Putting your data to work for you begins with understanding the types of analytics and their value within your enterprise.
- Answers the question “What has happened until now?”
- Looks backward to gather data for queries, reports, and forensics.
- Commercial-off-the-shelf (COTS) products are often sufficient for descriptive business intelligence needs.
- Answers the question “What trends do we see in the data if our planning remains the same?”
- Extrapolates from the data and performs statistical modeling.
- COTS products can handle to a point, but skilled labor is typically needed for more effective predictive analysis.
- Answers “what-if” questions such as “Given the complex data we’ve accumulated and analyzed, what happens if we want or need to change the plan?” and “Given the normal evolution of conditions and circumstances, what changes should we be exploring now to maintain steadily improving results?”
- Creates accurate, long-term forecasts for complex enterprise planning.
- Operations Analysts apply deep business expertise and design powerful models.
Complex Enterprises Ultimately Need Prescriptive Analytics
Simply stated, knowledge that does not change behavior is useless. If your enterprise has developed rich data streams capable of yielding deep insight about your operations, that data must cause positive change. If not, why collect it?
By definition, prescriptive analytics changes the way you make decisions and do business, now and for the long-term future.
In Veracity’s prescriptive analytics process,
- your organization’s plans are continuously synchronized with your shifting current state data to optimize future outcomes.
- the analytic models are continuously refined with real-world data collected during operations.
A 2017 global survey conducted by Forbes EY found that “top performers with advanced analytics strategies . . . are considerably more likely to enjoy growth in revenues and operating margins of 15% or more, along with significant improvement in their risk profile.” Forbes EY 2017 Global Survey
To support your advanced analytics strategy, we provide a full spectrum of services:
- Operations Analysis–our domain experts work with yours to understand and accurately define your needs
- Conceptual Model–we thoroughly document how we’ll link resource investment strategies, management decisions, and future outcomes
- Requirements Development–working closely with you, we develop the methods and functionality needed for computational forecasting and decision support tools
- System Design–our top-flight software engineers link the high-level Conceptual Model with detailed development specifications
- Fully Tested Prototype Solution–includes oversight of any third-party software developer you may choose to work with and rigorous quality assurance standards
- Ongoing Relationship–the option to establish a working relationship for ongoing needs