A voracious appetite for data is quickly becoming one of the defining traits of modern corporations. Companies of all sizes are racing to find ways to harvest relevant data, hire data scientists and implement business intelligence tools that will help them understand their clients and markets. Without appropriate methods for interpreting it, however, data becomes little more than an expensive waste of storage.
Once you have a means for gathering high-quality data, robust analytics can reveal the true value of your data by crystalizing its meaning and informing crucial decisions. Analytics applied to your firm’s real source of revenue and primary reason for existing—your customers—can be the gateway to explosive growth. Customer analytics services are divided into three main categories: descriptive, predictive, and prescriptive. This article explores the differences between them and the benefits of each.
Descriptive analytics help you understand what has been happening in your organization.
Many customer analytics firms excel at this kind of analysis because it is based upon data that is already available to you or could easily be made available through existing systems. Here are some possible applications of descriptive analytics:
Descriptive analytics are extraordinarily useful in retrospective and post-mortem scenarios where you want to learn from past experiences, but what about when you want to be forewarned of potential future trends?
Predictive analytics help you understand what could likely happen in your organization.
Compared to descriptive analytics, there are relatively fewer customer analytics firms offering predictive analytics, but there are still some strong options. These services are based on the concept of a “what-if analysis,” and they use statistical models to project past trends into the future. Here are some examples of predictive analytics at work:
Although confidence intervals vary somewhat with predictive analytics, the insights they provide are crucial to successful customer analytics.
Prescriptive analytics help you understand possible actions you could take because of what has been happening or what could likely happen in your organization.
Whereas predictive analytics can help you understand probable outcomes, they cannot make decisions for you. Only customer analytics services providers on the cutting edge offer the option of building a course of action from your data. Here are some ways this might happen:
The real power of prescriptive analytics lies in their ability to streamline decision making and accelerate appropriate action.
Customer analytics are crucial for maintaining a competitive edge in the Digital Age, and our expertise in customer analytics consulting will help you jump to the next level. Whether your business is new and aggressively growing or mature and seeking new target markets, we can guide you through the process of adopting a strong analytics strategy.
Contact Us Today
In Part I, we examined the on-premise and cloud upgrade options available for SQL Server 2008 as it reaches EOL. For scenarios where memory management challenges or database operations have proved difficult, Snowflake is also a strong option, which is increasingly the default choice for many data warehouse and data lake offerings.Explore
The amounts of data available to us are growing at an exponential rate, due to the prevalence of the internet in modern life. Businesses have an increasing need to categorize the data that they process and format it in ways that are accessible to both staff and customers alike.Explore
The number of people using the internet has increased dramatically over the past few decades, rising from a mere 350 million users to over 4 billion in 2019. This rise in usage means that there are 12x more people now using the internet in 2019 compared to 2000, resulting in a massive increase in the amounts of data being processed daily.Explore
For those of you in the dark, Tableau is a top CRM and analytics platform that was recently acquired by Salesforce. Along with data and business analytics, Tableau delves into data visualization: presenting data in a way that is understandable even to the non-analyst.Explore
Tableau is a business intelligence and analytics platform that was built to transform raw datasets into easily understandable visualizations. The top CRM and analytics platform was recently acquired by a customer relations management firm, Salesforce, which gives a solid backing to Tableau’s reputation as one of the industry’s leading data visualization firms. This emerging technology firm has helped with customer digital transformations for many large corporations, such as Amazon, Walmart, and Lenovo, who have discovered the benefits of visualizing their data with Tableau.Explore
Companies around the world rely on business intelligence (BI) to operate efficiently and profitably. However, many people don’t understand BI or why it’s critical to success. If you’re confused about BI or business intelligence consulting services, here’s a simple guide to help it all make sense.Explore
Connect with usx