The 80/20 Rule of Data Analytics
When people think of analytics, terms like big data, predictive analytics, or prescriptive analytics may come to mind. While it is true that areas like big data have gained widespread popularity, we must not forget the capabilities of simpler analytical techniques. In fact, more basic analytical concepts are what companies actually need to make the majority of their business decisions.
Take a look at the table below:
|Simpler Concepts (70-80%)||More Advanced Concepts (20-30%)|
|Dashboard-based Analytics||Big Data|
|Descriptive Analytics||Advanced Modeling|
|Aggregate Analysis||Predictive Analytics|
|Estimation / Sizing||Prescriptive Analytics|
For many projects, the more advanced concepts are most likely overkill. The more advanced concepts also come with price tags up to 20 times the amount it would take to fund projects using simpler analytics.
We can help you break into analytics and give you a bang for your buck. Why spend tens of thousands of dollars and figure out it was not what you needed? Discuss what's possible with Gary Slaughterbeck, Affordable Analytics owner at (513) 442-9210 / firstname.lastname@example.org