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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).
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? Prescriptiveanalytics: What do we need to do? Examples of business analytics. This is the purview of BI.
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.
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. Do you want to be more efficient?
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?
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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