What is Analytics?
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The document discusses the three stages of analytics: 1) Stage one is reporting on past data to understand what happened and what is currently happening. 2) Stage two uses predictive modeling and statistics to forecast future risks and predict what will happen. 3) Stage three, the holy grail of analytics, is optimization - using data to find the best path among options to achieve the desired future outcome.
What is Analytics?
- 1. What is Analytics? http://alfredessa.com April 2013
- 2. :: analytics is a journey
- 3. :: the analytics journey has three stages
- 4. :: each stage of the journey involves data
- 5. :: analytics stage one is data about the past
- 6. :: at best its data about the present
- 7. :: analytics stage one is reporting
- 8. :: and traditional business intelligence
- 9. Analytics Stages of Maturity STAGE ONE what happened? information value what is happening? Data Access Reporting insight http://alfredessa.com
- 10. ! KEY :: analytics stage one provides retrospective data
- 11. :: analytics stage two is data about the future
- 12. :: it provides our predicted future, where we are going
- 13. :: stage two uses techniques such as predictive modeling
- 14. :: and inferential statistics to forecast risk
- 15. Analytics Stages of Maturity STAGE ONE STAGE TWO information value what will happen? what happened? what is happening? Predictive Risk Modeling Forecasting Data Access Reporting insight http://alfredessa.com
- 16. ! KEY :: analytics stage two predicts the future
- 17. :: analytics stage three is data about the desired future
- 18. :: analytics stage three is the holy grail
- 20. :: optimization means 鍖nding the best path among multiple options
- 21. Analytics Stages of Maturity STAGE THREE what do i want to happen? STAGE TWO what will happen? information value STAGE ONE what happened? what is happening? Strategy Optimization Predictive Risk Modeling Forecasting Data Access Reporting insight http://alfredessa.com
- 22. lets end with a de鍖nition :: analytics is not more data!
- 23. de鍖nition :: analytics is 鍖nding the optimal path to a desired future
- 24. alternate de鍖nition :: analytics is optimizing decision making in situations of uncertainty