Leverage Business Analytics to gather, analyse and draw valuable conclusions from the vast amount of data available. Today, businesses, irrespective of their size, are using analytics tools to determine how data can be leveraged to solve Business problems and increase efficiency & revenue.
Descriptive Analytics – “What Happened”
It is at the foundation of all data insight. It is the simplest and most common use of data in business today. Descriptive analysis answers the “what happened” by summarizing past data, usually in the form of dashboards. The biggest use of descriptive analysis in business is to track Key Performance Indicators (KPIs) against chosen benchmarks – KPI dashboard, Monthly revenue, Sales leads.
Prescriptive analysis is the frontier of data analysis, combining the insight from all analyses to determine the course of action to take in a current problem or decision.
Prescriptive analysis utilizes state of the art technology and data practices. It is a huge organizational commitment and companies must be sure that they are ready and willing to put forth the effort and resources.
Diagnostic Analysis– “Why did it happen”
Diagnostic analysis takes the insights found from descriptive analytics and drills down to find the causes of those outcomes. Organizations make use of this type of analytics as it creates more connections between data and identifies patterns of behaviour. By already having the data at your disposal, it ends having to repeat work and makes all problems interconnected.
Predictive Analysis –“What is likely to happen”
Predictive analysis uses the data we have summarized to make logical predictions of the outcomes of events. This analysis relies on statistical modelling, which requires added technology and manpower to forecast. It is also important to understand that forecasting is only an estimate; the accuracy of predictions relies on quality and detailed data.