[SOLVED] INFS5700 Introduction to Business Analytics

INFS5700 Introduction to Business Analytics
Week 7: Business Analytics Methodology (T2 2022)

Australian Business Essentials is back for T3!

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The Career Accelerator team is pleased to announce the re-launch of our Australian Business Essentials (ABE) co-curricular program for Term 3. Australian Business Essentials is a 7-week program running from O-week to Week 6 that offers you the opportunity to develop your professional communication skills and gain a good understanding of Australian workplace culture. Youll also be able to volunteer with an Australian non-profit organisation, giving you the chance to apply everything youve learnt throughout the program. EOIs are now open! Details here: https://www.unsw.edu.au/business/student-life/career- accelerator/postgraduate/postgraduate-mentoring/australian-business-essentials
Please note that ABE is designed for postgraduate international students, and that it can be done fully online for students based offshore. If you have any questions, please email

Recap on Dashboards Best Practice
Topic on Business Analytics Methodology (BAM)

Dashboards Best Practice
Step 1: Objectives
Step 2: Sketch
Step 3: Prototype and Refine

Step 1: Objectives ?

Step 2: Sketch

Step 3: Prototype and Refine ?

Business Analytics Methodology (BAM)

Business Analytics Methodology (BAM)
It provides managers with a process framework and a practical set of tools for developing and analysing an organizations business model and analytics portfolio
ThepurposeofBAMapproachistosupportan organization in gaining value from BA from initial thoughts right through to completed analytics

Business Analytics Methodology (BAM)
A top-down analysis process that focuses on the busines model of the organization and seeks to develop a business analytics development portfolio
A bottom-up approach that is grounded in data, tactical work, model building, and technology

Business Analytics Methodology (BAM)
1. Problem Situation Structuring 2. Business Model Mapping
3. Business Analytics Leverage 4. Analytics Implementation

Business Analytics Methodology (BAM)
1. Problem Situation Structuring
2. Business Model Mapping
3. Business Analytics Leverage 4. Analytics Implementation

Problem Situation Structuring
Business Analytics Capability Assessment (BACA)
Rich Picture

Business Analytics Capability Assessment (BACA)
BACA is conducted through a survey, which covers six areas that would affect analytics development and value creation
Online Survey Software | BACA (qualtrics.com)
It helps the organization understand where they stand/are in terms of their readiness for implementing business analytics and current analytics capability

Business Analytics Capability Assessment (BACA)
Analytics strategy scores the lowest whereas data privacy and security scores highest
Organizations know importance of data protection and are gearing up with analytics people, but analytics strategy is less developed
BACA radar chart (Viden, 2017)

Problem Situation Structuring: Rich Picture
It tries to mirror/simulate the complex situation in which the organization is operating
It centers on the focal business unit, but with boundaries extending into the environment to provide a holistic perspective

Rich Picture Drawing Tips
1. Its not about the picture! 2. Use a structure
3. Create an issues list
4. Decide the focus
5. Focus on relationships 6. Create an icon set

Rich Picture Drawing Tips
Drawing elements
pictorial symbols; keywords;
cartoons; sketches;
symbols; title Conventions
To help interpret a situation, choose symbols, scenes or images that represent the situation
Put in whatever connections you see between your pictorial symbols
Avoid too much writing

Rich Picture Example GoGet
Australias largest car- sharing organization
Exchange private car ownership to hourly access to a set of shared local vehicles
Reduce traffic and parking congestion in major urban areas
Expand business from B2C to B2B arena
GoGet Australias Leading Car Share Network

Rich Picture Example GoGet
Some strategic issues/priorities were identified:
1. Convenience and reliable service are essential for customer acquisition and retention
2. Local government is a key partner
3. Access to parking pods is fundamental to the business
4. Vehicle availability needs to be maximized
5. Vehicle insurance and vehicle repair costs need to be managed
6. The booking platform and fleet management technology is a key asset

Rich Picture Example GoGet
Some strategic issues/priorities were identified:
1. Convenience and reliable service are essential for customer acquisition and retention
2. Local government is a key partner
3. Access to parking pods is fundamental to the business
4. Vehicle availability needs to be maximized
5. Vehicle insurance and vehicle repair costs need to be managed
6. The booking platform and fleet management technology is a key asset

Business Analytics Methodology (BAM)
1. Problem Situation Structuring
2. Business Model Mapping
3. Business Analytics Leverage 4. Analytics Implementation

Business Model Mapping
Business Model Canvas Root Definition

Business Model Canvas
A template to define a new or existing business model. It divides the processes and internal activities of a business into nine different categories, each representing a building block in the creation of the product or service
It helps to understand value creation and value capture by the business model of an organization

Business Model Canvas Example GoGet

Exercise Developing a Business Model Canvas for a Budget Airline

Root Definition
It is a short textual definition that capture the purpose of the organization
Essentially, it addresses the purpose, operations, and strategic aims of the organization. It should tell us what the system will do (X), how it will do it (Y), why that is meaningful (Z)

Root Definition Example GoGet
It can be encapsulated in template form as:
A system to do X, by (means of) Y, in order to do Z

Root Definition Example GoGet
It can be encapsulated in template form as:
A system to do X, by (means of) Y, in order to do Z

Business Analytics Methodology (BAM)
1. Problem Situation Structuring 2. Business Model Mapping
3. Business Analytics Leverage 4. Analytics Implementation

Business Analytics Leverage
Opportunity Matrix
Analytics Leverage Matrix

Opportunity Matrix
ItusesBMCdevelopedtoidentifyleverage points for business analytics the application that are most likely to lead to creation of value and the best use of scarce resources
ThecomponentsofBMCaresystematically mapped in matrix form against potential analytics applications

Opportunity Matrix Example GoGet
Front-office business analytics opportunities matrix for GoGet

Opportunity Matrix Example GoGet
Back-office business analytics opportunities matrix for GoGet

Analytics Leverage Matrix
To categorise a large number of opportunities identified in the opportunity matrix and to reduce this to a working list of potential projects
The leverage matrix is created by considering two dimensions, i.e., perceived difficulty and potential for value creation. Together, they give four quadrants:
Quick wins: These are high-value areas where analytics can be applied to create value with relative ease (e.g., using technologies and techniques that are tried and tested)
Major projects: These are also high-value areas, but they are considered more difficult to achieve
Fill-ins: These are lower-value projects, but as they are not considered to be difficult to implement, they may still merit inclusion
Hard slogs: As these analytics projects are likely to be low in value and difficult to achieve, they are best avoided

Analytics Leverage Matrix Example GoGet
Quick wins: Building a predictive model to identify customers at high risk of causing vehicle damage
Major projects: Modelling customer lifetime value (a key part of managing customer loyalty and revenue generation)
Fill-ins: Predictive modelling of performance of technology platform (but not currently a business priority)
Hard slogs: Optimizing the fleet through simulation models

Questions?

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