Are you familiar with the types of Business Analytics?

A significant per cent of corporation operates on some Business Intelligence approach. Which are the...

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Posted by Dave Food on Mar 5, 2020 2:51:31 PM
Dave Food

A significant per cent of corporation operates on some Business Intelligence approach. Which are the most common applications?

·       To collect customer or seller’ profiles.

·       To evaluate the achievement of product-publicity campaigns.

·       To carry out performing-reviews centred on pre-classified metrics.

Business Analytics market divided into three types:

·       Descriptive Analytics – “What happened?” (visualisation, reporting, Data Mining.)

·       Predictive Analytics: What will happen? (Insights, simulation, regressions analysis, causal forecasting.)

·       Prescriptive Analytics qiuestions "What should I do about it?" (insights, decisions, actions, optimisation.)

Not long ago a Gartner study included the fourth concept of Advanced Analytics: Diagnostic Analytics, encompassing cognitive and Artificial Intelligence (AI), Machine Learning (ML), Natural Language) and defined as centred on self-learning or natural language processing competencies.

·       Diagnostic Analytics - It focuses on "What did it happen?” (Insights – what-if, root cause, query analysis.)

How to operate these Analytics tools?

Descriptive Analytics

For instance, an Analyst in charge of all Business Analytics activities needs to start collecting as much information as possible to know what the problem was. His responsibility is to record such data on dashboards looking for answers to present to his boss.

The boss has been worried about the budget and how to adjust to it. The Business Analyst decided to generate a report, updating expenses in real-time, on paid advertising, trade shows and promotions, or in any other area. 

These easy-to-comprehend dashboards are an excellent example of Descriptive Analytics — it’s a collection of historical events brought together into easy-to-grasp dashboards, frequently mirroring actions when they take place. The dashboard allows for identifying how the budget was used; the historical data and prospect spends aim in the future, whilst contrasting current expenses with past performing.

Diagnostic Analytics

Gartner’s fourth concept It is a variety of Advanced Analytics that assesses the collected information or content to response the question, “Why did it happen?” It is typified by procedures like data discovery, drill-down, data mining and correlations. This deep-analysis and associations is the Analytical stage of BI. It involves grouping data appropriately to understand why something happened.

Predictive Analytics

Predictive Analytics is on the grow, representing a vital per cent in the market perception.  Typical applications are:

·       To evaluate the possibilities of customer blend, grounded on stages of engagement and other significant considerations.

·       To supply aimed-product campaigns to website visitors established on recent website activity.

·       To clarify if a lead is ready for sales built on specific features and engagements.

We require a form of Analytics that facilitates us to predict the probability of all these events like customer's uneasiness, deal close, etc.

Prescriptive Analytics

This brilliant Marketing Analyst embarks on collecting significant Marketing and Sales data, such as brand and website engagement, in-detailed customer’ behaviour, deal closures and losses, campaign information, etc.  He then takes advantage of a selection of statistics-modelling approaches to include regression analysis, multivariate statistics, pattern matching, a predictive modelling, forecasting, to link the data and predict the possible results with significant impact on the Marketing performance.

Marketing chiefs can section the data by:

·       Specified persona features.

·       Engagement metrics, campaigns and more.

·       To better target diverse market segments.

·        Forecast possible customers’ tension, so the Client Success team gets involved before it occurred.

·       To improve messaging by understanding how a message can resound within the audience segments crossways emails, websites, social channels.

SUMMING UP: Do not stay just describing, analysing or predicting an event that might come about; it is not enough! You have to go further on your Marketing efforts, or they could be blurred rapidly, as unpredictive events might happen and customers could become agitated.

Dave Food

Prophetic Technology

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