BSCI BSST 271: Digital

D1 Data and Analysis -2

 Data analysis
A methodical approach to data analysis
Plan the analysis
Collect and enhance the data
Perform the analysis
Review and communicate results of analysis

NB – Always document the sources, process and procedures you are following
 Data analysis
A methodical approach to data analysis
Plan the analysis
• Understand the business and the nature of the problem /need for analysis / message to communicate -
what data analysis are required – Ensure you understand - What is the objective of the analysis
• Identify what data is needed to perform a meaningful analysis
• Consider:
• Who is the data owner of the information
• Where is the data located (locally within the organisation/ cloud or at a 3 rd party) – How can the data
be accessed, or do we need assistance from IT.
• What format will the data be in. (e.g. SQL database/ xls /csv file)
• When will the data be ready for collection. Volume of the data / how will it be transferred/ encrypted
• Required fields for the analysis ( do we know the meaning of the data ( is a Data dictionary available –
else create one? Master tables or transactional files))
• Create a formal data request for the data (audit trail and required approval and permissions)
 Data analysis
A methodical approach to data analysis
Collect and enhance the data
• Collect the data
• Maintain a register of data collected
• Choose analytic tool(s) best suited to the analysis of your data and to meet the objective
• Assessing data quality and completeness
MAKE A WORKING COPY
Perform a reconciliation of what was received vs what was requested
Compare record counts to control totals
Compare data import to system printouts or screen views you may request
Test that you have what you need and nothing more as defined in your scope
Make sure you have all the fields you require
Use filters, recalculation, duplicate checks, statistics on key fields, sorting on key fields
Perform recalculations: opening balance + movement = closing balance
 Data analysis
A methodical approach to data analysis
Collect and enhance the data
High-level initial data assessment
• Compare data received to data request submitted
• Compare table by table; Compare field by field
• High level inspection of field contents and data types
• High level check of coverage, e.g. period, locations
• If multiple files are received are they in the same format, will they be easy to combine and consolidate?
Inspecting the layout of the data
• Delete unnecessary columns / Delete unnecessary rows
• Resize columns / Resize rows
• Erase unneeded cell contents
• Format numeric / date / time values
• Copying worksheet data
• Moving worksheet data
• Replacing data in fields
• Paste special
 Data analysis
A methodical approach to data analysis
Collect and enhance the data
Data Cleansing
Using text functions in MS Excel
CLEAN
CONCATENATE
EXACT
FIND
FIXED
LEFT / MID / RIGHT
LEN
LOWER / UPPER
PROPER
REPLACE
SEARCH
SUBSTITUTE
T
TEXT / VALUE
TRIM
IF STATEMENTS
Qualities of information

Accurate
Technology plays an important role in
Complete capturing this type of information.
Cost-effective Technology can collect data more
Understandabl effectively and efficiently. Technology is an
opportunity that frees up time to
e concentrate on creating and preserving
Relevant organisational value.
Accessible
Timely
Easy-to-use
Accuracy of the information: GIGO and “Garbage in, Garbage out”
• Practical example

• Download video from eFundi

• Download XLS from eFundi

• Side by side on a screen or 2 screens reperform the excersise

Risk Management
 Data extraction, transformation and loading
(ETL)
A process of taking data from an existing database, convert it into a different form and place it into
a new database.

• Extraction:
• data analysed then read from a specified source and what is required is extracted

• Transformation:
• data is converted into a set form so that it can be placed into another database

• Loading:
• transformed data is written into target database where it is held in a systematic and logical way
Activities of finance professionals
• Assembling information
• collating, cleaning and connecting data into assembled information (e.g. financial and management
accounts and returns)

• Analysis for insights

• Analysing financial and non-financial information to draw out patterns and provide relevant insights

• Advising to influence
• Communicating the above insights to users and contributing to an objective, responsible perspective
to influence their decision making

• Applying for impact

• Supporting and guiding actions to help organisations achieve the desired outcomes

Managing Finance in a Digital World

 Activities of finance A methodical approach
professionals to data analysis
• Assembling information Plan the analysis
• collating, cleaning and connecting data Collect and enhance the data
into assembled information (e.g.
financial and management accounts
and returns)
Perform the analysis
• Analysis for insights
• Analysing financial and non-financial
information to draw out patterns and
provide relevant insights
Review and communicate results of
analysis
• Advising to influence
• Communicating the above insights to
users and contributing to an objective,
responsible perspective to influence
their decision making
Managing Finance in a Digital World
ETL exercise
• Will be uploaded as homework early next week.

• XLS to import
• Video

Risk Management
 Data analysis
A methodical approach to data analysis
Perform the analysis
• Consider the relevance, quality, completeness and reliability of the data
obtained
• Apply basic data analysis techniques suitable to meet the objective

Review and communicate results of analysis