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Monday, October 26, 2020

Predictive and Prescriptive Analytics Impacting the Bottom Line

Yes, well done, it always has.   And further methods like AI, a kind of analytics, does the same.  Been doing it for a lifetime.  Interesting numbers below.

How predictive and prescriptive analytics impact the bottom line  by 7wData

In a digitally transformed world, the combination of data and analytics is critical to maintaining a competitive advantage and business relevance. To achieve this goal, enterprises collect vast volumes of data and derive valuable insights from them. This knowledge can be anything from ascertaining customer satisfaction to identifying operational discrepancies.

The capability of business intelligence and analytics is continually evolving. In a highly competitive business world, analytics plays a key role in identifying trends and patterns to make quick and informed business decisions. Predictive and prescriptive analytics are two important methods in business-analytics solutions. Mordor Intelligence research suggests that the predictive and prescriptive analytics market (valued at $8.14 billion in 2019) is expected to grow at a compound annual rate of 22.53% to reach $27.57 billion by 2025.

As artificial intelligence (AI) and machine learning evolve and play a more significant role in data and analytics, smart algorithms can now pull both prescriptive and predictive insights from the data. Both approaches give insight and foresight to enable smart decision-making; they incorporate data mining, machine learning and statistical modeling to deliver deep insight into customers and overall operations ...."

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