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In business analytics, this is the purview of business intelligence (BI). Diagnosticanalytics uses data (often generated via descriptive analytics) to discover the factors or reasons for past performance. In business, predictiveanalytics uses machinelearning, business rules, and algorithms.
BI focuses on descriptive analytics, data collection, data storage, knowledge management, and data analysis to evaluate past business data and better understand currently known information. Whereas BI studies historical data to guide business decision-making, business analytics is about looking forward. Business analytics techniques.
Overview: Data science vs data analytics Think of data science as the overarching umbrella that covers a wide range of tasks performed to find patterns in large datasets, structure data for use, train machinelearning models and develop artificial intelligence (AI) applications.
AI can be applies to all 3 major types of analytics: Descriptive Analytics: 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. AI Services.
Data analysts leverage four key types of analytics in their work: Prescriptive analytics: Advising on optimal actions in specific scenarios. Diagnosticanalytics: Uncovering the reasons behind specific occurrences through pattern analysis. Descriptive analytics: Assessing historical trends, such as sales and revenue.
There are other dimensions of analytics that tend to focus on hindsight for business reporting and causal analysis – these are descriptive and diagnosticanalytics, respectively, which are primarily reactive applications, mostly explanatory and investigatory, not necessarily actionable. This is predictive power discovery.
Leading research and consultancy company, Gartner describes the path that businesses take as they move to higher levels: Descriptive Analytics: Describe what happened (e.g., DiagnosticAnalytics: No longer just describing. PredictiveAnalytics: If x, then y (e.g., It’s just a prediction about the future.
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