Statistical analysis answers the questions, "Why is this happening?" and "What opportunities am I missing?" he said. "You begin to take the data ... and you begin to understand why things are happening."

6) Forecasting

A popular level, forecasting answers questions like, "What if these trends continue? How much is needed? When will it be needed?" he said.

7) Predictive modeling

Predictive modeling tells users what will happen next and how it will affect the business, Davis said.