#80 - Thinking Outside the Box: How Analysts Can Generate Brilliant Ideas

Words of Gratitude         

Editor's Note by Lisema Matsietsi

Thinking outside the box involves approaching problems in unconventional ways, breaking free from traditional methods, and exploring new perspectives to find innovative solutions. This mindset is particularly valuable for analysts facing complex and unique challenges. Why? Understanding the text is crucial. As, analysts, we need to think creatively, embrace curiosity, and collaborate with diverse teams to solve complex problems. We should also be open to learning from other fields and leveraging restricted environments to enhance their problem-solving skills. Whether new to the field or experienced, these strategies can help analysts unlock new levels of creativity and analytical prowess. I know that this newsletter will not only be informative but highly insightful. Let us meet again this coming Monday for another exciting insightful conversation.

If you are looking forward to an analyst community engagement, the analyst mentoring programme application is open. Use the below link to apply: 2024 COHORT 2 ANALYST MENTORSHIP PROGRAMME (google.com). Let us meet again this coming Thursday for another exiting newsletter. Stay blessed

How Analysts Can Generate Brilliant Ideas by Thinking Outside the Box

We've all experienced the importance of generating innovative ideas when it comes to solving complex problems and uncovering valuable insights. As analysts, we often focus solely on the data without realizing that there is more to understanding what the data is saying and what it should be saying instead. Having a balanced view can either boost our ability to think outside the box or hinder our ability to bring insights from our informative presentations. Whether you're a novice or a seasoned analyst, thinking outside the box can significantly enhance your analytical skills. This article will explore how creative thinking can be applied in data analysis, illustrated with real-life examples and practical tips... Read More

References:

[1] https://www.amazon.com/Decision-Book-Strategic-Thinking-Revised/dp/0393652378

Q&A - How to Start Being An Analyst

Friday, May 10 · 11:00 am – 12:00 pm

Time zone: Africa/Johannesburg

Google Meet joining info

Video call link: https://meet.google.com/hjv-atrc-vpi

Revolutionising Financial Decision-Making: The Transformative Power of Predictive Analytics

In the fast-paced universe of finance, it is crucial to be able to make informed decisions in a timely manner. With the increasing complexities that organisations face in their financial reporting environments, predictive analytics and financial intelligence reporting provide a beacon of hope. This article explores the transformative insights gained from a case study, demonstrating the profound impact that adopting advanced analytics can have on financial decision-making... Read More

A Novice Analyst’s Guide to Demystifying Database Types

Have you recently asked yourself about database types? If not, did you know that in the world of data management, databases play a pivotal role in storing, organizing, and retrieving information? Knowing about databases could be useful for us before we request analysis work to be conducted. In fact, novice analysts often encounter a wide array of database types, each tailored to specific use cases. Some have battled to understand why a database type was chosen instead of another. This article aims to shed light on some of the most common database types, their characteristics, advantages, disadvantages, and the ideal scenarios for their implementation. We will be discussing (1) Relational Databases, (2) Document Databases, (3) Graph Databases, (4) Analytical Databases, (5) Column-Family databases, and (6) Key-Value databases... Read More

Are you Working From Home or Remotely?

Here are some resources you could use to search for your next analyst job.

1. Analyst jobs in South Africa | LinkedIn
2. Online Part-Time Work | Find Jobs Online On myjobwork24
3. Analyst jobs in South Africa | Pnet

Don't stress if you have found the analyst positions advertised above to be above your expertise. The below resources will turn your boring CV that highlights your lack of experience into a well-written profile.

Cover Letter Copilot

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Today we’re diving into a fundamental problem-solving technique that can transform your analysis – the Five Whys technique. Are you battling with root causes in your analysis? Whether you're a seasoned analyst or just starting out, this episode is for you.

The Five Whys technique is a method used to identify the root cause of a problem by repeatedly asking "Why?" until the underlying cause is discovered. Originally developed by Sakichi Toyoda and used within the Toyota Motor Corporation, this technique is now widely adopted across various industries for its effectiveness in root cause analysis. In this episode, we'll walk you through the steps of the Five Whys technique, provide a practical example, and discuss its importance in uncovering underlying causes, promoting thoroughness, prioritizing actions, and fostering continuous improvement.

So, next time you encounter a problem in your analysis, remember to use the Five Whys technique. It’s a simple yet powerful tool that can help you uncover the root cause of issues and improve your processes over time. Thanks for tuning in to "How to Start Being an Analyst." If you found this episode helpful, please subscribe and share it with your colleagues. Let’s continue to grow and improve together.

Do you have the Ownership Mindset? Are you allowing your Analyst teams to Ownership?

In this episode, Anthony Taylor interviews Kerry Siggins, CEO of StoneAge and author of The Ownership Mindset. Kerry shares her journey of becoming a leader at StoneAge and the importance of trust and empowerment in building a successful company. She emphasises the need for leaders to have an ownership mindset and to surround themselves with smart people. Kerry also discusses the challenges of aligning a large organization and the importance of defining a clear vision and values. The episode concludes with a discussion about Kerry's book, which provides actionable insights for leaders looking to build a great team and culture.

Kerry Siggins is the CEO of StoneAge, a leading manufacturer of industrial cleaning equipment and one of?Outside?magazine’s top 100 companies to work for. In 2021, she was honored by?Industry Era?magazine as one of its Top 10 Most Influential CEOs, and in 2017 she was a finalist for Colorado’s CEO of the Year. She sits on the boards of several companies and is member of the Young Presidents’ Organisation (YPO). She is regularly invited to deliver keynote speeches on several business and leadership topics, including how to create employee-centric cultures in which it’s safe to speak up and show up as your whole self. She is an active blogger and contributor to?Forbes,?Entrepreneur,?Authority?magazine, and?BIC?magazine and hosts several podcasts, including the popular?Reflect Forward.

Takeaways

• Trust and empowerment are essential in building a successful company.
• Leaders should have an ownership mindset and surround themselves with smart people.
• Defining a clear vision and values helps align a large organisation.
• Regular check-ins and accountability systems are crucial for ensuring success.
• Kerry's book, The Ownership Mindset, provides actionable insights for leaders.

How AI Is Reshaping Data And Analytics Roles

We have waited as we knew it was coming. Now here it is: The Next Big Data Leap: How AI Is Reshaping Data And Analytics Roles.

https://www.forbes.com/sites/forbestechcouncil/2024/05/14/the-next-big-data-leap-how-ai-is-reshaping-data-and-analytics-roles/?sh=5c25808a33a4

Noteworthy mentions

• Over the past 18 months, AI and data analytics have seen massive growth.
• Venture capitalists invested $42.5 billion into AI startups last year.
• The global data analytics market is projected to expand from $61.44 billion in 2023 to $581.34 billion by 2033.

Growth in Job Opportunities

• Data-related roles are evolving and expanding.
• There is a projected 35% increase in data scientist positions between 2022 and 2032.
• The demand for data professionals is exceeding the available workforce.
• Analysts will remain essential for their skills in interpretation, strategic thinking, and insightful analysis.
• AI will transform data analysis but won't replace human analysts.

Trends Shaping Data Science Roles

1. Analysts as Navigators: Transition from data processors to data storytellers. Focus on critical thinking and communication.
2. AI Collaboration: AI and ML will automate tasks like data cleaning and basic analysis. New roles will emerge, such as AI trainers and AI ethicists.
3. Specialisation: Increasing demand for industry-specific data expertise (e.g., healthcare, finance).
4. Communication and Collaboration: Effective communication and collaboration are crucial. Addressing biases in algorithms through cross-functional teamwork.
5. Ethical and Responsible Data Handling: Emphasis on data privacy, security, and compliance. Roles like AI governance specialists and data security officers will grow.

Continuous Learning

• Constant learning and adaptation are vital due to the evolving nature of data science.
• A strong foundation in mathematics, statistics, and business analytics is essential.
• Advanced courses in cloud computing, data mining, and specific programming languages enhance competitiveness.

Is the Future of Data is Human?

? The focus should be on developing skills that complement AI.

? Investing in the existing workforce is more effective than external recruitment.

? Upskilling and working with AI tools will drive innovation and growth.

Five Rules for Networking Success

In this episode, Namaan breaks down a 5-part strategy for networking success in consulting.

? Why networking is critical to getting an offer

? The 3 key objectives for every networking conversation

? How firms evaluate candidates through the networking process

? Who to network with (and who to avoid)

Leveraging Data Analytics and Artificial Intelligence to Streamline Compliance Investigations

In today's dynamic business environment, early identification and containment of compliance risks have become crucial for organisations. Data analytics and artificial intelligence (AI) have revolutionised the field of compliance investigations, providing unmatched speed, accuracy, and depth of insight. These technologies allow investigators to analyse raw data using statistical models and machine learning, transforming it into actionable intelligence. This enables the swift detection of trends, correlations, and outliers in financial transactions and communications, helping to uncover fraud, misconduct, and compliance breaches more efficiently than traditional manual methods.

My experience in the FCPA Unit of the U.S. Securities and Exchange Commission, and now with the TransPerfect Legal family, highlights the transformative power of advanced investigative tools. Platforms like Digital Reef utilise sophisticated algorithms and machine learning for effective e-discovery and early case assessment, allowing for rapid analysis of large datasets and uncovering patterns that might be missed by humans. Key features of these tools include report generation, communication grids, email threading, concept clustering, similarity analysis, and emerging generative AI capabilities. As organisations integrate data analytics and AI into their compliance practices, they will be better equipped to navigate modern business complexities, ensuring resilience, compliance, and long-term success.

How Can I Help Grow This Community?

We have been asked this question frequently by most patrons who see the work that we do and appreciate the time and effort invested so that you can be inspired to be an excellent expert analyst. There are many ways to help us grow into an effective organisation that develops expert analysts;

1. Encouraging co-workers and friends to subscribe to our bi-weekly newsletter to learn more about being an effective analyst.
2. Buying a 'Being An Analyst' book which is an essential guide to becoming not just an analyst, but a catalyst for success and a driver of organisational change from Amazon, Takealot, or books.beingananalyst.co.za
3. Train your team or engage your audience with analysis concepts and elevate their knowledge, decision-making and productivity. Reach out using [email protected] for training and here for speaking.
4. Grow your business with short-term, medium-term, and long-term analytics-based planning, monthly reporting, and big-picture data models so you’re always future-ready.
5. Sponsor a future issue of the ‘Weekly Analyst’ newsletter

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