visualization vs. analytics - jpk group · 11/28/2019 · visualization tools like domo, power bi,...
TRANSCRIPT
Finance Analytics Institute Page | 1
NOVEMBER 2019
Finance Analytics Institute
Authors: Robert J Zwerling, P.E. & Jesper H Sorensen
www.fainstitute.com
Visualization
vs. Analytics
what each tool is, how they are
different & where they apply
Finance Analytics Institute Page | 2
Overview
The difference between what we do and what we are capable of doing would suffice to
solve most of the world's problems – Mahatma Gandhi1
Data visualization and analytics tools are often confused by Finance, IT, and the business
in that each sees these providing analytics. However, this is not the case. Data
visualization does, well, visualization of data, and analytics does analytics calculations
on data. The former displays the past and the latter predicts the future.
The difference between these tools is analogous to Microsoft Word vs. Excel. Word is for word-
processing and Excel for calculations, yet how often do we do word processing in Excel . . . too often!
This confusion runs with visualization and analytics tools, and it doesn’t help when visualization
vendors extend their claims either.
Data visualization is about charting and dash-
boarding, a most valuable capability to bring
information to what has happened; i.e. hindsight
information. Analytics uses mathematics, statistics
and Artificial Intelligence (AI) to reveal unbiased
insight about the current environment and
predictions about what has a probability to happen.
As such, visualization looks at the past, and analytics
yields insights of the current and foresight about the
future. These tools are valuable individually and
symbiotically together. It’s not one or the other, or
one before the other. Each has a value to bring in
the business landscape.
This research paper defines the next generation Finance technology toolbox and how it is applied. It
provides guidance on the fit of Data Visualization and Analytics tools in the stair-steps of the Evolution
of Business Partnering, moving from a Finance Business Partner to an Analytics Business Partner.
We’ll clarify the differences between arithmetic vs. mathematics, dashboards vs. predictions, and
charting vs. AI. The value of having both tool sets is to answer the five key questions to making data
driven decisions for business growth and optimization of: What Happened, Where did it Happen, Why
did it Happen, What Will Happen, and How To make it Happen?
By knowing the difference
between data visualization
and analytics tools, we’ll
better be able to solve issues
and achieve accelerated
growth through insights and
foresight
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Background
The role of Finance has evolved over the past 30 years with labels, such as, the Modern CFO, Next Generation
Finance, and Agile Finance. With new titles come new requirements for Finance in the 2020s and beyond.
Finance need adopt new people skillsets and software tools to master the new requirements.
In the 21st Century, Finance wants to be a partner who adds value to the business, and not just a scorekeeper
reporting center. But how much value does Finance really add today?
Most Finance organizations still operate as a supporting partner, using a strong financial backbone combined
with business acumen and collaboration. Fundamental, but does this earn Finance a seat-at-the-table? Not
really, as Finance uses little more than financial data, and fewer use advanced analytics to generate insight and
foresight to impact the strategic direction.
This must change, with the introduction of the 3rd Generation Partner . . . the Analytics Business Partner (ABP).
This concept is depicted in the Evolution of Business Partnering1 chart below, which defines the journey to the
ABP through the incorporation of new technologies and broader skillsets.
The Mindset is the role toward decision making. To support decisions Excel was the tool of the 90s, then BI in
the late 90s to early 2000s to collaborate, followed by Visualization tools to challenge people’s “feelings”
towards decisions. Today, we have the rise of modern enterprise analytics tools applying advanced mathematics
and AI for true quantitative unbiased insights that influence and impact strategic decisions.
Of the five key questions to making data driven decisions for business growth and optimization of What
Happened, Where it Happened, Why it Happened, What Will Happen, and How To Make It Happen, data
visualization answers the first three and analytics the last three. Both tools overlap the Why it Happened.
Excel BI Visualization AI & Analytics
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Most Finance (and Operations) groups have not yet crawled from the primordial cloud of the 1st Generation
Partner. Our research2 shows about two thirds of Finance is largely consumed in Excel and BI, with about 22%
involved with visualization tools and moving to the 2nd Generation Partner. Less than 4% are using analytics,
though over 60% are considering or planning analytics projects over the next few years.
Further, look at the image to the right that asks
the approach to “analytics”. Spreadsheets and
dashboards are included, and as we shall see
later, these tools are a misnomer to the
definition of analytics.
The confusion throughout business of the term
“analytics” incorrectly frames where companies
are in their analytics journey and leads to
misdirection of where they need to go.
Case and point to this misdirection is found by
the Finance Analytics Institute Benchmark
Survey3 that assesses the Finance toolbox, the
Analytics Intelligence provided by Finance, and
its Partnering capabilities. Of interest, is that
many surveyed say they are already doing
analytics yet have nothing more in their toolbox
than Excel. What is merely variance analysis or
data visualization is often confused as being
analytics.
With this background, the pages that follow will assess and clarify the difference in tools and applications
between data visualization and analytics.
Finance Analytics Institute Page | 5
The Workings of Visualization Tools
Visualization tools like Domo, Power BI, Qlik, and Tableau to name a very few, are extensions of Business
Intelligence (BI) reporting. These tools use historical data to visualize trends in a multi-dimensional manner.
Dashboards are of prime value to combine visual charts with tabular data of KPIs and key values for comparisons.
The image to the right is of Microsoft Power BI1, where data
and images of trends can work together to offer a view to
the past and present. Like a car’s dashboard, the numerical
readings at the top tell key performance data needed to be
known; e.g. if we’re running low on gas. A properly
designed dashboard will have the charts coordinated with
the top data so that information can be gained of how the
key performance data came to be.
But dashboards are not predictive, and views of past data can lead to false negatives or positives of the future.
Look at the image on the left below from the visualization tool Datahero2. The historical trend is essentially up.
So, what’s the next bar to follow? Up? Down? What decision would you make if you predicted up? What would
happen if you guessed wrong? As seen on the chart to the right below, the next bar was substantially down.
Interestingly, as we shall learn in the next chapter, an analytics tool would have predicted this downturn through
the Statistical Process Control Index formula.
Note, that dashboards can and often do contain forecasts, but these are most often data loaded from other
sources and not analytically calculated; e.g. the sales forecast downloaded from the Salesforce.com system is
the salesman’s biased view of what will close and when. Like the prediction of the next bar on the trend chart
above, an unbiased statistical formula will often result in a better forecast compared to a biased forecast. With
no quota to meet or boss to please, mathematics calmly yields its quantitative analysis.
The good news about dashboards is the ability to bring numerous fields of data together
across several dimensions to gain an understanding about an area of performance.
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The image below is a Sales & Marketing dashboard from Grow3. It graphically depicts many fields of data in
different forms; e.g. the large bar graph in the upper left corner is Revenue by Product, and the geographic chart
in the middle shows a “heat” map of US Site Visits. Gauges, charts, and tables disbursed through the screen add
data points about sales and marketing activities to date.
A highlight from this dashboard is that while revenue has
rapidly accelerated (Revenue by Product) the upper bar
chart Lead & Funnel Activity (with the purple bars) is rapidly
declining. Therefore, revenue growth can’t be sustained if
leads are falling.
This is the highest use of dashboards; i.e. to gain from
history what cannot be seen with Excel and BI reports. But
putting dashboards together takes technical and business
knowledge.
Too often dashboards are the purview of IT or consultants to design and program, where their focus is on “pretty”
rather than for “effective” decision making. The image below is a dashboard from Domo4 regarding Supply Chain.
It has many metrics but . . . What decisions can be made? Is inventory optimized? Are the channels aligned?
Are there any breakdowns in the supply chain? From this dashboard we simply cannot answer these questions.
So, while the dashboard is pretty it is not materially effective to support performance optimization and growth.
Visualization vendors try to make
their products more productive
to use. However, a large usability
gap exists for the business user.
For example, The Finance
Analytics Institute holds the
Analytics Academy semi-
annually, and over two days
provides attendees the “How To”
implement an analytics culture
for data driven decisions. Two of
the 19 sessions are dedicated to
visualization and storytelling with
visualization using Power BI. But,
as attendees have learned,
visualization even with Power BI
that they thought would be
intuitive, has a large learning
curve.
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Applications of Visualization - Dashboards
As mentioned in the Overview, there are five questions to answer for data driven decisions of: What Happened,
Where it Happened, Why it Happened, What Will Happen, and How To Make It Happen? Visualization tools
can be used to answer the first two questions of What and Where, but only partially the third of Why.
Dashboards have good application in operational analysis (not analytics) and executive presentations. As seen
in the Sales & Marketing dashboard above, there is information that can be gleaned from the collection of charts,
especially, when trends can be visualized. Dashboards also have appeal to executives who have limited time
and attention. By crystallizing KPIs with a distillation of compelling charts, executives can quickly consume the
pulse of the business.
Another high value use of dashboards is in storytelling, as a key component of a good and compelling story is
visualization. The central tenants of a good story are clarity and brevity. The saying “a picture is worth a
thousand words” is so true, and graphics can drive a compelling epiphany to decision makers and reduce a ream
of reports to several figures that make the case.
This is often why visualization is used in conjunction with analytics, as the latter can be complex and hard to
comprehend. The story that can be woven with graphics can be used to demystify the intensity of analytics that
revealed the insights but could not be digested by executives.
Where Visualization Tools Fail
Visualization is not analytics, so for the Why, What Will, and How To, dashboards can fall short or are just not
capable. Note that visualization tools can answer the Why, so long as the Why doesn’t require analytics. As
more companies rely on making decisions with analytics as seen on the figure below from D&B/Forbes5, the
distinction between data visualization and analytics has growing importance. Below are two examples of where
the Why alludes visualization when analytics are needed:
• Marketing Intelligence: An auto manufacturer needed
to learn which incentives were driving retail sales, as
billions of dollars are spent on incentives; e.g. dealer
cash incentive, customer cash, 0% interest rates, etc.
This could not be answered by visualization tools as it
requires multi-dimensional correlative statistics over a
variable time horizon. Dashboards simply cannot
answer Why some incentives work and others not. The
solution was rendered by analytics that identified
which incentives and where dimensionally and when in
time these incentives are and are not effective. For
example, Why, does dealer cash incentives have
limited effectiveness. Analytics revealed that dealers
where pocketing the dealer incentives instead of
passing this along to customers in the first six months
of the year.
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But, in the second half of the year, dealers use this incentive to incent customers to buy current year
model inventory to make room for new year model inventory. These insights enabled the productive
deployment of capital to generate retail sales.
• Sales Management: A Fortune 500 technology company needed to predict which individual sales
prospects would close in a quarter. The current CRM system merely recorded the salesmen’s biased
view as to what deals would book and when. Visualization (like the dashboard above) simply visualized
trends. The answer was the application of predictive analytics with AI that could use a collection of data
to find the patterns that were indicative of when a sale had a characteristic to close and when it did not.
This enabled the better allocation of sales resources to optimize sales bookings.
Companies seeking to incorporate analytics should develop a matrix for defining their requirements for analytics,
which will expose the more appropriate tools. For example, below is a matrix that PTC, Inc. (NASDAQ:PTC) a
$1.1 billion global software company used to specify the analytics capabilities desired to advance the
exploitation of their data. They already had visualization vendor Qlik in their Finance group and evaluated two
other data visualization vendors. None of the vendors could deliver the end-user driven, dynamic, and predictive
analytics capabilities they sought.
Even for Power BI,
predictive analytics and AI
was rated minimum to
none, and the ability to build
models and predictive
models is significantly high
(Note, Microsoft claims ML
capabilities but refers to
Azure Machine Learning
Services6 that is in the Azure
cloud platform). Power BI
does have DAX (Data
Analysis Expressions) that is
useful for computations but
it’s a programming language
you’ll need to learn.
As such, data visualization has its value when it’s used like a dashboard in a car; i.e. to tell key operational metrics
that need to be monitored. Value is also obtained from combining and visualizing trends and associated data
to give light on the mechanics behind the key operational data. However, when analytics is needed then
analytics tools should be applied, as use of data visualization for analytics would both fall short of the needs as
well as can mislead decisions.
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The Workings of Analytics Tools
Analytics tools from Aurora Predictions, Alteryx, BigML, and Datameer to name a very few are a new class of
enterprise tools that apply mathematics and statistics on historical multi-dimensional and multi-source data to
make forecasts and predictions. These tools are also AI enabled to better drive strategy and decisions.
AI, as contained in most analytics tools, is in the form of
Machine Learning (ML) that has many powerful uses. The
figure to the right from BigML1, shows an application of the
ML algorithm of Decision Tree, which is used to target
individuals of interest with income over $50K.
Other examples of Decision Tree use include finding the
customers who will proceed to checkout, what are the likely
modes of failure in the supply chain, which drugs are most
likely to proceed to the next phase of trials, etc. However,
as seen on the figure, ML is not intuitive, in fact, it’s
technical, statistical, and requires data science expertise.
The table below from the Finance Analytics Institute2 highlights the complexity of ML through the progression
of its areas of ML Process, ML Division, ML Learning, and ML Algorithm. Each area sequentially combines to
deliver an ML result.
The ML Process starts with the
problem (Define Object) to be solved,
which is often done by a consultant.
Once defined, data is collected,
cleaned, and prepared. Then data
scientists determine the ML Division,
ML Learning and ML Algorithm to
program the model for the problem
to be solved.
The model is next “trained” and tested to determine if training was successful. If all goes well then, the model
is ready for deployment, but at any point in the ML Process, a failure can send the process back to any
intermediate step or the beginning.
With this complexity, it is no wonder ML projects often hit a wall3 as “eight out of ten organizations reported
their AI and ML efforts have stalled” and “96% of companies have experienced problems with data quality . . .
required to train AI and build model confidence”.
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Applications of Analytics
To properly understand analytics tools, it is first necessary to make the distinction between Analytics, AI, and
ML. Analytics is about the application of mathematics and statistics. Mathematics includes the disciplines of
calculus, algebra, geometry, trigonometry; whereas mathematical statistics is about probability and outcomes.
Note, that Analysis, when used in the context of reporting and visualization, typically refers to the Arithmetic
functions to add, subtract, multiply, and divide.
Artificial Intelligence (AI) at the high level is a machine making a human decision. Any technology that can create
this action is considered a form of AI. ML is one such technology, and therefore a subset of AI. So too are
technologies like Systematic Intelligence™, neural networks, etc.
The wondrous image to the right from NASA4 of a
black hole is created by ML. We can’t be sure this
image is correct because we’ve never actually seen a
black hole, but by combining astronomer’s data and
algorithms from across the globe, the best unbiased
image was rendered.
Analytics tools derive their power from mathematics,
statistics, and AI; whereas, visualization is largely filled
with arithmetic. There are many very powerful down-
to-earth applications of analytics and AI in unbiased
forecasting and predictions.
For the applications of analytics tools, we return to the five questions for data driven decisions of: What
Happened, Where it Happened, Why it Happened, What Will Happen, and How To Make It Happen? The
wheelhouse for analytics tools is the last three questions of Why, What Will, and How To.
Decisions are all about the future! Consider, have you made a decision about the past? No, because the past
has happened. All that can be said about a decision made in the past is whether that decision had the desired
outcome of its future. However, we do use the past to make predictions about the future.
Analytics enables quantitative and unbiased forecasts and predictions about the future using
data of the past. This, as compared to the biased forecasts that are typically done; i.e.
forecasts made by humans.
While humans have a good intuition of the future and may have specific knowledge of it as well, predictions are
still at the mercy of human needs and emotions; e.g. I need to have this deal close this quarter, my boss wants
more revenue, if we don’t make budget someone will take the blame, etc. Alternatively, analytics have no
qualms with pride, prejudice, or politics so these calculations cater to objectivity.
Further, humans are not inherently quantitative creatures. We naturally learn language but require much effort
to learn mathematics. This inhibits what we do analytically to mostly small and high-level computations.
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Conversely, analytics tools engage the mathematical and the detailed to enable us to do that which we cannot
through our limited tools of spreadsheets, BI, and visualization.
Applications of analytics and AI are vast. At the Analytics Academy there is a session on Applications of Advanced
Analytics with examples that include: “Fair Challenge” to assign stretch revenue goals that produce a similar
probability for all parties to achieve, AI forecasting for more accurate long-range planning, Monte Carlo
Simulation for inventory optimization, correlations to foot traffic in retail stores to know when and where to
spend promotion capital, and correlations of leading economic indicators to learn what affects demand.
So too, analytics are deployed
for trend prediction as seen on
the image to the right from
Aurora Predictions and as
reviewed at the Analytics
Academy. Here we have a
manufacturer of business and
consumer electronics that are
distributed by a variety of
retailer (city) stores through
the U.S. The box at the right-
hand side of the screen is the
Drill Path that systematically
drills through data.
The displayed Drill Path predictively finds those distributors, stores, and products that have good trends YTD
but predicted to go bad. The report in the middle of the image, automatically renders the results to display the
numerical YTD trend and an arrow to indicate the future prediction of the trend. Here we find the “horses that
will leave the barn” in advance so we can “close the barn door” before they leave.
The table to the right displays some of
the many and more varied applications
of analytics throughout a company.
Analytics tools provide the highest
value to business because it can deliver
unbiased predictions of the future, and
with that, the ability to make better and
strategic data driven decisions.
If spreadsheets and visualization are all that is in the Finance and Operations toolbox, then the best that can be
achieved is some influence on tactical decisions as a partial 2nd Generation Partner. To go the full 10 yards,
analytics are essential to become the strategic 3rd Generation Partner – The Analytics Business Partner.
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Where Analytics Tools Fail
As seen in the D&B/Forbes5 figure below, setting budgets aside, the failure of analytics is about complexity, data
quality, culture, alignment, and skills gap (knowledge of mathematics). This means the adoption of analytics
tools is materially higher than data visualization. Further, the nature of many graphical outputs (e.g. Decision
Tree) make it difficult for executives to understand, and therefore they tend to discount what they can’t
comprehend.
Complexity requires specialized skills. For example, ML has numerous forms (e.g. R and Python) and many
different editors (even in the same form) – which to use? Further, the ML, statistical, and mathematical libraries
in analytics tools can be large, and you’ll need to know what the formulas do in order to properly apply them;
e.g. can I use the SPCI for fraud detection, when is Bayesian inferential modeling better than referential
correlations, can Decision Tree give a better prediction than Support Vector Machine, etc.
Enterprise analytics vendors take effort
to make their tools more usable, but
there remains an underlying design view
that users will be more like data scientists
than Excel analysts. Some vendors like
Alteryx position their product as “self-
serve analytics” or Aurora Predictions
that is “Snap-on analytics and AI for Excel
Users”. Both purports to be for the
business analyst, but only Aurora
Predictions has AI without ML and does
not require the user to know statistics,
thus enabling all users access to AI
forecasting and predictions.
Also, we distinguish enterprise analytics tools from desktop statistical tools and analytics cloud platforms.
Desktop stat tools (e.g. Crystal Ball, Mini Tab, etc.) are basically spreadsheet extensions. Used for small data
sets, these tools typically don’t have AI and require knowledge of the application of mathematics and statistics.
Analytics cloud platforms (e.g. Microsoft Azure, AWS, Oracle DataScience, etc.) are for use with large multi-
source data and are the purview of consultants, data scientists, programmers, and application developers.
As such, when engaging analytics tools, the user skills will be determining; i.e. the typical business analysts is an
Excel jockey but not a statistical/mathematical scholar. Also, analytics tools can require new workflows because
most need a specialized skill set.
Therefore, the less mathematical, data science, programming, and database knowledge needed by a business
analyst to use an analytics tool, the better the tool can be used, the faster it will be adopted, the less intrusion
into the existing workflow, and the quicker to deliver benefits from insights and foresight.
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Conclusion
To reach the plateau of Analytics Business Partner, it’s about bringing the right tool to the right job. You can’t
build a house with only a hammer, and you can’t gain insights and foresights from only data visualization tools.
The value of having both tool sets is to
answer the five key questions to making data
driven decisions for business growth and
optimization of: What Happened, Where it
Happened, Why it Happened, What Will
Happen, and How To Make It Happen?
As seen on the image to the right from
D&B/Forbes1, organizations have a toolbox
to do ”analytics” that they lump together to
include spreadsheets, dashboards, and true
analytics.
It’s not one tool before the other, or one
instead of the other. They are both needed
and provide different values; data
visualization informs about the past, while
analytics reveals the current and future.
Note, while analytics tools overlap many visualization capabilities, data visualization is better suited for key
operations metrics and executive presentations.
Also, a note of caution. Beware IT or the CXO who “standardizes” on one tool. It’s like decreeing that all feet,
regardless of size, must fit into one shoe of one size. No organization can get past the limitations of one
technology and therefore a toolbox is needed.
If only data visualization is used then only the What and Where questions can be answered, but since decisions
are about the future, the critical What Will and How To questions will be subjected to merely biased guesses
and not the cool light of unbiased analytics.
As such, the conclusion is that business can only be optimized and strategy best derived by having the right tools that include both data visualization and analytics.
This applies to both revenue and expenses, capital projects and operating leases, and private industry and government.
Finance Analytics Institute Page | 14
To Learn More About This Topic
Finance Analytics Institute (www.fainstitute.com) offers books, articles, research, surveys, and forums to teach
how to implement analytics in Finance and Operations. FAI unique offerings include the Benchmark Survey, to
assess where you and your organization are on the journey towards Analytics Business Partnering and measures
you against your aspiration and peers (http://fainstitute.com/#benchmark); the Analytics Academy
(http://fainstitute.com/#academy) where executives, directors, managers, and analysts learn over two days the
“How To” implement an analytics culture, and; the Analytics Academy Comes To You where multi-departments
can gather at their company for a day and a half of a condensed Academy. The Academy’s syllabus is based on
the book, Implementing an Analytics Culture for Data Driven Decisions – A Manifesto for Next Generation Finance
available at http://fainstitute.com/book/ and Amazon (Kindle and paperback).
Ready to Be an Analytics Business Partner?
Contact Us: http://fainstitute.com/contact-us/
Phone: 650-678-6557
The Authors
Robert J Zwerling, P.E. and Jesper H Sorensen are the founders of the Finance Analytics Institute that fuses
Finance and Operations with analytics.
Mr. Zwerling is also Managing Director of Aurora Predictions (www.aurorapredictions.com) providing
LightZ™ analytics with AI software designed for Finance and Operation, which includes an intuitive
purpose-built user interface for the business analyst that removes the need for data scientists and
programming. Mr. Zwerling is a regular speaker on predictive analytics and AI, member of Stanford
University’s Hoover Institution, co-author of the book Vigilance The Price of Liberty, and has a
Bachelor of Engineering degree (Magna Cum Lauda) from Stony Brook University, Master of Science
in Mechanical Engineering (thermodynamics and fluid mechanics) from CSU Los Angeles, member
Tau Beta Pi engineering honor society, and a Registered Professional Engineer in California.
Mr. Sorensen is also a finance executive with a major technology company leading global finance for
a multi-billion-dollar business. He has a proven track record of advancing the analytics agenda, is a
regular speaker on Next Generation Finance, published numerous articles on Analytics Business
Partnering and holds several advisory positions including advisory board for Aurora Predictions and
an analytics expert for the International Institute of Analytics. He has a Master degree in Economics
and Management from the University of Aarhus, Denmark, certified Six Sigma Green Belt, and
certified in Strategic Direction and Risk Management from Stanford University.
©Copyright 2019 Finance Analytics Institute LLC, Robert J Zwerling & Jesper H Sorensen. All rights reserved. No
part of this document may be reproduced without this copyright notice.
Finance Analytics Institute Page | 15
Bibliography
Overview
1. https://www.brainyquote.com/topics/difference-quotes
Background
1. Robert J Zwerling & Jesper H Sorensen, October 2019, Analytics Business PartneringTM – The Evolution
of Business Partnering
2. Finance Analytics Institute, Analytics Academy, September 2018
3. http://fainstitute.com/#benchmark
The Workings of Visualization Tools
1. https://powerbi.microsoft.com/en-us/what-is-power-bi/
2. https://datahero.com/solutions/sales/
3. https://www.grow.com/
4. https://www.domo.com/industries/manufacturing
5. Dun & Bradstreet / Forbes Insights 2017 Enterprise Analytics Study
6. https://powerbi.microsoft.com/en-us/what-is-power-bi/
The Workings of Analytics Tools
1. Blog BigML.com
2. Robert J Zwerling & Jesper H Sorensen, Finance Analytics Institute, Analytics Academy, AI & ML Basics
3. Caitlan Stanway-Williams, May 24, 2019, theinnovationenterprise
4. Ola Lutz, April 19, 2019, JPL-NASA, https://www.jpl.nasa.gov/edu/news/2019/4/19/how-scientists-
captured-the-first-image-of-a-black-hole/
5. Dun & Bradstreet / Forbes Insights 2017 Enterprise Analytics Study
Conclusion
1. Dun & Bradstreet / Forbes Insights 2017 Enterprise Analytics Study