Operational Analytics vs. Off-line Analytics

Data analytics is a crucial aspect of any organization, regardless of its size. It has enabled companies to predict market trends, forecast sales growth, and improve operational efficiency. However, data analytics can be divided into two distinct categories; operational and off-line analytics. In this article, we will provide an unbiased comparison of these two categories of data analytics.

Operational Analytics

Operational analytics is a real-time data analysis method that helps organizations make decisions on their day-to-day operations. It involves analyzing data from various sources and presenting it in a way that can be easily understood to make informed decisions. It is extremely useful for industries like manufacturing, retail, and logistics where immediate decisions are necessary based on real-time data.

For instance, an e-commerce platform uses operational analytics to analyze user behavior on their sites, track orders and shipments, predict high demand periods, and optimize web pages for better conversions. A 2019 study by MarketsandMarkets predicted that the operational analytics market would be worth US$11.1 billion by 2024, growing at a CAGR of 17.2%.

Off-line Analytics

Off-line analytics, on the other hand, involves analyzing historical data to uncover patterns, trends, and insights to make informed decisions. The insights gathered over an extended period can illuminate trends, identify patterns, predict future results and aid decision-making. It is useful in industries like healthcare, finance, and marketing where trends and patterns over an extended period are more important than real-time analytics.

For example, a healthcare organization can use off-line analytics to assess the effectiveness of treatments, identify risk factors for specific diseases, and suggest policy changes to improve healthcare outcomes. According to a 2019 study by ResearchAndMarkets, the global off-line analytics market was worth $1.35 billion in 2018 and is expected to reach $2.1 billion by 2023.

Which One Is Better?

The question of whether operational analytics or off-line analytics is better is dependent on the organization's specific needs. Both methods can provide useful insights; however, their approach to data analysis differs. If an organization needs to make decisions based on real-time events, operational analytics is the better option. Conversely, if a company needs to observe and analyze trends over an extended period, off-line analytics is better.

In conclusion, both operational analytics and off-line analytics can provide useful insights, depending on an organization's specific needs. Operational analytics is useful in real-time decision-making, while off-line analytics provides insights into trends and patterns observed over an extended period.

References

• MarketsandMarkets (2019). Operational Analytics Market by Type, Business Function, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2024
• ResearchAndMarkets (2019). Offline Analytics Market by Component, Deployment Mode, Organization Size, Application, Industry, Regions - Global Forecast to 2023.