Companies are focused on increasing revenue, reducing costs, maximizing utilization, outperforming competition. Applying BI & Analytics on their data is paying off with better insights and decisions. Research has found that leading businesses use BI & Analytics almost 5 times more than low performing companies. The data you own and create is an asset. How does your data serve you? Your organization needs to uncover the insights hiding in your data if it’s going to thrive. Advances in BI technology & platforms, cloud storage, system connectivity and data visualizations now make this process very uncomplicated.
Typically, 4 types and Analytics are used. Some more than others. These are:
1. Descriptive Analytics (what happened)
2. Diagnostic Analytics (why/how it happened)
3. Predictive Analytics (what is likely to happen)
4. Prescriptive Analytics (how to capitalize on what will happen?)
Many companies are limited to 1) Descriptive & 2) Diagnostic. This is either because current talent lacks
adequate skills sets, or the organization lacks the required BI platforms and algorithmic know-how to achieve the levels of 3) Predictive and 4) Prescriptive Analytics, or both. When this is the case, attempting to move to the next levels of 3 & 4 using internal talent only, expect it to be costly and time consuming with no certain outcome.