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Business analytics and business intelligence (BI) serve similar purposes and are often used as interchangeable terms, but BI can be considered a subset of business analytics. Whereas BI studies historical data to guide business decision-making, business analytics is about looking forward. Business analytics techniques.
An electrical engineer can use prescriptive analytics to digitally design and test out various electrical systems to see expected energy output and predict the eventual lifespan of the system’s components. Diagnosticanalytics: Diagnosticanalytics helps pinpoint the reason an event occurred.
Business End-User Benefits Embedding analytics into essential applications makes analytics more pervasive. As a result, end users can better view shared metrics (backed by accurate data), which ultimately drives performance. Visual Analytics Users are given data from which they can uncover new insights.
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