4 Types of Business Analytics Capabilities
Fact: Data-driven organizations are more profitable and productive than their peers. They stay ahead of competitors by leveraging predictive analytics to anticipate shifts in the marketplace. But there’s more to the equation.
As is the case with any kind of business transformation, creating a data-driven organization is a journey. It requires the integration of descriptive, diagnostic, predictive, and prescriptive analytics. A data-driven organization approaches maturity when it can successfully leverage all four types of business analytics capabilities in its decision-making processes.
- Descriptive: What happened?
- Diagnostic: Why did it happen?
- Predictive: What is likely to happen?
- Prescriptive: What should I do about it?
Creating a data-driven organization is difficult. However, with appropriate strategic direction, executive buy-in, and a well-considered execution plan, companies can leverage the promise of data and analytics to become more efficient, intelligent, and profitable.
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