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Decades (at least) of businessanalytics writings have focused on the power, perspicacity, value, and validity in deploying predictive and prescriptive analytics for business forecasting and optimization, respectively. Now that we have described predictive and prescriptive analytics in detail, what is there left?
This iterative process is known as the data science lifecycle, which usually follows seven phases: Identifying an opportunity or problem Data mining (extracting relevant data from large datasets) Data cleaning (removing duplicates, correcting errors, etc.)
Big data has the power to transform any small business. However, many small businesses don’t know how to utilize it. One study found that 77% of small businesses don’t even have a big datastrategy. If your company lacks a big datastrategy, then you need to start developing one today.
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