Wizly Insights

The Future of Everything: Analytics in Decision-making

 Decision-makers (managers, business analysts, and others) use certain analytics over and over to derive information and insights from data to provide four different perspectives:

  • Examining historical trends over a period of time of some measurement (Sales, Events, Customers, etc.),
  • Accessing events triggered by some problem (incidents of failure, waste, process errors, etc.)
  • Predicting what will happen in the future (forecasting), and
  • Implying some course of action based on relationships (causality, correlation, explicit relationships, etc.).

Within these perspectives, the decision-maker outlines steps to:

  1. Compare, Rank or both
  2. Quantitative, Semantic or both
  3. Statistical, Machine Learning or both
  4. Path Analysis
  5. Consolidation, Clustering or both
  6. Process, Data mining or both

A key business concept is speed-to-market in the delivery of products and services. Speed-in-decision-making provides a competitive advantage. The following available analytics allow you to examine various perspectives quickly and to distribute results to other stakeholders involved in the decision-making process.

Focusing on a step-by-step approach with Wizly by:

  • Defining the decision-making process outlining expected outcomes
  • Assessing and selecting what are the analytics that can be used to achieve expected outcomes
  • Building an analytic workflow and reporting (RACI) responsibilities
  • Gather relevant information to perform the selected analytics
  • Use one or more of the above analytics to gain insight
  • Drawing insights and conclusions from the results
  • Making a decision
  • Collect metrics to determine effectiveness of decision

With Wizly’s integrated suite and flexible analytics, workflow, comparison, reporting features enable decision-makers to evaluate results that achieve competitive advantage.