Strategic Analytics: Weaving Analytics Into Decision Making
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The programme intends to expose participants to (managing) the art of building relevant business insights from the analysis of a large numeric databases using numerous statistical and search tools.
- The first phase of the programme will focus on providing an overview of the strategic issues of coupling the function of data analytics with business decision-making.
- The second phase will be devoted to building some appreciation for statistical / search tools that can be used for processing business information arising out of marketing, finance, banking and insurance applications.
- The last phase of the programme will be devoted to sharing some best management practices as well as some recent advances in analytic methodology.
The emphasis of the programme will be more on discussing relevant issues of managing analytic functions and developing appreciation for data analytics/research among practitioners. While knowledge of specific statistical (and search) tools will be disseminated as part of the overall objective of the programme, it will not be enough to build expert knowledge of the same.
Participants will benefit from this programme if they encounter some or any of the following situation(s) at work:
- If you are concerned about how to use customer and competitor information to effectively drive your marketing initiatives and would like to develop a suitable internal process within your organisation to do so.
- If you are interested in issues such as: a) identifying customer segments from data, b) measuring the effectiveness of your marketing initiatives, c) Marketing Mix Planning d) appreciating demand projections, e) optimising the communications budget, f) estimating/ forecasting impacts of alternative marketing plans, etc. through a process of collection and analysis of relevant data.
- If you are interested in redesigning your ongoing research to make it more useful for business decision-making.
- If you want to develop/refresh your understanding of basic statistical conceptss, some relevant data analytic tools and their applications.
A tentative list of topics to be covered in this programme:
Connecting Analytics with Business Decision-Making
- The role of analytics in organisations and the required skill qinventory
- Planning for effective analytics
- Connecting with the Business Problem / Analysis Planning
- Communicating Analytics Output in an Effective manner
An Overview of Standard Statistical Tools Used for Processing Business Information
- Finding patterns in the data using tables, graphs and charts and data visualisation
- Summarising data using descriptive measures
- Standard probability models
- Confidence intervals, testing of statistical hypotheses, multiple regression analysis
- Data reduction/segmentation tools, factor analysis, predictive modeling and choice modeling
Additional Areas of Importance
- Some advanced topics such as hazard (survival) models, HLM
- Order of Importance of regression weights – shapely regression.
- Codification of analytics and analytic process development
- Practices from industry cases and perspectives on the future of the analytics function
- New areas of interest – Big Data, Web Analytics
Who should attend
- Decision-makers using information from large numerical databases
- Research / analytics professionals using large databases
- Users / managers of analytic output
- Some exposure to data processing and mining desirable
- Moderate comfort level handling data and awareness of basic statistics
Relevance to (Domain)
- Consumer durables
- Consumer financial services
- Insurance, banking
- Others may also benefit