How Can Data Analytics Help?
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.
What is Descriptive Analytics?
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 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.
What is Predictive Analytics?
Predictive Analytics brings together advanced analytics capabilities spanning ad-hoc statistical analysis, predictive modelling, data mining, text analytics, optimisation, real-time scoring and machine learning. These tools help organizations discover patterns in data and go beyond knowing what has happened to anticipating what is likely to happen next. The main goal of most businesses is to increase profit. To do this, data analysts can use a variety of predictive analytics techniques to identify trends, find new opportunities, reduce risk, or recognise threats that that can alter their business and operations. Predictive analytics can predict, with a high degree of probability, what will happen in the future. This of course depends on the predictive models chosen and the quality of the data used. What's more, analytics is affordable and available to large and small organisations.
What is Prescriptive Analytics?
Prescriptive Analytics provides organisations with recommendations around optimal actions to achieve business objectives such as customer service, profits, and operational efficiency. Prescriptive analytics solutions use optimisation technology to solve complex decisions with millions of decision variables, constraints and trade-offs. They provide prescriptive insights whether you want to decide on a configuration, a design, a plan or a schedule. So while predictive analytics can predict what might happen in a given situation, prescriptive analytics goes much further and prescribes a recommended course of action in much the same way as your doctor would. Key industries that benefit from predictive and prescriptive analytics include automotive, retail, manufacturing, logistics, and financial services. To learn more, please call us to discuss your requirements.