What is Analytics?

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What is Analytics?

  1. 1. What is Analytics? http://alfredessa.com April 2013
  2. 2. :: analytics is a journey
  3. 3. :: the analytics journey has three stages
  4. 4. :: each stage of the journey involves data
  5. 5. :: analytics stage one is data about the past
  6. 6. :: at best it’s data about the present
  7. 7. :: analytics stage one is reporting
  8. 8. :: and traditional business intelligence
  9. 9. Analytics Stages of Maturity STAGE ONE what happened?information value what is happening? Data Access Reporting insight http://alfredessa.com
  10. 10. ! KEY:: analytics stage one provides retrospective data
  11. 11. :: analytics stage two is data about the future
  12. 12. :: it provides our predicted future, where we are going
  13. 13. :: stage two uses techniques such as predictive modeling
  14. 14. :: and inferential statistics to forecast risk
  15. 15. Analytics Stages of Maturity STAGE ONE STAGE TWOinformation value what will happen? what happened? what is happening? Predictive Risk Modeling Forecasting Data Access Reporting insight http://alfredessa.com
  16. 16. ! KEY:: analytics stage two predicts the future
  17. 17. :: analytics stage three is data about the desired future
  18. 18. :: analytics stage three is the holy grail
  19. 19. :: it’s optimization
  20. 20. :: optimization means finding the best path among multiple options
  21. 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. 22. let’s end with a definition :: analytics is not more data!
  23. 23. definition:: analytics is finding the optimal path to a desired future
  24. 24. alternate definition:: analytics is optimizing decision making in situations of uncertainty

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