Competitive Advantage in Retail Through Analytics: Developing Insights, Creating Value
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Without utilizing the powers of analytics, the ROIon the large amounts of data collected will always be suboptimal. Analytics goes beyond the preformatted logic in BI tools by analyzing the problem in a given context and then using as large an element of domain knowledge as the statistical techniques.
Analytic techniques, such as design of experiments, cross tabulations, statistical analysis and data mining, help in uncovering patterns and trends within large databases. When used for creating forward-looking suggestions, they provide the edge to decision-making.
While descriptive analyses help to identify issues and examine causes, predictive analytics enhances the accuracy and effectiveness of decisions that directly impact your bottom line.