To realize the full potential of business intelligence and take its value to the next level in your organization, you need a solid understanding of where you are, what you want to achieve, and what’s possible.
From generating reports and charts that depict business performance, to implementing a truly transformative solution that uses powerful advanced analytics, to predicting behaviors and outcomes, business intelligence can be a strategic weapon that significantly impacts your bottom line. An effective business intelligence strategy will have to evolve as your business grows, and will need to answer a series of questions along the way.
Machine Learning - Potential outcomes based on complex interactions
- What will happen?
- When will it happen?
- Why will it happen?
Predictive Analytics - Patterns and trends based on behaviors and relationships
- What may happen?
- What is likely to happen?
Descriptive Analytics - Describes and summarizes data
- What happened?
- Why did it happen?
- What's happening now?
Success today hinges on your organization’s ability to quickly and decisively respond to market dynamics, customer behavior and competitive pressures. Achieving this level of agility requires a data-driven business intelligence system that not only delivers insight but also prompts action. Starting out with the right solution such as enables your organization to rapidly accelerate your business analytics journey.
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Nice post. Can you give an real life example in your next post.