Descriptive analytics, or business intelligence, uses historical information to answer the question “What Happened?” Think of it as a rear-view mirror into business performance or a summary view of facts and figures in an understandable format to either inform or prepare data for further analysis. Observations, case studies, and surveys form the basis of descriptive analytics. Descriptive […]
Prescriptive Analytics Use Cases
The term “prescriptive analytics” denotes the use of many different disciplines such as AI, mathematics, analytics, or simulations to advise the user whether to act, and what course of action to take. In that sense, prescriptive analytics offers an advisory function regarding the future, rather than simply “predicting” what is about to happen. This newer […]
Data Science vs. Business Intelligence
The growth of Data Science in today’s modern data-driven world had to happen when it did. If one really takes a careful look at the growth of data analysis over the years, without Data Science, traditional (descriptive) Business Intelligence (BI) would have remained primarily a static performance reporter within current business operations. With the rising […]
Bridging the Gap between Prescriptive Analytics and Trust
Click to learn more about author Omri Kohl. Prescriptive analytics has the potential to amplify the decision-making ability of data-driven organizations by examining what has happened and using that information to recommend – or even implement – next steps. But this power is dependent on just how much users can trust the data being mined, […]
The University of the Future: Five Ways to Use Data and Analytics to Start Your Online Degree Program
Click to learn more about author Eric Spear. The face of the higher-education student is changing. In the past, the majority of college students were fresh out of high school or another undergraduate program, but 2018 statistics show that 74% of American undergrads are considered “nontraditional” students. With nontraditional students comes the need for higher-education […]
All Aboard the Prescriptive Analytics Express
Click to learn more about author Joe deBuzna. Racing down the tracks with the equivalent of 170 Boeing 747s in tow, the 440,000 pound (200,000kg) next-generation locomotive is about to break. Some of the hundreds of sensors pulling in over 150,000 data points per minute show one of the train’s two turbochargers (yes, some trains have turbochargers) is starting […]
Embracing AI: Why Artificial Intelligence is the Next Evolution in Analytics
Click to learn more about author Kimberly Nevala. Descriptive. Predictive. Prescriptive. Perceptive? Artificial Intelligence (AI) provides exciting new opportunities for exploiting data and information. But is AI a revolution or natural evolution of existing BI/Analytics use cases? Certainly some of the core techniques that power AI (advanced Machine Learning and Deep Learning in particular) represent […]
What Is Analytics?
Analytics uses the scientific method where an analyst makes hypotheses and uses the analytics tools to test their premises. Analytics, is described as: “[An] encompassing and multidimensional field that uses mathematics, statistics, predictive modeling and machine-learning techniques to find meaningful patterns and knowledge in recorded data.” Analytics is often broken down into three components: Descriptive […]
What Is Prescriptive Analytics?
Prescriptive analytics uses outcomes and scenarios to answer the question “What should we do to make things happen?” It takes predictive analytics a step further to define actions that will affect outcomes, rather than just predicting the outcomes from actions that have occurred. Prescriptive analytics shows the implication of various decisions to anticipate what, when, […]
DI&A Webinar: Descriptive, Prescriptive, and Predictive Analytics
To view just the slides from this presentation, click HERE>> About the Webinar Data analysis can be divided into descriptive, prescriptive and predictive analytics. Descriptive analytics aims to help uncover valuable insight from the data being analyzed. Prescriptive analytics suggests conclusions or actions that may be taken based on the analysis. Predictive analytics focuses […]