Digital Transformation

CHAPTER 14Analytics

This chapter provides an overview of analytics, the various categories such as descriptive and predictive capabilities, and the components that can be leveraged. It also discusses the methodology and various tools and techniques that can be used along with the use cases and opportunities across industries to provide meaningful insights and make the enterprise intelligent.

Analytics Overview

Analytics is the use of statistical models and tools to generate value from the connected ecosystem of data and technology and process the data to produce insights that help solve real business problems and can be applied towards effective decision making. Analytics includes information management, performance management, statistical and quantitative analysis, operations research, predictive modeling, and data management to drive decisions and actions.

Enterprises apply the power of analytics to the combination of internal business data and connected environmental data to interpret, predict, communicate, and improve business performance.

Data Factory

Data factory is a three‐step process for how the data is processed, utilized, and consumed by the enterprise as listed below:

Information

The enterprise is overwhelmed with data coming from all the connected devices and assets. The data elements need to be identified and prioritized based on the enterprise requirements and then extracted, integrated, processed, and managed, which takes the form of information. Data ...