In today’s data-driven business landscape, understanding how to effectively communicate results, navigate ethical considerations and demonstrate organisational value is more important than ever. To elaborate further, this blog explores the intricacies of advanced business analytics, where you’ll learn how organisations can leverage this powerful tool to drive growth, make informed decisions and achieve their goals.
What is Organisational Value?
Organisational values are a set of core principles and ideas that act as their backbone. Essentially these values seep into all avenues of the organisation, right from everyday functioning, to managing its employees to even the way the company is perceived by its stakeholders and the general public.
What is analytical communication? In a nutshell, it is all the hard facts and data that are generated to help make the right decisions for a business. It involves delving deep into the facts and figures and being aware of them thoroughly before coming to a conclusion. As is evident, it is a core part of advanced business analytics and is necessary to drive organisational value.
Core Pillars of Organisational Value
There are three core pillars of advanced business analytics that organisations should consider when thinking about how to communicate their value both inside and outside the company. These are data, insights and applications.
– Data is the lifeblood of analytics. It is the foundation upon which insights are built and applications are deployed. Data comes from a variety of sources, both internal and external to an organisation.
– Insights are the conclusions that can be drawn from analysing data. They provide organisations with a better understanding of their customers, their business operations and the competitive landscape.
Applications are the tools and techniques used to put insights into action. They enable organisations to make better decisions, improve efficiency and drive revenue growth. Hence, the right kind of analytical communication will ideally reinforce organisational values.
5 Pillars of Ethics in Analytics
Organisational value, in essence, is deeply tied to business ethics. There are certain principles and ideas behind ethical data analytics that all organisations should follow.
It is vital for a company to respect the ownership of data. For example, when using customer data, organisations must ensure that they are respecting customer privacy and protecting their personal information.
Transparency is a key value for organisations that want to build trust with their stakeholders. It is also essential for effective communication and collaboration within an organisation.
Organisations should be transparent about their data and analytics activities, sharing information about what they are doing, why they are doing it, and how it will benefit the organisation and its stakeholders.
This transparency can help build trust and confidence in the organisation and its data and analytics capabilities.
While transparency is necessary, it is equally important to consider privacy when collecting and analysing data. There are ethical and legal implications to consider, as well as the impact on organisational value.
There are many ways to collect data, and each has its own privacy implications. For example, when using web analytics tools, businesses can track user behaviour on their website.
This information can include things like what pages are being viewed, how long users are staying on each page, what actions are they taking, etc. While this information can be useful for businesses to understand how their website is being used, the data is also highly sensitive in nature. Therefore, it is vital for businesses to safeguard their user data and ensure privacy.
Before organisations can realise the benefits of analytics, they need to ensure that they have the right intention. All too often, organisations embark on big data and analytics projects without really understanding what they want to achieve. As a result, they fail to get the desired results and end up being frustrated. Moreover, there is a risk of data being used for unethical purposes.
To avoid this pitfall, organisations need to start by clearly defining their intention for using analytics. What are they trying to achieve? How will they know if they’ve succeeded? Only then they can put in place: the people, processes and technology needed to make their analytics vision a reality.
Sometimes, organisations have the right intention while mining or collecting data. However, the outcome of the data analysis might prove to be detrimental to certain sections of the public in some cases.
For instance, if an analysis negatively impacts a certain race, gender, class or group of people unintentionally, then it is a case of disparate impact, wherein the outcome of the analysis was not taken into consideration.Hence, the outcome of an analysis is also an ethical concern. Organisatios need to be wary of the outcome as much as the intention.
Learn Communications, Ethics and Organisational Value at ePGD-ABA, IIM Ahmedabad
The Indian Institute of Management, Ahmedabad offers an insightful ePost Graduate Diploma in Advanced Business Analytics which is geared towards professionals who are looking to make a mark in the field of applied analytics. Ethics is a crucial aspect of this course, as it covers a whole module, wherein Analytics Communication and Driving Organisational Value With Analytics are the key focus. This course also features lectures delivered by industry experts which can greatly benefit you. So enroll in this course from IIM Ahmedabad today to begin your promising career in business analytics.
Analytics has enabled organisations to make better decisions, improve customer service and create more value. However, it is important to keep in mind the ethical considerations of analytics when diving deep into data analysis and with this ePost Graduate Diploma in Advanced Business Analytics offered by IIM Ahmedabad, professionals can learn about this detail and competent and ethical data analysts in the future.