A Quick Guide to Building Your Own Analytics Structure
It’s an era of data explosion, which prompts companies to develop an effective analysis structure. After all, evaluating statistical information can unravel loads of opportunities for businesses. And with the big data analytics revenue reaching the USD 68 billion mark, there is no doubt that you need to establish a tailor-made module. In other words, it’s the right time to build a customized analytics framework.
So, how can you create a sound business analytics structure? What are the vital things to take into consideration? Find out the straightforward answers to such questions in this article.
What Is It?
In simple words, an analytics framework is a model or structure that helps assess a set of data optimally. You can analyze unstructured data through the effective use of a well-established framework. And to develop an analytical structure, you need to choose one of the following types of analytics:
- Predictive
- Diagnostic
- Descriptive
- Prescriptive
This table will help you decide on the most suitable type for building your tailor-made framework:
Table: Purpose of Different Analytics Types
| Name | Aim/Utility | |
| Predictive | Visualization of data that can be generated in the future. | |
| Diagnostic | To understand the reasons behind the occurrence of certain events. | |
| Descriptive | To analyze the past and the existing states of affairs in a business. | |
| Prescriptive | For finding solutions to achieve a given set of results. |
So, choosing a suitable analytics technique is vital in building a framework from scratch.
Steps to Build an Analytical Framework
The general steps for developing an analytical framework can vary as per your organizational needs. Still, you can follow these pointers as a foundation to build a foolproof structure.
- Understand the Requirement
First and foremost, as an analyst, you should understand the framework’s end requirements accurately. What is the purpose of analyzing existing data? Do you want the framework to guide you in making better decisions? Or do you want to build the framework to help rectify specific issues? In the first step, ensure that you answer these basic questions.
- Offer Data Type Support
Be it unstructured or semi-structured data; you can utilize any form in a well-built framework. So, you should put forth the types of data you aspire to analyze through this structure. In addition, it is crucial also to include the NoSQL data type in your analytical structure. This way, you can evaluate a set of information more efficiently.
- Evaluate Your Options
At the end of the day, your analytical framework should be consumer-centric. So, assess your existing options for developing a technically-sound structure.
Ensure that your framework offers practical insights into the data you intend to analyze. Meanwhile, brainstorming and referring to various case studies will always help in this stage.
Your analytical framework can pave the way for making vital business decisions. So, you should decide on the type of analytics to create such a structure. Next, it is vital to establish your end goal and include a database that contains different data types. Constant evaluation of the available options also proves essential in the entire process.
You might require building multiple frameworks to manage complex datasets and high-quality analytics. So, be sure that your technical team has all the necessary skills and knowledge. Also, do not hesitate to refer to other technical sources and gain more insights into the entire process.
