What is Diagnostic Analytics?
Discovery At it's Finest
When it comes to sales and analytics there are typically four types of analytic models that come to mind:
We talked about what predictive analytics in our blog here and now want to turn our focus on Diagnostic.
Diagnostic analytics is all about correlations, data mining, and discovery.
Diagnostic analytics goes hand in hand with predictive analytics because it’s all about the why in regards to previous performances. Diagnostic analytics helps sales managers understand pipeline problems and shows how teams a performing. It is important to look at diagnostic analytics so you can determine why something is happening the way it is, adjust, and move forward.
Diagnostic and descriptive analytics both work together with prescriptive and predictive analytics as the foundation for determining how to move forward.
How does diagnostic analytics work?
With diagnostic analytics, you look at your past performances to determine why there are problem spots in your pipeline. Once you determine the reason for these difficulties you are able to address your team on what needs to be done to resolve the problems. The results of your analysis is typically an analytic dashboard. For example, if you have an email campaign and you use data mining or descriptive analytics, you can determine the engagement in the emails. Email engagement, such as clicking on embedded links, when viewed in a dashboard allows you to use diagnostic analytics to look at the previous campaign and decide what was successful and what wasn’t.
This is just one example of how you can use diagnostic analytics to dive deep into your sales and marketing processes. What else? How does your team use diagnostic processed to enhance your revenue analytics best practices?
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