An analytic enterprise uses analytics to solve its most critical run-the-business problems. It takes advantage of new tools and new data sources while ensuring analytic results are used in the real-world. An analytic enterprise uses analytics to solve its most critical run-the-business problems. It takes advantage of new tools and new data sources while ensuring analytic results are used in the real-world. This is the second of three blog posts about how to become an analytic enterprise:
- Focus on business decision-making
- Move beyond reporting to predict, prescribe, and decide(this post).
- Use analytics to learn, adapt, and improve.
Historically, most enterprises have focused on analytics for reporting and monitoring. Success as an analytic enterprise means using analytics to enable better, more data-driven decisions. This means shifting to predictive analytics that identify what is likely to happen in the future and prescriptive analytics that suggest the most appropriate decision or action. Predictive analytics give analytic enterprises a view ahead, so they can decide in a way that takes advantage of a fleeting opportunity or mitigates a potential risk.
Many of the decisions best suited to analytic improvement are operational decisions that are increasingly automated and embedded in IT infrastructure. If these decisions are to be improved, multiple predictive and prescriptive analytics must often be combined in a real-time system.
An analytic enterprise needs an analytic platform and data infrastructure that supports both predictive analytics and automation. It uses its analytic platform to embed predictive and prescriptive analytics in highly automated, real-time decisions.
Check out this video on how analytic enterprises predict, prescribe and decide and download the new white paper Building an Analytic Enterprise (sponsored the Teradata Analytics Platform).