Analytics – A Hybrid Approach
Technology disruption in computing power and cost of digital data storage over the past few decades opened endless possibilities for leveraging Analytics in driving business decisions. Analytics, at its early stage was mainly used for getting a periodic view about business performance with the most critical data elements. It was used to transform and visualize data in to meaningful business metrics. A number of reporting systems that tracks key metrics such as revenue, sales- by geography, business function etc. were used. It was the era of Information.
What happened next?
Analytics then evolved beyond post-mortem analysis. This era involved identifying the underlying patterns, understanding behavior and predicting outcomes. Companies started using analytics at functional levels for solving specific problems. We also witnessed an increased adoption of analytics across different industries because of measurable returns. This was an era of Insight.