INFORMS (The Institute for Operations Research and the Management Sciences) https://www.informs.org/ defines analytics as the scientific process of transforming data into insights for the purpose of making better decisions. TekMetrix AnalyticA always uses an action driven approach to decision making. And in business there is aways a decision to be made when we are discovering and analyzing data with TekMetrix AnalyticA methods, frameworks and tools. Some data scientists enjoy analyzing data for it's own sake however it is imperative to ensure that the analysis is driving business actions. Ultimately, TekMetrix wants analytics to empower an organizations vision.
Insite to Impact: Analytical Business Process Framework
In developing the Analytical Business Processes Framework we identify and develop data models needed from questions similar to those below:
- What kind of data is collected by the organization?
- What are the business questions that can be addressed with this data?
- What are the analytical techniques that can be used to address the data questions?
- What business questions do we need to be able to answer?
- What additional data should be gathered?
- What can be learned from case histories
- What can we learn from other sources?
TekMetrix Business Analytic Tool Use Cases
We classify our approach to enterprise strategy and analytics using the following guidlines:
Descriptive Analytics
- Clarify what data can and cannot describe
- How data is used for problem exploration
- How to use data to create new products, marketing campaigns and financial planning and analysis
- How to use descriptive analytics to solve operations problems in the supply chain, supply chain finance, manufacturing
- Sourcing and modeling data from SAP transaction and master data
Predictive Analytics
- ML, AI regression and probability models for prediction
- Clarify which frameworks are useful for a given problem scenario
- How can a product or service company learn from past patterns of their business cycle to make predictions for future requirements
Prescriptive Analytics
- Recommendations for actions to take to achieve business goals
- Optimizations, simulations and decision trees that can be used to solve complex business problems with a high degrees of uncertainty
