Four Types of Analytics
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Transcript of Four Types of Analytics
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The Five Types Of Analytics
Michael Corcoran
Sr Vice President &CMO
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Session Agenda
� Why business analytics?
� Review the different types of analytics & common
misconceptions
� Review the delivery methods for the operational users
� Propose holistic approach to expand enterprise
analytics
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analytics
� Value of integration and data quality to analytics
� Discussion
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Analytic QuizWhat do beer and business analytics have in common?
� In 1900 W.S. Gossett, an analyst at
Guinness invented a distribution to
analyze production processes and
employment problems.
� Guinness decided to keep it a trade
secret.
� He published it under the pseudonym
Student. Hence the name of this
popular analytic method became
Student’s t-test.
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Analytic QuizWho made a killing by applying it on a massive scale?
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Four Types of Analytics
Information, Analysis And Decisions:
The Basics
Diagnostic
AnalyticsPredictive
AnalyticsAnalysis
What is Likely
To Happen?
Why Did it
Happen?
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Prescriptive
Analytics
Descriptive
Analytics
Analytic Excellence Leads to Better Decisions
Information
To Happen?
What Should I
Do About It?What is
Happening?
Happen?
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Information Builders’ ViewThe Five Types of Analytics
PredictivePredictive
PrescriptivePrescriptive
DiscoveryDiscovery
Sk
ills
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kil
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DescriptiveDescriptive
DiagnosticDiagnostic
ValueValue
Sk
ills
Le
ve
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kil
ls L
ev
els
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100%100% 13%13%
The Five Types of AnalyticsIt is not about more data! It is about deeper look!
Core AnalyticsCore Analytics Advanced AnalyticsAdvanced Analytics
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The Five Types of AnalyticsDescriptive: What Happened?
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The Five Types of AnalyticsDescriptive: What Happened?
� Too many reports in the
enterprise
� Too many ad hoc requests
to analysts and IT
� Why?
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� Why?
� Once you see, you crave
understanding
� What? leads to Why?
� Static reports are the
primary cause for this.
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Descriptive Needs To Merge With DiagnosticInformation on Demand with Greater Interacttivity
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The Five Types of AnalyticsDiagnostic: Why did it happen?
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The Five Types of AnalyticsDiagnostic: Why did it happen?
Getting to the root cause with OLAP
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The Five Types of AnalyticsDiagnostic: Why did it happen?
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Diagnostic AnalyticsNeeds To Be Extended To Operational Employees
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The Five Types of AnalyticsDiscovery: Learning from the data
Many business analysts feel this way when learning from the data!
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WHY?
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The Five Types of AnalyticsDiscovery: Learning from the data
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Very often analysts have the wrong approach and tool!
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Food Stamp Fraud Detection
State of Louisiana
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Insurance Claims AnalysisInteractive Data Visual Analysis
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The Five Types of AnalyticsPredictive: What is likely to happen?
“Lies, damned lies,
and statistics.”
Mark Twain
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Mark Twain
Organizations are skeptical and suspicious of the statistician!
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The Five Types of AnalyticsPredictive: What is likely to happen?
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� Bad statistics can cause the data look good!
� 50% of scientific articles use wrong methods!
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The Five Types of AnalyticsPredictive: What is likely to happen?
No gut feelings anymore Admirable accuracy Analyst hedging
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Researchers cannot often explain their the probability of
things happening and resort to explanations that do not
make sense.
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Discovery & Predictive Analytics SimplifiedThey have different objectives, but the concepts are the same
� Detect trends
� Detect clusters
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� Detect clusters
� Detect exceptions
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The Five Types of AnalyticsPrescriptive: What is the best course of action?
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With too many choices, which one is the best?
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The Five Types of AnalyticsPrescriptive: What is the best course of action?
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Can we simulate various outcomes to choose the best?
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The Five Types of AnalyticsDelivering Analytics to Operational Users
1. There are five discrete types of analytics
2. Each type has various analytic methods
3. Analysts buy tools
4. Advance analysts buy more specialized tools
5. Tools perform each types of analytics in a separate discrete step
6. But many decisions require a combination of different types and methods
7. Hence, the need of operational analytic applications
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This pricing app
includes:
� Descriptive
� Diagnostic
� Predictive
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Building Enterprise Analytics StrategyHolistic Approach: Match Data Types, Tools, Skills, & Delivery
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Data DiscoveryCombining Machine Learning with Visualization
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Data DiscoveryCombining Machine Learning with Visualization
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Data DiscoveryCombining Machine Learning with Visualization
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Data DiscoveryCombining Machine Learning with Visualization
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The Role of Integration & Integrity in AnalyticsCost, Insights, Accuracy
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Data Source Integration and Quality Automation
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Thank you
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