" ... Traditional business intelligence (BI) enables companies to understand the "here" and "now," and even some of the "why," of a given business situation. Advanced analytics goes deeper into the "why." Employing a business-focused approach, it comprises techniques that help build models and simulations to create scenarios, understand realities, improve decision making and determine forecasts. These techniques include--but are not limited to--data mining, predictive analytics, applied analytics, data visualization and statistics ..."
Thursday, December 07, 2006
Power of Your Data
Who deals better with data than the casinos? The Las Vegas company Compudigm here a number of times, in the recent copy of Teradata Magazine (Good mag that I have neglected for too long) , an article by Craig Mullins about advanced analytics, especially consumer behavior. Since most casino customers use loyalty cards and most purchases are made at the point of choice, they can be tracked and analyzed in ways just dreamed of by retail. We met with them a few years ago, and they had just started to work with retail data. Good example of visual abstractions overlayed on location data.