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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.
More specifically: Descriptiveanalytics uses historical and current data from multiple sources to describe the present state, or a specified historical state, by identifying trends and patterns. In business analytics, this is the purview of business intelligence (BI).
Prescriptiveanalytics: Prescriptiveanalytics predicts likely outcomes and makes decision recommendations. An electrical engineer can use prescriptiveanalytics to digitally design and test out various electrical systems to see expected energy output and predict the eventual lifespan of the system’s components.
Originating with Gartner, this chart includes the analytic features needed for a full analytics strategy, and what our AI team believe to be the absolute future of analytics – Cognitive Analytics. . In order to know where to go, you must first find yourself on this chart. Do you want to be more efficient?
Discover which features will differentiate your application and maximize the ROI of your embedded analytics. Brought to you by Logi Analytics. Think your customers will pay more for data visualizations in your application? Five years ago they may have. But today, dashboards and visualizations have become table stakes.
Artificial Intelligence Analytics. AI can be applies to all 3 major types of analytics: DescriptiveAnalytics: The entire journey of the descriptive and diagnosticanalytics process includes data extraction, data aggregation and data mining; 3 applications where AI is widely used to reduce costs, and eliminate complex actions.
Data analysts leverage four key types of analytics in their work: Prescriptiveanalytics: Advising on optimal actions in specific scenarios. Diagnosticanalytics: Uncovering the reasons behind specific occurrences through pattern analysis.
Decades (at least) of business analytics writings have focused on the power, perspicacity, value, and validity in deploying predictive and prescriptiveanalytics for business forecasting and optimization, respectively. How do predictive and prescriptiveanalytics fit into this statistical framework? Pay attention!
Leading research and consultancy company, Gartner describes the path that businesses take as they move to higher levels: DescriptiveAnalytics: Describe what happened (e.g., DiagnosticAnalytics: No longer just describing. Predictive Analytics: If x, then y (e.g., Now explaining why things happened (e.g.,
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