15 September 2023
Exciting news! Vizlib joins the insightsoftware family. Learn More >
Descriptive, diagnostic, predictive, and prescriptive analytics should all form part of your company’s BI strategy.
In this blog, we’ll explore these key terms, explore how business analytics can elevate your organisation’s outcomes, and introduce you to Vizlib– your partner in unleashing the power of your Qlik Sense!
Read on to explore Descriptive, Diagnostic, Predictive, and Pespcriptive diagnostics with Qlik + Vizlib
Unlocking your potential with with Business Analytics
At its core, business analytics is the practice of using data analysis to drive informed business decisions. It involves dissecting past and present data to discern patterns, trends, and insights.
You can learn more about how business analytics drive success in our blog, Why do you need business analytics in 2023?
Vizlib for best-in-class analytics
Among the leaders in data visualization and visual analytics, Vizlib stands out as the most powerful, trusted choice for enhancing your Qlik Sense.
With a comprehensive suite of user-friendly and customisable extensions that seamlessly integrate with Qlik, powerful data analytics and functional, attractive visualizations have never been more accessible.
Our commitment to continuous innovation ensures access to cutting-edge features and updates. Look how many exciting updates we’ve made this year alone!
With an intuitive drag-and-drop interface, these powerful business analytics are more available than ever to users across your entire organisation.
Lets explore some business analytics examples!
Descriptive Analytics
Descriptive analytics is the preliminary phase of data analysis. It focuses on summarising and interpreting historical data to uncover insights. This is a particularly easily digestible form of data analytics, especially when data visualizations are used.
For example, descriptive analytics could be used to track stock inventory levels, examine year-on-year changes in sales performance, identify top-selling products, and more.
Descriptive analytics don’t delve into causality or predictive elements, but they do lay the groundwork for subsequent analytical stages.
Descriptive analytics are a fundamental part of business analytics
Diagnostic Analytics
Diagnostic analytics delves deeper than descriptive analysis by not only revealing historical trends, but also examining the underlying causes and reasons behind those trends.
This more advanced analytical approach enables organisations to understand why certain events occurred and helps uncover the factors that contribute to specific outcomes.
Let’s take eCommerce as an example. By analysing past sales data, organisations can identify unusual events like sudden spikes in purchases or unusually high returns for a specific product, and find the underlying reason. It could show which types of promotion significantly boost sales, and explore why. Recognizing patterns, it could aid inventory planning by revealing seasonal buying trends.
Check out this blog for an example of how Vizlib’s Heatmap could be used to drill down into the impact of introducing a vaccine against measles. This shows how diagnostic analytics focus on the why.
Predictive Analytics
Predictive analytics leverages historical data and statistical algorithms to forecast future events or trends.
For example:
- Financial services uses predictive analytics to forecast the price movements of securities or predict the chances that someone defaults on a loan
- The public sector uses predictive analytics to track future population growth and service demands
- The manufacturing industry uses predictive analytics to manage resources and prevent backlog
- … and so much more! Any organisation and industry can benefit from a future-focussed approach to business analytics and planning.
Vizlib is the ideal platform for leveraging predictive analytics. Check out Vizlib Line Chart. Vizlib Line Chart uses the Auto-Regressive Integrated Moving Average (ARIMA) model to support predictive forecasting scenarios. It’s that perfect combination– super-powerful functionality, with such an intuitive interface that anyone can use it.
Predictive analytics with Vizlib Library
Prescriptive Analytics
Historically, prescriptive analysis required major infrastructure investments and hard-to-find data science expertise to develop proprietary algorithms. Today, Cloud data warehouses can cost-effectively deliver the storage, power, and speed you need. And modern AutoML tools (automated Machine Learning) make it easy for you to build, train, and deploy custom Machine Learning models.
–Qlik
Prescriptive analytics is a powerful branch of data analytics that utilises advanced algorithms and historical data to provide actionable recommendations for decision-making.
It goes beyond descriptive and predictive analytics by not only identifying future outcomes, but also suggesting the best data-driven course of action to achieve your desired objectives.
This allows organisations to uncover the most suitable solutions and actions, either through eliminating risk or taking advantage of opportunities.
You can read more about how Vizlib supports advanced analytics and prescriptive analytics in our blog, A Quick Introduction to Vizlib’s Advanced Analytics Capabilities for Qlik Sense.
Get started with Vizlib
Are you ready to deploy the very best descriptive, diagnostic, predictive and prescriptive analytics across your organisation?
Getting started with Qlik Sense + Vizlib is simple. Once you have a Qlik account set up, Vizlib is just three steps away:
- Create a free Vizlib account for up to 5 users
- Enable Vizlib products in your Qlik Sense environment
- Deploy visually powerful interactive dashboards
Want to see more of Qlik + Vizlib in action? View and download examples on our Demo Apps page. You can also book a demo here.
Go beyond native Qlik Sense to supercharge your analytics
Sign up freeRelated Posts
19 September 2022
How businesses can gain control through the active use of data
2 February 2022
Qlik + Vizlib: Advanced data analytics in the Cloud
You’ve come to the right place!
Vizlib’s feature-rich data visualisation products will help you get started on your data storytelling journey.
Easy-to-use (including drag and drop functionality)
No coding skills needed
Highly customisable to suit your design needs
Templates to fast-track your dashboard creation
Got a technical question? Our Help Centre has heaps of helpful guides, articles, FAQs and more. Access Help Centre
