Prescriptive analytics: Suggests a corrective course of action using predictive analytics, machine learning, and artificial intelligence (AI) for decision-making.Predictive analytics: Predicts what might happen in the future using machine learning models and forecasting.Diagnostic analytics: Uncovers why it happened using data discovery, drill-down, data mining.Descriptive analytics: Describes what happened in the past using summary and statistics.Most businesses typically perform the following types of analytics to solve a business problem:
This is where unstructured data analytics tools and techniques come to the rescue. Traditional tools require developers and analysts with expert IT skills, and don’t help with real-time data analysis. Imagine analyzing a thousand customer reviews, survey data, and sales statistics collected over a period of a few months manually-that would be time-consuming and highly error-prone. You have to find a sustainable solution to make your shop the best again (prescriptive analytics). You find out the reason (diagnostic analytics)-the new shop has more varieties of burgers that people, particularly kids, enjoy.īased on this information, you predict and visualize the future revenue of your shop for the next three months, if you continue the same practices (predictive analytics). You also review what users have said about your shop in various forums like social media, your website, and so on (descriptive analytics)-people still love your burgers, but they are also attracted to this new shop. You notice that your customer base has gradually reduced, so you check the shop’s last three months of sales statistics. A new burger shop opens in the town, and they offer many more unique varieties along with cheeseburgers, like cheese-pasta burger, or veggie-overload burger. Your shop is the best in town, and people love your burgers, particularly cheeseburgers. To understand the amount of data facing any modern business and the need for specialized tools to process that data, we’ll look at a specific example.
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