Big Data is all the rage, but with Big Data comes big responsibilities! Namely, the need for proper identification, collection, analysis, and interpretation, which can make or break a company. While more and more data is made available, many businesses still struggle to properly analyze and interpret it. As a result, demand for analysts, statisticians, and data scientists has taken off as businesses realize the expertise these professionals can provide is crucial to deciphering the insights that lie in the troves of data they are sitting on.
Descriptive Analytics: A picture is worth a thousand words. Data visualization is the first step in analytics that involves taking data and presenting it in a visual form for quick assessment and analysis. Much like a scoreboard at a sporting event, descriptive analytics provide team members with a general sense of business performance at a glance. Examples include dashboards, scorecards, and reports.
Decision Making: Given the sheer volume and variety of data available, company leaders need to be savvy with the proper use of analytical tools for making sound, data-based decisions. However, as the old adage goes, if garbage is deposited garbage will be received. Knowing how to select and collect the right data is key. Our in-house analysts and statisticians can help ensure confidence in your statistical decision making.
Forecasting: While we have not yet come up with a crystal ball for predicting business results, forecasting based on solid statistical modeling is the next best thing. Based on past performance, we can forecast future performance with quantifiable accuracy and precision. Take the guesswork out of your planning processes and let our analysts provide a peek into the future.
Prescriptive Analytics: If you want to assure the ROI of your next business improvement effort, prescriptive analytics is the tool you need. Our designed experiments will not only provide valuable insights into the cause-and-effect relationships within your business but can also be used for optimization to achieve peak performance. Simulation techniques are then used as a means to test out the proposed improvements, minimizing cost and time to implementation.