The Analytics Society of INFORMS is focused on promoting the use of data-driven analytics and fact-based decision making in practice. The Society recognizes that analytics is seen as both (i) a complete business problem solving and decision making process, and (ii) a broad set of analytical methodologies that enable the creation of business value. To this purpose, the Society promotes the integration of a wide range of analytical techniques and the end-to-end analytics process. It will support activities that illuminate significant innovations and achievements in specific steps and/or in the execution of the process as a whole, where success is defined by the impact on the business.
Analytics is defined by three categories:
- Prepares and analyzes historical data
- Identifies patterns from samples for reporting of trends
- Predicts future probabilities and trends
- Finds relationships in data that may not be readily apparent with descriptive analysis
- Evaluates and determines new ways to operate
- Targets business objectives
- Balances all constraints
While analytics includes all three categories, the Analytics Society of INFORMS will focus primarily on predictive and prescriptive analytics and will develop an understanding of the analytics process that can be described and communicated in ways that enable organizations to be able to either engage in using analytics more effectively and/or in moving up the analytics maturity path.