In today’s global landscape, organizations worldwide are increasingly turning to data analytics to enhance their business performance. Research conducted by McKinsey Consulting revealed that data-driven companies not only experience above-market growth but also witness EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increases of up to 25% [1]. Additionally, Forrester’s findings indicate that organizations utilizing […]
Fundamentals of Prescriptive Analytics
Prescriptive analytics uses historical data to find the best course of action for the future. In a way, prescriptive analytics combines elements from both descriptive and predictive analytics to arrive at actual solutions. The increased preoccupation with everything “data” is now a mainstream trend. The analytics market is expected to reach $190 billion in 2023, growing […]
A Brief History of Business Intelligence
In 1865, Richard Millar Devens presented the phrase “Business Intelligence” (BI) in the “Cyclopædia of Commercial and Business Anecdotes.” He used it to describe how Sir Henry Furnese, a banker, profited from information by gathering and acting on it before his competition. More recently, in 1958, an article was written by an IBM computer scientist […]
How Descriptive Analytics Leverages Data for Better Decisions
Organizations are recognizing that data can be a powerful business asset, and are investing in data analytics to provide this valuable tool. According to research, more than 95% of all organizations today incorporate data initiatives into their business strategies. However, most businesses falter when it comes to effective and efficient uses of data. Descriptive analytics, the most […]
Machine Learning vs. Predictive Analytics
Predictive analytics and machine learning are extremely powerful tools used to predict future outcomes from large amounts of data. They help businesses gain insights, improve efficiency, and make informed decisions. With the big data space estimated to reach a value of $105 billion by 2027 (up from $37 billion in 2018), and 97% of organizations investing in big […]
What to Look for When Hiring a Data Analyst
Data analysts are specialists in statistics, mathematics, and computer science, enabling them to serve in a variety of departments, including operations analysis, financial analysis, and marketing analysis. A data analyst interprets data to influence business strategy, permitting firms to make data-driven pricing, scheduling, and other operational choices. Why Hire a Data Analyst? As declining margins, increased commoditization, […]
Types of Analytics Used in Organizations
Data analytics in businesses help uncover competitive intelligence, actionable insights and trends. Different types of analytics enable businesses to gain an edge over their competitors. In the “data first” era, data-driven insights and decisions have become the key drivers of business performance. This post reviews the different types of data analytics routinely used in enterprises. […]
Fundamentals of Descriptive Analytics
In descriptive analytics, data aggregation, and data mining techniques are used to collect and review the historical data of a business to gauge the past performance. The most common example of descriptive analytics is the reports that a user gets from Google Analytics tools. A web server’s summarized performance reports may help the user analyze […]
What Is Business Intelligence?
Business Intelligence (BI) includes the technologies and tools used to analyze and report on different business operations. Business Intelligence uses raw data stored in varying data warehouses, data marts, data lakes, and other storage platforms, and transforms it into actionable knowledge/information assets. Such elements include dashboards, spreadsheets, data visualizations, reports, and many others. According to […]
A Brief History of Analytics
Historically speaking, a simple definition of analytics is “the study of analysis.” A more useful, more modern description would suggest “data analytics” is an important tool for gaining business insights and providing tailored responses to customers. Data analytics, sometimes abbreviated to “analytics,” has become increasingly important for organizations of all sizes. The practice of data […]