By 2023, Big Data space is expected to reach over $273 billion as analytics becomes vital for companies to gain customer insights.
With artificial intelligence and machine learning evolving, the way we utilize analytics is also changing. Traditionally, companies have used descriptive data to learn more about their customers and products, but now they are pulling information from both predictive and prescriptive learnings.
Descriptive analytics is data that offers information about happenings in the company, such as sales reports, web hit numbers, marketing campaign rates and more.
Predictive analytics provides information about what will happen in your company by using AI processes and algorithms to determine future outcomes. For example, predictive analytics can foresee how a product will sell and who is likely to buy it.
Prescriptive analytics data offers what will happen in your company, as well as how it could perform better through different methods and practices.
To determine which type of analytics your company should invest in, identify exactly what it is you want to accomplish and move forward. While prescriptive analytics may not be necessary for all companies, its ability to provide time saving, cost-effective solutions through guided marketing, guided selling and guided pricing makes it a clear front runner.
