Data-driven decision-making has become the norm for organizations big and small. But once you decide to use data to dictate your business decisions, how do you turn analytics into action? When companies approach NBI for analytic assistance, first, we want them to understand what makes their data unique and then identify how it can help give them an edge and inform advantageous decisions. Once you know what your data is capable of, a data scientist can build analytic models designed to find useful patterns that can fuel your business operations. But before we can build those models, you must identify what data is valuable to you. If your data has you overwhelmed, discuss three simple questions with your data scientist. They can determine which analytic approach will be most useful for you.
- What did happen?
What business decisions in your past have been particularly effective? What mistakes could you learn from? Retrospective analytics looks at existing data sources to paint a picture of how your business has operated in the past to highlight positive approaches that worked well and negative approaches to discontinue.
- What is happening?
The devices you use to conduct your day-to-day operations can also be used as a valuable data analytics tool. Real-time analytics examine the data you’re currently using to determine how your business is performing right now, with the potential for real-time insight to make on-the-go decisions or corrections to improve your existing work flow.
- What will happen?
Data can’t magically see into the future, but it can be used to make incredibly accurate predictions. Predictive analytics take your existing data, examine it for complex patterns, and then build models that can estimate what your future data will look like. Predictive analytics offers the next best thing to a crystal ball: insightful, accurate predictions specific to your company and your needs.