Bring Your Data To Life – Become a Compelling Storyteller

1. Bring Your Data To Life – Become a Compelling Storyteller  Jeannette Brown Optimum Performance Solutions LLC Principal Consultant

2. Objectives • Move from leading with gut instinct to leveraging good analysis to drive better business outcomes • Implement a fact-based decision making model to solve problems/issues • Select the right data to support analytical requirements • Apply data to support predictive and prescriptive analysis • Utilize analytical decision tools and  techniques to best create the story that provides stakeholders a clear path forward • Visualize and present the data from a stakeholder’s perspective to support decisions • Identify the elements of a good implementation plan • Monitor and measure the impact of the plan through continuous data analysis Optimum Performance Solutions LLC

3. Business Intelligence (BI) Continuum Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

4. The BI Continuum • A continuous improvement process • Start with a goal(s) • improve employee retention • Use business intelligence • to help measure the baseline, set targets, move to action and measure results Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

5. Transition to a Fact-Based Decision Model Fact-Based Decision Making Analysis Tools and Techniques Data Visualization and Representation Implementation Plan Optimum Performance Solutions LLC

6. Is data centralized or does it require integration? Is the data in a reportable format? Fact-Based Decision Making Does the data have proper security for users to run and to share with client groups Does the data we are looking for exist? Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

7. The Importance of Data Analytics • Data can be misunderstood, misrepresented or even missing • So we need to analyze the right data to determine its value and its message • Relying only on the data without taking into account our experience can lead to misdirection • So we need to analyze the data along with our own insights to create more accurate perspectives • Using creativity and experimentation is key to turning data into direction Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

8. Start with a Hypothesis • A hypothesis describes a pattern that you think may exist and is an educated, testable prediction about what will happen • A hypothesis is usually written in a form where it proposes that IF something is done, THEN something else will occur • A well-written hypothesis must be testable • Any hypothesis will need proof. Your stakeholders will want to see evidence and reason to believe your statement • The data used in your analysis will allow you to draw fact-based conclusions to support your hypothesis Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

9. Data Stage The data stage will provide the datasets on which we will frame the analysis Fact-Based Decision Making Analysis Tools & Techniques Incorporate Standardize Acquire Inspect Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

10. Acquire Your Data Data can come from just about anywhere… • Highly effective organizations leverage a combination of all kinds of data • Acquisition of the data needs to be heavily documented • Data may come from both internal and external sources Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

11. Data Profiling Practices When inspecting the data, look for potential data integrity issues: • Does the data being examined fall within an acceptable range of values? • What impact will null/blank/zero values have on your data analysis? • Are there missing or misspelled values? • Will the format or content of data in cells affect the results of your findings? • Will the format or content of data in cells affect the appearance of your output? Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

12. Structuring Your Data Data sources can include various forms of data: • Structured • Data that is stored in a database in a well-defined format • Excel Spreadsheet (Row/Column format) • OLAP Cube (Multidimensional database) • Unstructured • Data that does not fit neatly into a database • Focus group feedback; E-Mail messages; Word documents; Interviews; brainstorming sessions; external benchmark data • Semi-Structured • A form of structured data, oftentimes from an external data source,  that does not conform to the database or table definition of the structured data • Web pages contain tags to enhance search capability on the website; content on social media sites Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

13. Incorporate Your Data • Data that isn’t formatted properly, standardized or correctly integrated with the rest of the database can lead to missed opportunities, confused customers and bad decisions • Explore ways to integrate unstructured and semi-structured data with structured data • Can data from those sources be quantified? • Can a list of values be assigned for selection that summarizes or categorizes the information? • Use Excel functions VLOOKUP to merge data from multiple data sources Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

14. Time to Begin Data Analysis! Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

15. Structuring Data: Sorting • Organize component parts of a problem into patterns of association • Data that has been sorted by one or more variables in a dataset may provide a more readable format or visual representation of the data • Reviewing the sorted data may assist with data profiling and highlighting patterns or trends in the data Example: • In order to determine the strongest candidates, a recruiter might sort resumes into groups based on: • Education level • Education field • Years of experience • Years at last job Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

16. Structuring Data: Sequencing • Arrange a dataset in a sequential or linear format • Variables that can be ordered in time are used in sequencing • By sequencing data, a visual image of a problem related to periods of time can be created Example: • To assess seasonality of hires or turnovers, an analyst would look at calendar dates, broken down by year, decade, etc. Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

17. Structuring Data: Matrices • A matrix provides a high-level view of large amounts of data • Different views of the data can very quickly be created from the same dataset • The Excel Pivot Table feature enables you to create matrices for your datasets Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

18. Descriptive Data: Central Tendency • A measure of central tendency is a single value that describe a set of data by identifying the central position within that data. • The value of the central number can be used to evaluate how close or far from the center the data points in a dataset land. • Mean, median, and mode are most common measures of central tendency • Each of them has strengths and weaknesses Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

19. Key Indicator: Arithmetic Mean • Most common meaning of “average” • Sum of all individual elements divided by the total number of elements • Affected by/sensitive to outliers • Given a data set {1,2,3,3,4,11} Mean = Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

20. Key Indicator: Median • The midpoint of a distribution • Half of the data above, half below • Insensitive to outliers • In the case of an even number of data points, take the mean of the middle two points Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

21. Key Indicator: Mode • The value which appears most in a distribution • A distribution may have more than one mode Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

22. Correlation vs. Causation Correlation is the relationship between two sets of variables used to make a prediction Causation is the relationship between two sets of variables where one event appears to have caused a second event Both correlation and causation need an independent and a dependent variable • Independent variable - a condition or piece of data that can be controlled or changed • Dependent variable -a condition or piece of data that is controlled or influenced by an outside factor, most often the independent variable To prove causation, you need to find a direct relationship between variables and show that one relies on the other, not just that the two appear to be related. This will ensure that the actions that you take are based on facts, not assumptions. Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

23. Association of Two Variables Scatter plots • Provides a visual representation of how the two variables are associated Correlation (from -1 to 1) • Correlation coefficient formulas are used to find how strong a relationship is between data. The formulas return a value between -1 and 1 • 1 indicates a strong positive relationship; • -1 indicates a strong negative relationship • A result of zero indicates no relationship at all Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

24. An Important Note • As you focus on the raw data and frame your analysis, keep in mind the business and environments factors that may impact your data findings • Example: Is high attrition in one area of the company due to organization changes, such a consolidation of business units or reorganizing departments? • What may appear as “outliers” may be due to business or economics conditions during a specific period of time Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

25. Wrapping Up Your Analysis Now that you have your data, you can begin to identify trends and patterns that can provide insight on the root of the problem The findings from your data analysis should provide the direction that is needed and the path that you will take in order to reach your strategic objectives. Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

26. Data Visualization and Representation • Present data to stakeholders that supports recommendations and potential solutions • Create visual representation of data analysis through charts and graphs • Address the potential business value associated with each recommendation • Build consensus and gain buy-in from stakeholders to commit to solution • Create a change management plan to implement a solution • Identify solution performance measures Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

27. Decision Proposal The purpose of the decision proposal is to generate buy-in from your key stakeholders. Analytically, there are two key pieces to doing this: • Develop strategies and tactics to support your proposed solution • Deduce key data findings and graphically visualize them to create a compelling story Before we look at each of these, let’s explore the concept of gaining buy-in for your business case… Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

28. Gaining Buy-in for Your Business Case • Know your stakeholders’: • Needs and goals • Attitude and preferences • Experience and expertise • Demonstrate your credibility by presenting total understanding of the problem, related risks, and your proposed solution through strategic analysis • Identify how you will measure and communicate success Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

29. Strategies vs Tactics Strategies are: • Methods or plans to bring about a desired future state • The path you need toward achieving your hypothesisand solve the problem • Planning and marshalling resources to effectively address an issue or opportunity • Longer-term (ongoing) • Sustainable Fact-Based Decision Making Analysis Tools & Techniques Tactics are: Data Visualization & Representation • Much more concrete and are often oriented toward smaller steps and shorter timeframes along the way • Involve best practices, specific plans, resources, etc. They’re also called “initiatives.” • Shorter-term – have a start and end date • Flexible and can change depending on your success in achieving your hypothesis • Owned by stakeholders Implementation Plan Optimum Performance Solutions LLC

30. Strategies & Tactics – Example Business Problem/Opportunity • Attrition rates for new employees are higher than the acceptable range for IT employees Hypothesis • New employees s are leaving to go to other organizations due to a lack of career advancement Fact-Based Decision Making Data Analysis • Internal attrition rates (historic), Exit Interviews, Benchmark attrition data • Create a succession plan to promote from within the organization Strategy Analysis Tools & Techniques • 1. Institute a mentoring program2. Offer more career development workshops Tactics Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

31. Visualizing Your Story Now that you’ve developed your strategy and tactics, it’s time to convey your findings and strategy (i.e. your story) to your stakeholders. In other words, it’s time to develop your business case using your supporting evidence. Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

32. Visualizing Your Story Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

33. Visualization: Some Important Notes The representation of data should be clear, digestible, and should support your hypothesis and address the problem. Below are some things to keep in mind as you begin to organize your data into a visual: • Important Tips: • Know your KPIs • Know where the data is from and its scope (create source notes) • Document any assumptions in notes • Ensure uniform shapes/boxes, colours, sizes, order etc. throughout presentation • Ensure measurements are consistent throughout presentation (time, currency, dollar amounts, historical comparisons etc.) • Consider placement of data in your deck (if it’s not completely relevant, remove or put in backup) • Prepare explanations for any missing data Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan When in doubt, ask yourself: Does this help, hinder, or detract from my business case? Optimum Performance Solutions LLC

34. Common Chart Types Used in Data Visualization Before you choose your chart type, ask yourself: “What’s my goal? What is the story I want to tell? What will my stakeholders want to know?” Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

35. Line Chart Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation *Data as of December 31, 2017 Implementation Plan Effective for: Displaying trends in data over intervals of time • Not Recommended for: Using too many or too few data points-- can mask important patterns in the data Optimum Performance Solutions LLC

36. Bar Chart Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation *Data as of December 31, 2017 Implementation Plan Effective for: Displaying long data labels on the category axis and clearly displaying the value of a category • Not Recommended for: Showing trends over a period of time Optimum Performance Solutions LLC

37. Scatter Plot Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Effective for: Determining whether one value is affected by another value or whether two values are related Not Recommended for: Datasets with more than two variables Optimum Performance Solutions LLC

38. Pie Chart Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation *Data as of December 31, 2017 Effective for: Representing data visually as a fractional part of a whole.  Not Recommended for: Displaying more than six categories; can represent only one dataset Implementation Plan Optimum Performance Solutions LLC

39. Implementation Plan • Create a change management plan to implement a solution • Identify solution performance measures Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

40. Planning for Implementation & Change Building a detailed change management plan is critical to the success of your solution. It’s important to: • Share a clear, concise vision for the change with those who will be affected • Develop a strong communication plan • Monitor progress along the way using data Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

41. Monitor Over Time – Measure Success • Develop a plan for how you will measure success during the change management period AND post-implementation • What are your measurements for success? (i.e. what are your KPIs) • Where will you get your data? • What is your threshold for successful vs. unsuccessful? • When will you measure? (1 month? 6 months? Longer?) • Adjust continuously • Communicate and celebrate success Fact-Based Decision Making Analysis Tools & Techniques Data Visualization & Representation Implementation Plan Optimum Performance Solutions LLC

42. Business Intelligence (BI) Continuum Optimum Performance Solutions LLC

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