Latest Posts

Review of Easy Voice Recorder Pro Apk

Easy Voice Recorder Pro Apk is a program that allows you to record voice quickly and easily. It has all the features you would...

5 Best Online Multiplayer Android Games

There is no want to fear about staying up to date with the brand new games that you can play on your  system. In...

Best Free Android Games to Download

Angry Birds sport has created quite a hype in Android gaming scene. The sport has been downloaded in report numbers and emerge as one...

Automobile Companies – The Significance of the Latest Automobile Technology in India

In today's aggressive global, the state-of-the-art vehicle technology performs a chief function in making your enterprise a hit and green. From 100 years, the...

What’s the Difference Between Descriptive and Predictive Analytics?

Data analytics are an important part of any business’ workflow and company practices, or at least they should be. Regardless of the industry, you’re in—be it manufacturing dolls, running a commercial farm, or providing a delivery service—all vendors and market leaders need analytics to understand where a company has been and where it’s going. Especially as markets and supply chains become increasingly globalized and interconnected, trying to make any moves without relying on analytics’s insights is like sleepwalking. You may get from one point to the next, but you won’t know how you did it or how to replicate that move in the morning.

Most companies or vendors know by now that amassing large quantities of data is the way to go and that data preparation and data analysis are invaluable tools when it comes to recognizing insights and trends. That being said, not everyone knows just how powerful data visualization can be when recognizing important trends, parsing the crucial details from distractions, and making better financial decisions faster. The truth is that visualized data makes for a much clearer picture, literally. And that picture is much more easily transmitted to key people throughout the company, to important investors, and potential customers. Who doesn’t prefer to look at an image than at a spreadsheet with lines upon lines of numbers?

For those interested in data visualization for business intelligence purposes, it’s good to know that there are some incredible software options out there that can provide both descriptive and predictive analytics in real-time and vivid colors. In fact, according to the 2020 Gartner Data Science report, there are some awe-inspiring options out there that can help vendors relay information, get to the root causes of their company’s problems, and keep a finger on the pulse of their business every day. If this sounds like something you may find useful at your company, you first need to know the difference between predictive analytics and descriptive analytics. Once that’s ironed out, make sure you work with software that can not only provide both but can synthesize the two in a useful way that maximizes your knowledge and streamlines everything about your business processes.

Descriptive Analytics

img

Simply put, descriptive analytics gives technology users or business users a clear picture of where they’ve been. This form of analytics uses data mining and analysis of existing, already aggregated data to locate the information that’s actually useful to decision-makers. There is nothing in this process that directly advises about what to do in the future. However, the best future choices may be inferred by looking at the descriptions found in historical data and presented through descriptive analytics. Using this form of data analytics is extremely helpful but still leaves vendors and other business users taking a reactive approach. After all, you can’t be proactive when you’re looking at the past.

Predictive Analytics

img

Predictive analytics looks into the future. Of course, no predictive analytics expert or data scientist can claim to predict the future with 100 percent accuracy. However, by looking at trends and insights from within the accumulated data, some assumptions and ideas can still be formulated. Like descriptive analytics, predictive analytics also uses historical data. Still, by using statistics and advanced techniques, data scientists can use historical data to make predictions that suggest what is likely to happen in a vendor’s or company’s future. Using predictive analytics to stay informed allows business users to take a proactive approach, head off pitfalls at the pass, and prepare for both the good times and the bad before they happen.

Neither descriptive nor predictive analytics alone can suffice for a vendor or market leader looking to be a true visionary in their field. Therefore, make sure to find a business intelligence solution that allows you to take the best of both worlds and drive your company to success.

Latest Posts

Review of Easy Voice Recorder Pro Apk

Easy Voice Recorder Pro Apk is a program that allows you to record voice quickly and easily. It has all the features you would...

5 Best Online Multiplayer Android Games

There is no want to fear about staying up to date with the brand new games that you can play on your  system. In...

Best Free Android Games to Download

Angry Birds sport has created quite a hype in Android gaming scene. The sport has been downloaded in report numbers and emerge as one...

Automobile Companies – The Significance of the Latest Automobile Technology in India

In today's aggressive global, the state-of-the-art vehicle technology performs a chief function in making your enterprise a hit and green. From 100 years, the...

Don't Miss

Translation gadget ad goes viral over sexual harassment claims

It could be just what every tourist needs – an unobtrusive gadget that offers instant, accurate translations in three languages. While there had been widespread...

The kitchen gadgets Easter special: ‘An Exxon Valdez of liquid sick’

In my time reviewing kitchen gadgets, I’ve learned it would not be good to be reborn as a chicken, because the sickest, most disturbing...

Enjoy All That You Like With Pornhub Apk

If you are a PornStar, you must know about the Pornhub Android app's latest version. This new release is the biggest and the most...

Inspect a gadget: cutting-edge kitchen aids put to the test

As a child, my favourite book was the Innovations catalogue. It was stuffed with gadgets promising to transform domestic tasks. My mum and I...

Kitchen gadgets review: the Egg Master – a horrifying, unholy affair

What? The Egg Master (£29.99, DecentGadget, Amazon) is a vertical grill encased in silicone housing. Ingredients poured into the plastic tube are heated by an...

Stay in touch

To be updated with all the latest news, offers and special announcements.