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Business Analytics Methodology: creating business value with analytics and data science Organisations in all sectors are exploring how to get value from data and analytics in order to transform their organisations and business models. Being good at analytics and predictive modelling though is not enough unless it is accompanied by an explicit understanding of the business model, the sources of value, and the opportunities for transformation. To meet this need the Business Analytics Methodology (BAM) has been developed through iterative application in practice. BAM draws initially on the business model canvas and soft systems methodology for business model mapping and value identification. Analysis of the business model is then used to identify opportunities for analytics, which are classified in a matrix according to potential for value creation and viability – those opportunities that are high in value and viability are the focus for analytics development. Analytics models are the pivotal point between business value and data; they are the means through which data is made into information. Rather than drive the analytics process bottom-up from data or top-down from the business model and value sources, BAM argues that both are needed. The approach is illustrated through vignettes of analytics usage in the food bank and telecommunications industries. Dr. Giles Hindle is a Senior Lecturer at Hull University Business School and an Teaching Associate at Warwick Business School. He has conducted consultancy and research projects for a wide range of clients including the NHS Scottish Executive, County Councils Network, Countryside Agency, Department for Transport, Department for Health in N. Ireland, Network Rail plc, Northern Hi-Tec Ltd, and many others. He has specialist knowledge in soft systems thinking and quantitative modelling which he has practiced in both strategic and operational contexts. Giles has developed business analytics masters courses for the universities of Warwick and Hull.
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Richard Vidgen is Professor of Business Analytics at the University of New South Wales (UNSW) Business School, Sydney. Following fifteen years working in the IT industry as a consultant and a project manager he worked at the School of Management, University of Bath, and then as Professor of Systems Thinking at Hull University Business School. His research specialisms are in
agile software development and business analytics, both of which he approaches through soft systems and complex adaptive systems theory. His background and skills in IT and quantitative methods have enabled him to develop his practical skills in data science. He is a member of the OR Society’s Analytics Development Group and is taking an active role in helping shape the future of OR and data science.