analytics translator: business problem
During the interactive and hands-on Analytics Translator masterclasses, participants develop a specific sub competency of the analytics translator profile. The focus lies on applying the newly acquired knowledge directly on one’s own organizational context or a self-selected real-life case. Thus, theory is put into practice immediately, and value is being created for both the participant ánd the organization.
Topics addressed during the masterclass on business problem
We can think of a multitude of analyses we could conduct within our organization. However, we have limited resources available to conduct all these analyses. Moreover, we should focus on the analyses that are expected to generate most value. To identify these sweat spots, we need to know the essence and magnitude of the problem at hand. As Albert Einstein said: “If I had only one hour to save the world, I’d spend 55 minutes defining the problem and 5 minutes finding a solution”. And let’s be honest, in practice it’s very often the other way around.
In this masterclass you learn to systematically unravel a business problem. You are challenged to quantify the supposedly elusive elements of a business problem. You learn to translate the qualitative indicators of a problem into monetary terms in order to lay the foundation of the business case for your analytics project. You identify the hotspots of a general problem. Such hotspots can be a specific business unit, a product group, or a certain job level. So, you will learn to scope the problem in order to enable you to select a targeted and effective analytics solution. Also, you practice with presenting the problem to senior management in a compelling, convincing, and effective manner. After all, storytelling is key in getting management buy-in.