Organizations know there is value in data and analytics, but struggle with understanding different analytics capabilities they can leverage and when to use them. The answer lies in building a portfolio of analytics capabilities to address the gamut of business needs.
- Use descriptive analytics to better understand historical performance, alert you to events, spot trends, and monitor the performance of models and actions.
- Use diagnostic analytics to visualize and interact with the data, discover relationships, and explain why you are observing outcomes, events or trends.
- Use predictive analytics to answer questions about the future or to determine the likelihood of unknown outcomes, such as anticipating customer/system behavior or classifying events.