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What are the benefits of business analytics? Predictive analytics is the use of techniques such as statistical modeling, forecasting, and machine learning to make predictions about future outcomes. Prescriptiveanalytics: What do we need to do? GSK finds inventory reduction opportunities.
More specifically: Descriptive analytics 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).
A business intelligence strategy is a blueprint that enables businesses to measure their performance, find competitive advantages, and use data mining and statistics to steer the business towards success. . Most companies find themselves in the bottom left corner, in the Descriptive Analytics and DiagnosticAnalytics sections.
Decrease costs by improving inventory management of goods, monitoring processes to increase resource utilization, or simply making it faster and easier for users to access the analytics they need. Manage compliance through up-to-the-minute performance measures, workflow automation, and essential regulatory reports.
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