Analytic Maturity is a commonly used model that helps to describe how advanced a business, group, or individuals data analytics are. Progressing from easy to implement, to more difficult types of analysis, with the intent of more complex analytics providing more value.
Your analytic maturity is directly tied to the questions you’re trying to answer, If you’re starting out or just beginning to develop your analytics, you’ll be answering easier questions like “what happened yesterday?”. Whereas if you’re deeper into your maturity journey, you might be looking to answer, “what will happen tomorrow?” instead.
These different types of questions can be labeled with the types of analytics
Descriptive - What happened?
This is the beginning of your journey! This is largely centered around laying the framework and developing a single source of truth.
Diagnostic - Why did it happen?
Diagnostic analytics is very similar to descriptive analytics, this is taking your data exploration a step further and trying to understand why specific things happened.
Predictive - What is likely to happen?
Predictive analytics look at “what will happen?”, using analytics tools to build a better understanding of future scenarios and implications for your business.
Prescriptive - How can we make something happen?
Once you reach the deeper levels of analytical maturity you have a good understanding of what and why, the next question is “What should we do about it?” This level of analytics is usually connected with improving the accuracy of your predictions and continually processing and automating new data.
Cognitive - What don't I know?
Cognitive analytics is the highest level of automation, answering the question “What insights don’t I know about yet?”
Why Mature Your Analytics?
Investing in your analytics is a powerful way for you to ensure your business is prepared for any scenario, understanding exactly where you excel and where needs improving gives you deeper insight and allows you to make informed decisions, in turn growing business.
How Can You Understand Your Maturity?
Understanding your analytical maturity can be tough, but DataBrains are here to help!
We will review your analytics to determine your current position, from there discuss the relevant steps to advance your maturity. Once there we will put all the steps in place to level up your analytics, helping you answer more in-depth questions and take your analytics to the next level!
Contact us today to discuss your options and how we can help advance your analytics!
