How Big Data Will Drive Collaboration and Empowerment
Organisations need to apply big data analytics to make sense of their organisation. The impact of big data analytics on your organisation depends on the type of business analytics used. There are four types of analytics, ranging from descriptive and diagnostic analytics to the more advanced predictive and prescriptive analytics. These are different stages of understanding your business. The more advanced analytics applied, the more complex it will be to develop. It will also result in more value being created for your organisation.
Organisations applying business analytics can better understand their environment and detect upcoming changes. It will improve the ability to make the right decisions at the right moment and as such seize the right opportunities to create competitive advantage. Structured data sources are key to achieve insights into what has happened. It is commonly referred to as business intelligence.
Descriptive and Diagnostic Analytics
Business intelligence is like looking into the rear-view mirror of your car. Using multiple structured data sources and statistical methods you can obtain insights about what has happened. Descriptive analytics is also known as business intelligence and it only offers insights into the past. It does not offer recommendations on how…
