There are 4 functional analytics methods that the International Institute for Analytics tell us are true business imperatives.
1. Dashboards. Clearly dashboards require thoughtful metric selection and a carefully curated design to be engaging, useful and valuable. However, human brains are designed to detect and understand patterns. Data viz is here to stay.
2. Business analytics. IIA includes a broad spectrum of initiatives in this category – data mining, predictive modeling, and any number of specialized inquiries to pose to your data set.
3. Lifetime value. A key tool for evaluating outcomes, particularly when applying integrated channel communications for solicitation campaigns.
4. Rolling financial forecasts. The next generation of annual budgeting calls for iterative models that consider relevant internal and external influencing components.
To learn more and read IIA’s white paper, click here.