“Analytics is rapidly emerging as the next management discipline. Rather than relying on intuition when pricing products, maintaining inventory, developing marketing campaigns or hiring talent for example, use predictive analytics from Accenture Analytics to deliver the improved insights and outcomes that drive high performance”.
Descriptive Analytics is also known as Business Intelligence
Predictive Analytics is Business Led and Technology Enabled and helps understand what the data means the “So What”
Informed Decisions mean Better Business Results
“In this elastic world, high performance hinges on the ability to gain insights from data. Informed executives make more insightful decisions that deliver improved business outcomes across the enterprise.
Analytic capabilities underpin the most important imperatives C-suite officers face today:
- Driving growth—from new markets, new customer segments and opportunities, marketing transformation and innovation.
- Enhancing cost and cash advantage—through balance sheet efficiency; enhanced working capital; better capital allocation and return on investment; and resetting structural costs for more flexibility.
- Improving operational excellence—by realigning the operating model; reengineering key processes; focusing on lean processes and operational effectiveness; and sourcing operational excellence.
- Restructuring the business at scale—through M&A, divestitures, consortia, industry restructuring, value chain restructuring and business ecosystems.
- Winning the war for talent—by re-skilling the workforce, sourcing new talent, developing change agents and creating a human capital strategy”.
Accenture is positioned as a Leader in Business Analytics IT Consulting and Systems Integration Services, according to the International Data Corporation (IDC) MarketScape Report.
May IDC MarketScape Report cites strategy, innovation and delivery as key Accenture strengths.
So Predictive Analytics is about having the capability to analyze and mine company data stores in order to predict future trends and forecast probabilities.
The organization will typically take the following approach:
- look in the Rear View Mirror to determine What Happened
- drill into the data to establish Why it Happened
- then apply this insight to predict What Will Happen Next
For me the key differentiator is whether the organization has the ability to outperform their competition by implementing Predictive Analytics to enable the Business to make informed decisions. This is a real world example of how a technology solution is delivering value to the Business.