If you are on the verge of joining the Analytics industry, your vision of an ideal day in a life of a practitioner could be someone who effortlessly dives into data to create that perfect beer-and-nappy Eureka insight moment (technically termed as market basket analysis) which shows the unlikely insight that beer and diapers get bought together during game nights; a solution that gets implemented immediately in the retail store design and in turn leads to a dramatic increase in revenue growth.
Truth is the journey from data to revenue growth is more like a well-crafted drama that unfolds across many different stages. There are various actors that need to enact their roles, successfully, on each of these make-shift stages, for the journey to be completed.
Intrigued? Let’s see how:
“However beautiful the strategy, you should occasionally look at the results” – Sir Winston Churchill
Script: Let’s say the business faces a profitability problem or an issue of increased credit risk. The strategist must work with the business to understand the context and convert that into an analytics problem which can be addressed by data. Data then becomes an enabler to understand patterns and help solve the problem.
“Sometimes we stare so long at …