You likely saw this chart summarizing three different types of analytics before: descriptive, predictive, and prescriptive. Let me walk you through different types of analytics by using a simple marketing example.
Analytics Translators work with business leaders to find and prioritize projects where analytics can help choose the right course of action. They translate the problems into analytical questions to be answered, while taking into account data quality and resource availability. In other words, they help turn a business decision into a question that can be answered by the data.
If you are an analyst in a medium to large size company, you probably encountered this phenomena. Most new programs as tests you assess are not worth doing, and most existing programs have a low ROI. The implication is that you get to deliver bad news to business stakeholders. A lot!
It’s much more efficient to retain existing customers than to gain new ones. Learn from my experience in telecom services on how to use analytics to reduce attrition