Word Count – 1000 words
Aligned subject learning outcomes:
- Explain the importance of information as an organisational resource and to develop an appreciation for issues in managing data/information/knowledge
- Apply graphical and numerical tools for organising, analysing, interpreting, and presenting data.
Course learning objectives:
- Retrieve, analyse, synthesise and evaluate complex information, concepts and theories from a range of sources.
Aligned professional standards/competencies:
- CPA Australia Section 3: Professional skills, competency areas and learning outcomes.
The aim of this assessment is to report on the analysis and evaluation of your organisation’s business data via a SWOT analysis, and recommend enhancements for business success.
Assume that you are the business analyst of your business. The management team has requested you to perform a business overview to:
- Identify, analyse and evaluate the use of business data and level of analytics applied within your business.
- Conduct a SWOT analysis to summarise the strengths, weaknesses, opportunities and threats (SWOT) in regards to the use of business analytics in your business.
- Based on your SWOT analysis, provide recommendations on how your business can better use business analytics to provide insights and create value for your business.
Write a 1000 word report summarising your analysis, findings and recommendations to the management.
Business Queensland. (2017, Jun 20). Example SWOT analysis.
Ward, S. (2018, September 26). SWOT Analysis Example (Strengths, Weaknesses, Opportunities, Threats).
Creating value from your business data
We know businesses typically collect large volumes of data with relative ease. However, data is often meaningless until it is analysed for trends, patterns and relationships. It then becomes useful information.
While understanding business data is a necessity in every organisation, creating value from the data, to improve business performance, is the core of what organisations aim to achieve. Therefore, knowing the processes and types of tools that allow organisations to manipulate, combine and analyse data and generate insights is vitally important.
Business analytics refers to the skills, tools, technologies and processes used by organisations to iteratively explore and investigate past and current business performance to gain insight that will drive business planning. It is ultimately about how we extract insight from data, so that we can make good decisions that positively influence our organisations.
The power of the analytics depends on the model and tools we use to analyse and communicate the insights of the findings. Insight is the value obtained through the use of analytics. The insights gained through analytics are incredibly powerful, and can be used to grow a business by identifying areas of opportunity.
In Weeks 1 and 2 you have learned about business data and identified the types of business data that is available and used in your organisation. You will also have learned how to apply the appropriate analytics to provide insights and create business value for your business.
You are now ready to look into how your business can better use business analytics to provide insights and create value for your business.