Improving Strategic Foresight with Data Analytics
In today's complex and fast-paced digital marketplace, no organization is looking to stay the same year over year. The use of predictive and prescriptive analytics promises improved strategic foresight. The goal is not to predict the future but enable better decision-making and preparedness so that leaders can grow revenue amid uncertainty. Most of the investments being made by organizations today focus on descriptive analytics that provides an understanding of what happened. While useful, understanding why something happened, what will happen, or what should be done provides greater value (see Figure 1) for organizations.
Figure 1. The value of descriptive, predictive, and prescriptive analytics.