The goal of data analytics is to improve business management by collecting, analyzing and forecasting data.
Data could be an amazing source of information but sometimes it could be difficult to understand the meaning of it. The purpose of data analytics is to give a meaning of these raw data by interpreting them.
At the end, we deliver a clear and understandable report that gives you every key you need to be sustainable.
Business Analytics
Business Analytics steps:
Business analytics is composed of six categories. The first one is to report what happened in the past (historical data...). The second one is the analysis of this historical data. This step is usually performed by doing pivot tables, charts, graphs... The third step is the monitoring of current data. We want to collect current data in order to predict future events. The fourth step is the forecasting. Here, we use all the data in our possession to understand what could happen in the short term and in the long term. The fifth step is close to the fourth one. We want to know what is likely to happen in the future compared to what could happen globally. Finally, the last step is the prescriptive step. This step is used to estimate and implement any action that could positively affect the business situation taking into account the prediction.
Thanks to the business Analytics class and Data Analytics program that we went through at NCSU, all the members of Q.P.M. Data Analytics are able to use tools and techniques in order to help your business address any issues that could be solved by the steps previously describred: The use of Descriptive Statistics, Regression Analysis, Cluster Analysis and even Simulation Modeling.