Business Analytics Consulting

Like descriptive analytics, this also focuses on the past and ascertains why something has happened. It is also known as root cause analysis because it looks deeper to understand the events’ root cause.

It allows us to isolate the patterns to identify these patterns’ source and the factors that affect the business. The diagnostic analytics helps to understand, for instance, why there has been a sudden surge or decrease in sales.

Uses the gathered data and descriptive and diagnostic analytics results to tell what is likely to happen in the future on a granular level. This is where the earlier steps’ insights can be used into actionable insights for decision-making. Its use involves forecasting the future, predicting the market trends, changing customer behaviors, and analyzing competitors to optimize and build strategies to maximize the business results.

Building on predictive analytics, prescriptive analysis is the next step that helps in exploiting the future. It essentially tells the business what should be done. Using simulation and optimization, it advises on the possible outcomes and suggests actions that can maximize the key business metrics. The focus here is on how to make it happen.

This is the most advanced type of business analytics that applies human intelligence to certain tasks by combining many technologies such as artificial intelligence, semantics, machine, and deep learning algorithms.

The goal is to understand and mimic how a human brain makes a decision and comes with a system or computer that does the same. Some of the tasks that can be performed using cognitive analytics are chatbots, virtual assistants,  recognizing objects in an image, and segmentation of those images.