To implement the full potential of business intelligence and take its value to the next level in your business, 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.
1. Machine Learning – Potential outcomes based on complex interactions
– What will happen?
– When will it happen?
– Why will it happen?
2. Predictive Analytics – Patterns and trends based on behaviors and relationships
– What may happen?
– What is likely to happen?
3. Descriptive Analytics – Describes and summarizes data
– What happened?
– Why did it happen?
– What’s happening now?