and so on) of that data that are easy to comprehend.
• Consider Data
(a) Deciding what individuals or entities to obtain data on, what to measure
and how to collect data;
(b) Collecting and tidying/organizing data;
• Data Analyst should has Critical Thinking skill
(a) Reasoning effectively;
(b) Analysing and evaluating databased evidence and arguments;
(c) Interpreting and making conclusions based on the best analysis;
(d) Reflecting critically on processes in solving problems.
4. Provide the Meaning
• Articulate clear and concise interpretations of the data and visuals in
the context of the critical business questions that were identified.
• Explore Data, Analyzing data using data visualization tools (i.e. tables,
graphs), appropriate calculations (i.e. mean, median, standard
deviation, quartiles, p-value etc.) and statistical models (i.e.
probability distributions)
• Data analyst should has Communication and Collaboration skill:
(a) Using available tools and language effectively in articulating
thoughts/ideas in the problem context;
(b) Working with others effectively in groups.
For example, Companies are using HR analytics in several different
ways:
• Understanding turnover and the workforce
• Large technology company
• YOY* turnover percentage increased dramatically
• Age analysis showed large make-up of workforce under 35 and over 50
• Accumulated data on termination reasons through exit interviews
• Correlated turnover with age to see that younger workforce turned
over more
• Correlated exit interview data with this group to see that organization
had lack of development/advancement opportunities and issues with
management
* Year-Over-Year (YOY) is a frequently used financial comparison for comparing two or more
measurable events on an annualized basis.
5. Actionable Recommendation
• Provide thoughtful business recommendations based on your
interpretation of the data. Even if they are off-base, it’s easier to react
to a suggestion that to generate one.
• Where possible, tie a rough dollar figure to any revenue improvements
or cost savings associated with your recommendations.
• Making predictions and decisions based on data with acknowledgment
of uncertainty.
HR Analytics
• Executives can often point to examples such as this one where early
efforts to understand interesting patterns were not actionable or able
to influence business results in a meaningful way.
• The upshot: senior management often is hesitant about financing the
investments required for scale, such as analytics centers of
excellence, tools, and training
• As retailers strive to boost like-for-like sales, an insight-driven
approach can increase their chances of success tremendously.
• The category accelerator’s distinctive elements— particularly the
combination of quick wins with longer-term capability building and
the translation of consumer data into actionable commercial
insights—have helped large retailers across the globe capture growth
in spite of fierce competition.
• A North American nonfood
specialty retailer used a heat
map to assess its strengths
and weaknesses in using big
data across all functional
areas
• The heat map helped the company identify and prioritize opportunities for
investment.
• The resulting initiatives included targeted efforts to improve data quality and
management, technology and software updates, and the introduction of a new
pricing model
6. Communicate Insight
• Focus on a multi-pronged communication strategy that will get your insights as far
and as wide into the organization as possible.
• Maybe it’s in the form of an interactive tool others can use, a recorded WebEx of
your insights, a lunch and learn, or even just a thoughtful executive memo that can
be passed around.
• Making predictions and decisions based on data with acknowledgment of
uncertainty.
• Using technology or computing capabilities to understand and solve problems, to
visualize, model, code and organise data, and to communicate statistical
information.
• It’s more realistic to find translators who possess two complementary sets of skills,
such as computer programming and finance, statistics and marketing, or psychology
and economics. In all but the rarest of cases, you’ll need at least two translators to
bridge each pair of functions—one of whom is grounded in his or her own function
but has a good enough understanding of the other
Organizations
need
specialists, or
“translators,”
who can
analyze, distill,
and clearly
communicate
information of
the greatest
potential value.
7. Tracking the Outcomes
• Set up a way to track the impact of your insights. Make sure there is future
follow-up with your business partners on the outcome of any actions. What
was done, what was the impact, and what are the new critical questions
that need your help as a result?
• Evaluating courses of actions in connection with the problem defined
earlier ̶ what actions need to be taken? (e.g., collect more data, do more
analyses, ask experts and so on).
• Data Analyst need Statistical Literacy to
(a) Understanding basic statistical concepts, vocabulary, procedures and
techniques;
(b) Interpreting and evaluating statistical information or data-based claims
where they are contextualized;
(c) Communicating opinions about the statistical information and concerns
about the soundness of statistical arguments (Gal, 2002; Garfield, del Mas and
Chance, 2003)
References
1. https://spidasproject.org.uk/da-cycle/
2. https://www.kdnuggets.com/2014/06/impact-cycle-actionable-insights.html
3. https://www.oreilly.com/library/view/win-with-
advanced/9781118417089/xhtml/sec25.html
4. https://www.instructionalcoaching.com/wp-content/uploads/2016/03/
Jimknight_Workbook_7_14_KUCRL.pdf
5. https://fliphtml5.com/juuau/pjds/basic
6. Big-Data-eBook.ashx (mckinsey.com)

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Tim Dosen Analitik

IMPACT Cycle: Overview

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