Analytics Is The Discovery, Interpretation, And Communication Essay

1931 Words8 Pages
Analytics is the discovery, interpretation, and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance. Analytics often favours data visualization to communicate insight. Organizations may apply analytics to business data to describe, predict, and improve business performance. Specifically, areas within analytics include analytics, prescriptive, enterprise decision management, retail analytics, store assortment and stock-keeping unit optimization, marketing optimization and marketing mix modelling, web analytics, sales force sizing and optimization, price and promotion modelling, predictive science, credit risk analysis, and fraud analytics. [1]

The importance of analytics

Analytics is a quantitative fact- and data-based approach to decision making with an emphasis on prediction and optimization. Historically, when organizations have used business intelligence [BI], they have focused more on reporting, which is a backward-looking activity. Analytics lead you to look forward and make predictions. Competing on analytics is building your strategy and the way you go to market around your analytical capabilities. It 's not just using analytics, which has been going on for quite a long time, but instead giving them much more priority as a competitive resource than they have
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