Data Analytics can help you better understand the various parts of your business so you can make more informed and thus better decisions. In this context, understanding the various parts of your business could include changing the business strategy, or improving the business model or processes. It could also mean understanding and managing the risk associated with the business, and in doing so, future proofing the business thereby ensuring its sustainability. Below you'll find information about the various ways that data analytics can be used and some examples of some of the data analytics software that we use in-house.
Descriptive Analytics uses data aggregation and data mining to provide insight into the past and answer the question: 'What has happened?' Descriptive analytics includes the collection, cleansing, organisation, analysis, interpretation, and presentation of data in order to summarise and present historical information, find answers to difficult questions, and facilitate knowledge discovery. According to Information Week, more than 80% of data analytics is descriptive.
Examples of descriptive analytics include:
- Data Mining – Taking one or more large data sources and applying a range of statistical techniques to determine patterns and relationships that have a direct impact on sales, marketing, business, or financial performance.
- Text Mining – Extracting unstructured text and classifying and converting it into statistical data so it can be used to find patterns and trends that can be used to drive sales, marketing, business, or financial performance.
- Social Media Mining – Monitoring and obtaining data from social media channels and converting it into statistical data to determine the customer sentiment towards your brand, so you can manage your reputation effectively.
- Infographics – Developing a simple and visually powerful representation of information, data, or knowledge that is quickly digestible and easy to share. We partner with graphic designers to complete the design work.
- Interactive Dashboards – Using business intelligence software to develop a simple, powerful, and historical visual summary of an organisation’s key performance indicators or other data in an easily accessible location.
- Geographic Mapping – Plots static or dynamic geographical location data and other business related metrics and information onto national or international maps to visualise relationships and trends in your customer data.
Predictive Analytics is the next step up in data reduction. Predictive analytics uses statistical models and forecasting techniques to understand the future and answer: 'What could happen?' It utilises a variety of statistical, modelling, data mining, and machine learning techniques to study recent and historical data, thereby allowing analysts to make predictions about the future. Predictive Analytics tries to predict the probability of an outcome given a set amount of input data. Eric Siegel, author of Predictive Analytics, says "Predictive Analytics combats risk, boosts sales, cuts costs, fortifies healthcare, streamlines manufacturing, conquers spam, toughens crime fighting, optimises social networks, and wins elections."
Prescriptive Analytics uses optimisation and simulation algorithms to recommend possible outcomes and answer: 'What should we do?’ Prescriptive Analytics supports decision makers by solving their toughest strategy, planning and scheduling challenges. It seeks to prescribe one or more courses of actions and the likely outcome of each action.
IBM SPSS Statistics and Watson Analytics Software
IBM SPSS Statistics is leading statistical software used to solve a variety of business and research problems. It provides a range of techniques including ad-hoc analysis, hypothesis testing and reporting – making it easier to manage data, select and perform analyses, and share your results. New features include Bayesian statistics, publication ready charts and improved third party software integration. SPSS Statistics offers a base edition with optional add-ons to expand predictive analytics capabilities.
To visit the IBM SPSS Statistics website, please click HERE
IBM Watson Analytics is a smart data analysis and visualization service you can use to quickly discover patterns and meaning in your data – all on your own. With guided data discovery, automated predictive analytics and cognitive capabilities such as natural language dialogue, you can interact with data conversationally to get answers you understand. Whether you need to quickly spot a trend or you have a team that needs to visualize report data in a dashboard, Watson Analytics has you covered.
To visit the IBM Watson Analytics website, please click HERE
Microsoft Power BI
Microsoft Power BI is a suite of business analytics tools that deliver insights throughout your organization. Connect to hundreds of data sources, simplify data prep, and drive ad hoc analysis. Produce beautiful reports, then publish them for your organization to consume on the web and across mobile devices. Everyone can create personalized dashboards with a unique, 360-degree view of their business. And scale across the enterprise, with governance and security built-in.
To visit the Microsoft Power BI website, please click HERE
Tableau Desktop, Prep, Server, and Online Software
Tableau allows you to quickly analyse, visualise and share data. What data? Any data of any size, format, and subject. Tableau simplifies the way data is explored and communicated. It’s a new kind of business intelligence software. All the things you wished you could do — work with huge data live or in-memory, mash up data sources, visualize data in multiple ways, build dashboards, create interactive data applications — are not only possible in Tableau but are also quick work. Anyone can use Tableau to connect to data with just a few clicks and create interactive, analytical dashboards. Sharing dashboards is just as easy: simply publish them to either Tableau Server (On-premise), or Tableau Online (On-cloud). With the native iOS and Android mobile applications, users have the ability to view data at any time and to create new perspectives whilst on the go. Tableau gives them the information they need so IT can focus on more important tasks.
To visit the Tableau website, please click HERE
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