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June 02, 2017
Exploring data for effective decision making
By: Jim Robertson

Over the past several years, big data has increasingly permeated almost every function in a company. Now all sorts of data is available to help managers make better decisions. This data appears in many formats. Some formats are well organized in databases and are easy to access and analyze, while other types of data are not well organized and come in many shapes and sizes (e.g., tweets, streaming weather information, pictures, text from social media). Understanding how to structure the analytical process and analyze various types of data is something all managers, not just those in information technology or the analytics group, need to know to be successful in their roles.

As a manager, you should be able to deal with both quantitative and qualitative data. The simpler the tools and methodologies, the better. There is always a push to achieve wins as quickly as possible. However, there is also a need to explore data to derive deep and meaningful insights that drive long-term success.

For example, Jayden is a manager who works in the loan department of Finance Co. He has been asked to identify opportunities to reduce the charge-off rates for loans Finance Co. makes. There are many things Jayden must take into account before and as he launches his analytics project.

  • What are the key activities that he must conduct at each stage in the project life cycle?

  • Is there one analysis methodology that he can apply to both quantitative and qualitative data?

  • How can he address the challenges posed by qualitative data while also maintaining the integrity of the data?

Do you have different types of data that you are not sure how to analyze? Do you have a good grasp of the different types of techniques you can use to explore this data and develop insights without using complex models and software? The Accenture Academy courses The Process of Analytics, Analytical Methods to Segment Quantitative Data and Analytical Methods to Segment Qualitative Data will provide a solid foundation for you to analyze a wide variety of data sources and position yourself as a thought leader in your company.

About Accenture Academy

Accenture Academy offers proven, cost-effective learning solutions for a more versatile workforce and a more agile organization. We provide a flexible learning approach that helps your people be more versatile and your entire organization be more agile in the marketplace. Curriculum includes Supply Chain Management, Finance, Procurement, Analytics, Leadership & Management and Specialty Skills.

LEARN MORE ABOUT ACCENTURE ACADEMY 

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