Business analytics is generally divided into four functional stages:
Life is full of trade-offs. Do you lower prices to gain market share, or raise prices to boost margins? Do you speed up delivery to make customers happy, or slow it down to save on shipping costs?
Predicting customer churn, credit scoring, and demand forecasting. Prescriptive Analytics: "What Should We Do About It?"
Once a business knows what happened, the next logical question is: "Why did it happen?" Diagnostic analytics takes the insights from descriptive analytics and digs deeper to find the root cause of a problem.
Business analytics is generally divided into four functional stages:
Life is full of trade-offs. Do you lower prices to gain market share, or raise prices to boost margins? Do you speed up delivery to make customers happy, or slow it down to save on shipping costs?
Predicting customer churn, credit scoring, and demand forecasting. Prescriptive Analytics: "What Should We Do About It?"
Once a business knows what happened, the next logical question is: "Why did it happen?" Diagnostic analytics takes the insights from descriptive analytics and digs deeper to find the root cause of a problem.
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