Actionable analytics is one of the hottest analytics and business intelligence trends in 2020 and it is bound to continue in 2021 and beyond. Traditionally, business intelligence data and insights were not consumed in the same place. However, in a bid to stay on top of business workflows and processes, businesses are no longer interested in analyzing data in one silo and taking action in another.

Luckily, modern BI tools have evolved to put corporate data where users want to take action. The platforms are merging with critical business processes and workflow through features like embedded analytics, dashboard extensions, and APIs. As a result, it’s now easy to implement actionable analytics to expedite the decision-making process.[1]

Figure 1. Actionable Analytics Everywhere

Actionable Analytics Everywhere is shown in figure 1. Actionable analytics is the process behind moving customer behavior analytics from purely informational to actionable, through phases that strive for proactive foresight, and not just predicting what will happen, but eventually determining what will happen before it even does.[2]

Benefits of actionable analytics:

Many businesses have leveraged actionable analytics to boost their performance and increase their productivity. The quality information provided through analytics fosters better methods for handling specific problems in a company, allowing businesses to grow rapidly.

The benefits of actionable analytics for organizations include:

• Improved customer experience.
• Strategic and informed decision-making.
• Better risk management.[3]

Actionable intelligence is information that can give a company a strategic advantage over its competitors when acted upon.

The term “actionable” indicates that actions can, and should, be made to take advantage of the information.

Some examples of actionable intelligence include the competitor’s price range, target demographics, marketing budget, etc. Organizations can use actionable intelligence to enhance their market position by performing competitor analysis.[4]

One of the most significant advantages of actionable analytics is their ability to identify patterns and trends in data that might not be visible through traditional reporting methods. They can also help businesses optimize their operations by identifying inefficiencies and areas for improvement.

References:

1. https://financesonline.com/business-intelligence-trends/
2. https://www.innertrends.com/blog/actionable-analytics
3. https://www.boldbi.com/blog/actionable-analytics-uncover-useful-insights-for-decision-making#benefits-of-actionable-analytics
4. https://www.orbitanalytics.com/actionable-intelligence/

Cite this article:

Gokula Nandhini K (2023), Actionable Analytics Everywhere, Anatechmaz, pp.36