Predictive and prescriptive analytics are tools for turning descriptive metrics into insights and decisions. Predictive analytics forecasts potential future outcomes, while prescriptive analytics helps you draw specific recommendations. Predictive and prescriptive analytics inform your business strategies based on collected data.
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We’ll dive deeper into predictive and prescriptive analytics, explain how they compare to each other, and show you how to put analytics to work to make better decisions. They take descriptive data and transform it into actionable information. Predictive and prescriptive analytics aren’t as straightforward. It includes social engagement counts, sales numbers, customer statistics and other metrics that show what’s happening in your business in an easy-to-understand way. Descriptive analytics is a basic statistical analysis that summarizes raw data.
However, to fully benefit from those insights, you need to know how to interpret source data before applying it to your business strategy.īusiness analytics has three primary components: descriptive, predictive and prescriptive. Data analytics can provide valuable insights about your business and its customers. Throughout the business world, big data solutions attract a great deal of attention.
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