• Analytics

  What is Analytics?

  Posted by Chris Argent on 6 January 2023 at 5:22 PM

  Analytics is the systematic examination of data or statistics in order to understand and draw conclusions from them. It is a way of using data to gain insights and inform decision-making.

  There are many types of analytics, including:

  1. Descriptive analytics: This type of analytics involves looking at past data to describe what has happened. It can help to identify trends and patterns in the data.

  2. Diagnostic analytics: This type of analytics involves looking at data to understand why something happened. It can be used to identify root causes of problems or issues.

  3. Predictive analytics: This type of analytics involves using data and statistical algorithms to predict what will happen in the future. It can be used to make forecasts or identify potential risks and opportunities.

  4. Prescriptive analytics: This type of analytics involves using data and algorithms to suggest actions that should be taken to achieve a desired outcome. It can help organizations to make more informed decisions.

  Analytics can be used in a variety of industries, including finance, healthcare, marketing, and manufacturing. It can help organizations to make data-driven decisions, improve efficiency, and increase competitiveness.

  Most CFOs focus on Descriptive analytics and Diagnostic analytics but are exploring Predictive analytics. Prescriptive analytics is an edge capability and is rarely used by CFOs unless they are embedded in a finance process using an AI-enabled technology.

  Chris Argent replied 3 years ago 1 Member · 0 Replies
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