Transforming data into useful information
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The document discusses the importance of transforming data into actionable insights through KPI reporting and effective data analytics, emphasizing that companies can only improve what they can measure. It highlights that a lack of clear goals and metrics is a common reason for failure in strategy execution. Additionally, the document covers how modern BI tools enable businesses to analyze data quickly and make informed decisions, shifting from IT-led to user-driven analytics.
Transforming data into useful information
- 1. TRANSFORMING DATA INTO USEFUL INFORMATION Reporting KPI Reporting Data-Analytics Data Virtualization Case Study includes User Acceptance Testing (UAT) report which is an output of executed test scripts/cases.
- 2. WHAT IS THE CRITICAL SUCCESS FACTOR ? “Companies realizing that you can only improve what you can measure is a good way to think about building a data- driven culture, around the information that’s at the heart of today’s business.” Often Companies want to improve different aspects of their business all at once, but can’t put a finger on what will measure their progress towards overarching company goals or even departmental goals. Does is come down to basing the decisions based on gut instinct; Or, decisions are based on facts i.e. using data The good news is that in the business intelligence world, measuring performance of the company/departments can be precise, quick and easy. But it requires more then just the good data and clear vision;- KPI is an important tool, & Meaningful Reports with Analysis.
- 3. KEY PERFORMANCE INDICATOR (KPI) What is KPI A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives. In other words a KPI represents a strategic objective and metric that measures performance against a goal. Organizations use KPIs to evaluate their success at reaching targets. Once you've selected your key business metrics, you will want to track these KPIs in a real- time reporting tool. “90 percent of Companies fail to execute their strategies” As these Companies don’t have a clear machoism to measure the performance against each goals or some cases no goals are set….….
- 4. REPORTING :- CASE STUDY TO UNDERSTAND HOW TO TRANSFORMING DATA INTO USEFUL INFORMATION Project team comes up with the below data which covers :- Module; Test case for each module; Tested by ; planned hrs; start & finish date; process type; pass ,fail, pending. In the below case there are more then 4 modules and 100 test cases Imagine a Company ABC is implementing a new software is at UAT stage and it’s a Lumpsum project where vendor is only pushing for one UAT cycle rather then having two UAT cycle; Project team should have test scripts and test plans ready before going into UAT phrase. Once the test scripts are executed and tester needs to record results. From the above excel screen shot, can top management take decision ? Yes they can, as data can be broken into KPI’s which can be measured. But top management will be spend more time in analyzing the data before taking any decision.
- 5. Looking at the below report , top management can now take a more educated decision based on the analysis provided in quick time.
- 6. Prepared by :- Dharmesh Sheth Senior Business Analyst, Masters in Business and Management (MBM)- University of Strathclyde, Glasgow, UK Lean Six Sigma-Green Belt Email :- dharmesh.sheth00@gmail.com Shift towards BI tool is the current trend in today’s businesses The progressive shift over the years from IT-led reporting to business-led self- service analytics passed the tipping point, empowering the business users with the power of advanced, statistically sound business analytics for agile, simple, actionable, and relevant decision-making. Today’s BI and analytics tools have broken the traditional data warehousing paradigms by abstracting the end-to-end process, not requiring semantic models or even a data warehouse. They offer a highly interactive and intuitive visual-based exploration experience for business users. We see more and more businesses are investing in cloud-capable, robust BI platforms that can handle multiple data management capabilities such as integration, storage, visualization, statistical and quantitative analysis, instead of multiple specialty tools. BUSINESS INTELLIGENCE (BI) AND ANALYTICS