Why Analytics?
Business analytics uses a company’s data, which is processed and analyzed to tease out the important and useful information and knowledge that can be used to make informed business decisions.
Business analytics can be implemented in any department from supply chain to operations to finance HR to sales and customer service.
There are different levels of analytics…descriptive and discovery, predictive and prescriptive.
Descriptive analytics looks at past data to identify what happened and why.
Discovery analytics looks at past data with the intent of finding previously hidden correlations and interactions that may be of value.
Predictive analytics identifies
what might happen based on past performance.
Prescriptive analytics identifies what a business should do.
Hutchinson Analytics focuses on descriptive and discovery analytics leading to predictive
and hopefully prescriptive aspects.