Prescriptive Analytics : Descriptive Analytics

Considering this evolution, "in the past, analytics was reserved for back-room deliberations by data geeks generating monthly reports on how things are going. Today, analytics make a difference in how the company does business, day by day, and even minute by minute". (Hackathorn, R., 2013).

Just like in baseball there are large and small businesses. Businesses have to make decisions, decisions that will help the business in the long run. By using analytics business can measure their performance to know where they stand financially and economically. Numbers are very important in a

Analytics in fact has reached a far new level in today’s competitive and constantly changing environment and is only bound to grow further in the industry. Although it emerged as an arm of consulting but looking at the volume, variety and velocity with which data is growing on the internet and even otherwise, analytics of going to leave consulting far behind, But that is not to say that consulting is losing out because consulting jobs still are in demand today and companies in the future are going to feel the need to outsource their projects to consulting companies or individuals because analytics can’t be considered a substitute of consulting. Thus we see that, although consulting remains important today but analytics is something that has moved beyond it and carved a niche for itself. The analytics industry is only going to grow in the future that too with immense pace and can be said to have already emerged out of the shadows of

In today’s companies, the analytics software plays the important role and guides the future activities to a great extent.

The concept of Business analytics is a component of business intelligence, it has evolved in recent years and now in the for front center of business. With the growth of technology and the continuing improvement

There are endless possibilities when considering what type of modeling can be done with a data set, especially with the availability of “big data” in most communities. Predictive modeling is utilized by single health care agencies and large organizations alike, the only

In spite of very huge data, reports, files, large investments made in web analytics, firms find it difficult to make business decisions. Many business leaders underlined the need to invest in people, but none have spelled it how much could be invested on the tools and people. Kaushik (Blog at kaushik.net) found and developed a rule for investment on tools and analyst to solve the problems in arriving at business decisions to become successful in business. He named it as 10/90 rule for web analytics success.

The Why of applying predictive analytics in healthcare: If predictive analytics is applied extensively to the rapidly growing healthcare industry, limitless advantages can be realized. Some of the advantages are: 1) Improved real-time decisions about treatment and support, consumer commitment 2) Effortless revenue management with focus on global as well as local markets 3) Standardized clinical processes, guidelines and protocols greatly improving operational efficiency 4) Reduction in fraud claims, security threats greatly helping insurance companies 5) Mining for unknown variables that determine quality such as “hidden” re-admission factors or finding out

Data analytics is the science of examining raw data with the purpose of drawing conclusions about certain information that is drawn from the data. By gathering data, it must be captured and reviewed then it can be turned into information. There are different types of analytics such as descriptive, diagnostic, predictive, and prescriptive. Descriptive analytics will describe, what happened during the process. Diagnostic analytics describes, why did it happen. Predictive analytics describes, what will happen. Prescriptive analytics describes, how can the process happen with a different approach. By applying these different types of analytics, it will answer several questions during the auditing process. Involving analytics to a process it requires

In Competing on Analytics by Thomas Davenport and Jeanne Harris, the pillars of analytic completion are stated as: “(1) analytics supported a strategic, distinctive capability; (2) the approach to and management of analytics was enterprise-wide; (3) senior management was committed to the use of analytics; and (4) the company made a significant strategic bet on analytics-based competition” (Davenport & Harris, 2007, pp. 511-512) . This section will describe Aramark’s position within these pillars.

Business analytics would offer efficiency to the firm whereby it would formulate decisions to help achieve its specified goals. Analytics would help TecWiz to gather data at a faster rate for presentation in a visually appealing way. Therefore, analytics would encourage a

Stage 4, Analytical Companies – Analytics have been applied at an enterprise-wide level and are being used to drive decision-making, performance, and innovation, but results may not yet have been realized

Businesses today have access to significantly more data than any other time in history; however, most businesses are not capturing or using the data effectively. A report by the Aberdeen Group, “The Executive’s Guide to Effective Analytics,” indicates that “44 percent of executives are dissatisfied with the analytic capabilities available to them today, and that they often make critical decisions based on inaccurate or inadequate data” (Forbes, 2014). Luckily, CEO’s are beginning to recognize the need for analytics and more and more businesses are making a shift towards a data-driven business culture.

In the New Science of Winning book, (Davenport & Harris, 2007, p.7) analytics is defined as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.” [1]. To be successful in today’s competition, my current employer, DLL Financial Solutions Partner (DLL), is competing on analytics and fully aligned its core strategies to be supported by extensive statistical and computer based decisions. DLL is a global financial services company with operation in 36 countries, and its main focus is in the commercial equipment finance sector. In the following paragraph, I will explain DLL’s position in the industry and its ability to successfully compete on analytics with regards to its core business functions.

Part 2. How Business Analytics can be used to gain advantage in a competitive marketplace