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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 machine learning, business rules, and algorithms.
Descriptive analytics uses historical and current data to describe the organization’s present state by identifying trends and patterns. Predictiveanalytics: What is likely to happen in the future? Prescriptive analytics: What do we need to do? Examples of business analytics. This is the purview of BI.
BRIDGEi2i is recognized as cool for its advanced analytics solution, BRIDGEfunnel, an AI-based diagnosticanalytics tool, supported by predictiveanalytics functions, that can be used in lieu of enterprise-grade advanced analytics platforms.
Having the right data strategy and data architecture is especially important for an organization that plans to use automation and AI for its data analytics. The types of data analyticsPredictiveanalytics: Predictiveanalytics helps to identify trends, correlations and causation within one or more datasets.
The result is a consistent enterprise view that enables users with self-service analytics through world-class dashboards, drill-down reporting, visual discovery, mobile tools, and predictiveanalytics. The Birst platform also makes it easy for enterprises to create their own analytics products or monetize their data.
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.
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.
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., Now explaining why things happened (e.g.,
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