With the overwhelming availability of information made possible by Big Data, more and more companies spanning all industries are turning to analytics and advanced analytics solutions to extract the right, most insightful information from huge volumes of data to help improve decision making and give themselves a competitive edge.
But such bountiful information has also given way to types of analytics, all of which play an important part in the decision-making process. So here, we’ll breakdown each – descriptive, diagnostic, predictive and prescriptive analytics – so you can adopt a program to collect and leverage the right information to make the right decisions at the right time to make more informed decisions.
These analytics serve to benchmark and measure current information at an aggregate level, so you know exactly what is going on in your company.
Using data aggregation and data mining techniques to reveal what has happened in different areas of your business, descriptive analytics provide a full picture of your organization and can focus your energy on improving performance.
Descriptive analytics answer the question, “What has happened?”
Using drill-down, data discovery, data mining and correlations, diagnostic analytics monitor performance and provide actionable information to craft remediation strategies for under-performing areas of the business.
Diagnostic analytics answer the question, “What is happening?”
These advanced analytics serve to forecast and plan for the future, fill in the information that you currently don’t have, and provide advice on what action to take next.
Using statistical models and forecasting to predict how your business could perform in the future based on past performance, predictive analytics help inform key decisions that propel you forward.
Predictive analytics answer the question, “What could happen?”
Using optimization and simulation algorithms to prescribe a solution for how your business can improve moving forward, prescriptive analytics inform decisions on where to deploy your resources.
Prescriptive analytics answer the question, “What should happen?”
The faster you can see data, the faster you can make an impact and stay competitive in your market. Rooms To Go, the 25th largest importer into the U.S. by volume, receives nearly 70,000 shipments of product a year into six distribution centers. With such a massive operation supporting countless product lines, products and variations, knowing how much of each product to have, where it should go and when it has to arrive is a very complex undertaking – one where mistakes prove costly.
As such, Rooms To Go needed to develop and deploy an analytics solution that allowed buyers to easily see and manipulate data so they could better manage the supply chain. With a sophisticated supply chain model that combined historic data with predictive analytics to show users at a glance when and where inventory was going to exceed capacity or fall short, the company was able to take proactive measures to divert a capacity crisis, ultimately saving them from potential losses.
At CCG, our analytics experts can help your organization implement reliable, secure dashboards and scorecards that deliver real-time key performance indicators and visual analytics on a single, consumable canvas. Our advanced analytics solutions leverage existing business intelligence tools to help you make it easier to plan for the future and optimize for today.
Contact us to schedule your business analytics discovery workshop to experience the CCG difference today.
Written by CCG, an organization in Tampa, Florida, that helps companies become more insights-driven, solve complex challenges and accelerate growth through industry-specific data and analytics solutions.
CCG understood our project needs very well, they are very responsive and we could not ask for anything more. The solution they provided fit perfectly with our expectations and business goals.GOP Data TrustChief Data Officer
I cannot overstate the delight we experienced from the outcome of our project. I would not only recommend CCG to any company, but question why they would engage with anyone but CCG.PgiDirector of Customer Success
Working with CCG is like working with extended team members. Consultants become an integral part of the work bringing expertise for cutting edge design and development.Hillsborough County Public SchoolsChief Information and Technology Officer
CCG's team is positive and eager. They are a great big bunch of wonderful people trying to make a difference.Hillsborough County Public SchoolsDepartment Manager
I knew CCG's technical expertise and dedication to quality results would be invaluable to our project success based on our past partnerships. We could not have implemented in the short timeframe like we did without their assistance. CCG is #1 on my speed dial for successful project implementation.InCommDirector, Financial Information Systems
It was evident from the onset of negotiations through the implementation that CCG took their role in the partnership to heart and we believe it has been instrumental in our success.Interval InternationalDirector of Marketing
CCG works very hard to understand and align with our needs. It truly feels as though we are on the same team!Fortune 500 HomebuilderBI Manager
CCG came to our company in a time of much change. Their team partnered with ours, continually delivering with professionalism and efficiency. We would not be where we are today without the expertise CCG brought to the project.PSCU Financial ServicesSenior Program Manager
CCG has a good industry knowledge, we are very happy that we chose to work with CCG. They have been a great help strategically and are helping us make important decisions.Minneapolis Public SchoolsHuman Capital Coordinator
Other Vendors use the word Partnership, but CCG actually means what they say. I can’t thank them enough for their professionalism and willingness to work with us as a true Partner, not just another vendor.PODSCIO
Our CCG Consultants are total rock stars: very thorough with a solid knowledge of the financial services industry. As a bonus, they are very easy to get along with – a great fit for our team.Raymond James Financial ServicesSenior Manager of Enterprise Data
CCG's team are all amazing. Thank you, CCG, for all that you do to make us great and keep our credit unions moving forward!PSCU Financial ServicesVP Enterprise Analytics & BI
Other Vendors use the word Partnership, but CCG actually means what they say. I can’t thank them enough for their professionalism and willingness to work with us as a true Partner, not just another vendor.PODSChief Information Officer
CCG's Team is very professional and responsive. They are making our job very easy.Rollins, Inc.Senior BI Analyst
CCG did an excellent job! Their team was very flexible. They gave us everything we asked for and then some.Rooms To GoSenior BI Architect
I'm amazed at the talent at CCG, not just the skillset - they're really good people. We've already referred them once and will do so again!Ruth's Chris Hospitality GroupCIO
CCG did a great job! We're extremely impressed with what was built in a short time. CCG has delivered ahead of time and with best practices, it's been a pleasure to work with them.VologyVP of Analytics
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