The IT and Non IT market is witnessing an unprecedented shift in business intelligence (BI), largely because of technological innovation and increasing business needs. The latest shift in the Business Intelligence market is the move from traditional analytics to predictive analytics and reporting. Analytical tools enable greater transparency, and can find and analyze past and present trends, as well as the hidden nature of data. However, past and present insight and trend information are not enough to be competitive in business.
At different situations and times business problems occur or you're trying to solve, maybe you need to look at areas in your business that need improvement. Even an analytics - driven strategy - targeted at the right area - can provide useful results with basic, advanced or predictive analytics. When it comes to such analytics, we have a range of possible kinds, listed below for your glance.
Consumer-facing companies must be able to gather and manage the right data, apply analytics that generate insights, and translate those insights into effective frontline action.
Retailers and consumer-packaged-goods (CPG) companies have long had access to vast amounts of transaction data: every day, companies capture information about every SKU sold to every customer at every store. In addition, companies regularly use sophisticated market-research techniques to answer a variety of questions: what products should we develop and sell? How much is the customer willing to pay? Which products should we discount and when? Which marketing vehicles will allow us to reach the most customers?
To meet this demand, ThoughtMaQers Advanced and Predictive analytics will help to forecast future trends in organizational, consumer behavior, performance trends, and unexpected threats beyond the outlook of the customers. Modern analytics help gain insight for what was right and what went wrong in decision-making. However, one cannot change the past, but one can prepare better for the future and decision makers want to see the predictable future, control it, and take actions today to attain tomorrow’s goals.
Over the past 10 years, advanced analytics grew exponentially to become one of the hottest requirements in today’s business technology for most of all organizations and clients.