Analytics is a multi-dimensional discipline that combines statistics, computer programming and operations research in order to analyze complex systems, quantify performance, find and apply improvement opportunities. Analytics is also defined by INFORMS as the scientific process of transforming data into insights for making better decisions.


Although many authors define several stages for analytics, there is a general consensus about the following three levels which I also agree with:

1.       Descriptive which tells you where you are

2.       Predictive which tells you where you are going to be?

3.       Prescriptive which tells you how to get where you really want to go. This is the new term for optimization. Doing the best you can under the circumstances. For example, applications in revenue management. Find the best prices combination in order to maximize revenues.


Applications of analytics

Analytics can be applied in all fields, like manufacturing, logistics and supply chain, revenue management, resource allocation, financial markets, transportation, military and defense, etc.

I have used Analytics in several projects (see applications section)