In today’s world, Analytics refers to a complete set of big data and analytics solutions which can solve the most difficult business questions, unearth otherwise unrecognizable patterns and provide improvement suggestions proactively. To achieve this the set of products need to constantly engage with the organization’s data.
Primarily we divide Analytics is 3 categories – Descriptive, Predictive & Prescriptive.
Descriptive Analytics tells you the “What and How” of your business by showing the KPIs of an organization it clearly depicts the current picture. This type of Analytics uses traditional Business Intelligence tools.
Predictive Analytics shows an organization the various possibilities to improve the future business. This type of Analytics uses statistical modeling and forecasting tools.
Prescriptive Analytics answers the most important question of “What Should you do?”. This type of Analytics uses techniques like Simulation and Optimization.
It is very important to choose the Analytics vendor carefully to make sure that the tools catering to all the above types of Analytics are available with the vendor and that can be availed when an organization achieves the next level in Analytics.
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