I am already working on the whitepaper I talked about two months ago. Thank you to everyone wo participated in filling the survey. I am done with the introduction; currently working on the body.
Below is the text of the foreword and introduction. Do let me know your feedback/suggestions. Thanks!
Foreword
Data is the new crude oil. And business
success in the 21st century is heavily reliant on the ability to
mine and use relevant data about consumers, internal operations, financial
operation and industry trend. This has given rise to a new fast growing
industry: the data analysis industry.
Globally, it is a $16 billion industry and
growing at a rate of 15% yearly. However, in Nigeria it is estimated to be
about $150 million market and there are no strong local players in the
industry. About 90% of the industry is serviced by foreign providers like
Oracle, SAP, Microsoft, IBM and Tableau. They often sell mass produced solution
offerings that users have to modify their operations or data to fit into which
is creating a huge market opportunity for a more flexible better product local
provider with deep knowledge of the Nigerian market. And that is where
UrBizEdge comes in. We are the flexible better product local provider with deep
market knowledge to service the Nigerian market.
From our experience working with companies
– from multinationals to small businesses – we have gained a lot of knowledge
about the Nigerian market and this report is a clear presentation of that
knowledge for the benefits of business leaders, data analysis enthusiasts and
every business that is seeking to use data to improve its operations.
As the lead consultant for UrBizEdge, I
have been fortunate to catch the early waves of the data analysis ocean, and it
has afforded me the rare privilege of seeing an entire industry come to life in
an interesting market like Nigeria’s. In interacting with dozens of companies
and hundreds of business professionals, I have experienced first-hand the
perceptions – both wrong and correct – that business professionals have about
data analysis. I have seen business executives struggle with being on top of
their business operations data; I have seen analysts confused by the plethora
of tools available; and I have seen everyone confused by the different
terminologies (business intelligence, data analysis, data analytics, business
analysis, data visualization, etc.). I hope this report will reduce the number
of people confused, and help business leaders and data enthusiasts make better
informed decisions.
Michael Olafusi, Excel MVP
Lead Consultant,
UrBizEdge Limited
Introduction
Data analysis is the structured use of data
for decision making. It is the umbrella name for all forms of analysis that the
primary input is data. InvestorWords has one of the best definitions for data
analysis: “The process of extracting, compiling and modelling raw data for
purposes of obtaining constructive information that can be applied to
formulating conclusions, predicting outcomes or supporting decisions in business,
scientific and social sciences settings.” 1
Data analysis can be descriptive,
exploratory, predictive or prescriptive analysis. Descriptive analysis focuses
more on using data to explain what has happened in a predefined way. Exploratory
analysis is a similar to descriptive analysis but focuses more on discovering
new relationships within the data analysed. So while it also seeks to explain
the past (descriptive analysis), it focuses more on discovering new links
within the dataset rather than testing predefined relationships (metrics and
KPIs). Predictive analysis goes further than descriptive and exploratory
analyses; it focuses more on the future, trying to explain what could happen.
Prescriptive analysis is a step ahead of predictive analysis, using algorithms
to automate decision making based on the output of the predictive analysis.
Recently, there has emerged new distinct
forms of data analysis. And these are the ones that confuse most people. They
are business analytics, business intelligence and big data analysis. I also see
people confuse business analysis with business analytics. Business analysis is
not a form of data analysis; in fact, it is another field entirely. According
to the International Institute of Business Analysis (IIBA) which is regarded as
the global governing body for the business analysis profession, “Business
Analysis is the practice of enabling change in an organizational context, by
defining needs and recommending solutions that deliver value to stakeholders.”2
Business analysts have a lot more in common with project managers than with data
analysts.
Business analytics
is the combination of all the four levels of data analysis: descriptive,
exploratory, predictive and prescriptive. Oftentimes, people use other terms
like data analytics and advanced analytics for it. Business analytics allow
businesses to make the most use of their business data to drive value adding
change.
Business intelligence
is purely descriptive analysis but on an organization wide level. Rather than
having different departments in the company generate standalone reports, with
business intelligence the reports can be unified with drill down capabilities
from company level to unit level. Businesses use business intelligence to have
a wholesome understanding of what is happening at all operational levels of the
business. It does not make predictions or prescriptions, but it shows what has happened
till now. And in most business use, it is connected to real-time data.
Big data
analysis is any level of data analysis carried out on big data. Big data refers
to data that is very large (high volume),
comes in very fast (high velocity) and is a combination of both structured and
unstructured data (variety). Any form of analysis for big data requires some
special tools (new technologies) that are different from the traditional tools used for
data analysis. That is why it is separately classified as big data analysis. And
in reality, the businesses using big data all try to use at the predictive or
prescriptive data analysis level.
Amazing news. Thanks for this blog. Very good knowledge and very good information. Simplest method to do this process. This is very useful for many peoples.
ReplyDeleteHadoop Training in Chennai
Great Article Artificial Intelligence Projects
DeleteProject Center in Chennai
JavaScript Training in Chennai
JavaScript Training in Chennai
auction site.
ReplyDeleteThis is a great post! As a new blogger myself, I search for new ways to attract new people to read my blog.
I know it takes time and dedication
ReplyDeleteThanks for giving great kind of information. So useful and practical for me. Thanks for your excellent blog, nice work keep it up thanks for sharing the knowledge.
digital marketing company in delhi
hello sir,
ReplyDeletethanks for giving that type of information. Epoxy Grout manufacturer in delhi
led lawn lights in delhi
ReplyDeleteThanks for giving great kind of information. So useful and practical for me. Thanks for your excellent blog, nice work keep it up thanks for sharing the knowledge.
It’s really a cool and useful piece of information. I’m glad that you shared this useful information with us. Please keep us up to date like this. Thanks for sharing.
ReplyDeleteThanks for the article may be useful for everything
ReplyDeleteGame Development company in Delhi
ReplyDeleteFantastic article with unique content and valuable information thanks for sharing.
ReplyDeleteData Science Course in Hyderabad 360DigiTMG
Amazing blog with high quality information found very useful thanks for sharing.
ReplyDeletetypeerror nonetype object is not subscriptable
I bookmarked your website because this site contains valuable information. I am very satisfied with the quality and the presentation of the articles. Thank you so much for saving great things. I am very grateful for this site. PMP Certification in Hyderabad
ReplyDelete
ReplyDeleteGreat article with valuable information found very resourceful and enjoyed reading it waiting for next blog update thanks for sharing.
Ethical Hacking Course in Bangalore
Amazing article with very informative information found very useful and enjoyed reading it thanks for sharing.
ReplyDeleteData Analytics Course Online
Nice Information Your first-class knowledge of this great job can become a suitable foundation for these people. I did some research on the subject and found that almost everyone will agree with your blog.
ReplyDeleteCyber Security Course in Bangalore
Writing in style and getting good compliments on the article is hard enough, to be honest, but you did it so calmly and with such a great feeling and got the job done. This item is owned with style and I give it a nice compliment. Better!
ReplyDeleteCyber Security Training in Bangalore
Really impressed! Everything is a very open and very clear clarification of the issues. It contains true facts. Your website is very valuable. Thanks for sharing.
ReplyDeleteBusiness Analytics Course in Bangalore
I wanted to leave a little comment to support you and wish you the best of luck. We wish you the best of luck in all of your blogging endeavors.
ReplyDeleteData Analytics Course in Bangalore
Правдивое гадание судьба является наиболее практичным действием прочитать судьбу человека. Синоптические происшествия или церемониальные жертвоприношения создали конкретное интерпретацию обнаруженного. Ведущие приемы предсказания грядущего образовались тысячелетия тому назад до нашей эры.
ReplyDeleteСущественная твердость гарантирует износостойкость покрытия на десятилетия. Во время возникновения пожара cifre urban alba не испаряет опасных веществ. Керамическая крошка, как исходный компонент, не подлежит плавлению.
ReplyDelete
ReplyDeleteI finally found a great article here. I just added your blog to my bookmarking sites looking forward for next blog thank you.
Data Science Course in Bangalore
Независимо выбирайте подходящий микрофинансовый продукт для всевозможных начинаний. Вам на этот раз нет нужды посещать банк, с тем чтоб взять небольшую сумму. Фирма Займы онлайн предлагает своим пользователям платиза займ и способ подбора микрофинансовых формирований.
ReplyDeleteПодлинность ворожения прямо зависит от опыта человека.Всевозможные типы ворожбы обозначаются как астральные науки. Гадание на бизнес и любой род хиромантии эксклюзивен и предназначен для различных целей.
ReplyDeleteThankyou for posting this informative blog, i come to know something new with this. Great Job! Keep it up.
ReplyDelete1000 free youtube subscribers
Grocery app development company
ReplyDeleteAstrology App Development Company
ReplyDeleteTekniko Global - Education App Development Company, Hire E-learning app developer in India for robust iOS & Android app development in India.
ReplyDeletehealthcare app development company
ReplyDeleteКазино х официальный сайт мобильная – воспользуйтесь главными преимуществами устойчивой азартной площадки, выигрывайте реальные денежки. Сейчас любой желающий может испытать судьбу на площадке CasinoXcom. Азартные игры постоянно заманивали искателей приключений.
ReplyDeleteСервисная служба в любое время поможет советом и легко разрешит очень непростую задачу. Важно помнить, что играть казино x ни в коем случае не потребует денег за осуществление сеанса регистрации посетителей. Просмотреть истинность казино реально на официальной странице casino-x-oficialniy-sayt.com.
ReplyDeleteПолучайте массу удовлетворения, развлекаясь в надежной компании товарищей. На представленной странице играть мистер бит на деньги написано много положительной информации о играх на ноутбуке. По играм известного вида осуществляются международные соревнования. Численность игр на компьютере увеличивается с каждым годом.
ReplyDeleteAppslure is an award-winning mobile app development company building feature-packed and interactive mobile applications for startups, medium and large enterprises.
ReplyDeleteI have to search sites with relevant information ,This is a
ReplyDeletewonderful blog,These type of blog keeps the users interest in
the website, i am impressed. thank you.
Data Science Course in Bangalore