Data analytics is important because it helps businesses optimize their performances. Implementing it into the business model means companies can help reduce costs by identifying more efficient ways of doing business and by storing large amounts of data. A company can also use data analytics to make better business decisions and help analyze customer trends and satisfaction, which can lead to new—and better—products and services.
Utilizing Prescriptive Analytics, we will attempt to answer the question "What do we need to do to achieve this?" It involves the use of our technology to help businesses make better decisions through the analysis of raw data. Prescriptive analytics specifically factors information about possible situations or scenarios, available resources, past performance, and current performance, and suggests a course of action or strategy. It can be used to make decisions on any time horizon from immediate to long-term. It is the opposite of descriptive analytics, which examines decisions and outcomes after the fact.
Utilizing Descriptive analytics, we use historical data and interpret it in a way to better understand any changes that take place in business. Key data sets that are commonly used in descriptive analytics are changes in price, patterns in sales growth, user data, and subscriber- related revenue
This form of big data tries to answer the question "What happened?" Our business clients/leaders can use this information to recognize their strengths and weaknesses. This will allow them to make better decisions and enhance their business strategies. Our Descriptive analytics tool and service can be a useful business solution when used in conjunction with our prescriptive analytics tool.
The term predictive analytics refers to the use of statistics and modeling techniques to make predictions about future outcomes and performance. We use our predictive analytics tool to look at the current and historical data patterns of your business to determine if those patterns are likely to emerge again. This allows our businesses and investor clients to adjust where they use their resources to take advantage of possible future events. Our Predictive analysis can also be used to improve operational efficiencies and reduce risk.