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Differentiating Predictive & Prescriptive Form Of Analytics
Amid the growing prominence for Big Data, the prominence of data driven smart analytical solutions has grown beyond all the limits. Data Science has now become a major necessity for the enterprises across the industry verticals to scale and grow by exploring the benefits of their existing Big Data reserves to the full potential. Most of the business stakeholders have now started relying on the insights generated from Big Data to explore new sources of revenue generation opportunities and make accurate strategic business decisions.
Being an umbrella term Data Science comprises of multiple techniques like Descriptive & Diagnostic Analytics and Predictive & Prescriptive Analytics to make accurate interpretations out of Big Data. You can develop skills in the advanced analytical techniques that are associated with Data Science by joining our intense Data Science Training In Hyderabad program.
Now, let’s know in detail about Predictive & Prescriptive form of analytics
- Predictive Analytics
Predictive Analytics is an advanced form of analytics that helps in determining what is likely to happen in the near future by analyzing the present and historical data. To make accurate interpretations out of data Predictive Analytics relies on the insights from descriptive and diagnostic analytics. For instance, by applying Predictive Analytics to the sales data which is collected from the past two years, it becomes easy to predict the sales percentage for the next year.
To make accurate predictions, Predictive Analytics relies heavily on the use of algorithms in Machine Learning & Deep Learning technologies.
- Prescriptive Analytics
Prescriptive Analytics is a much advanced form of Predictive Analytics that helps in determining what action needs to be taken for an event which is related to the future. By applying Prescriptive Analytics on the sales data, enterprises can make accurate steps to enhance their sales. Just like Predictive Analytics, this form of analytics too relies on Machine Learning algorithms and historical data.
Understand in-depth about Predictive and Prescriptive from of Analytics with Kelly Technologies advanced Data Science Course In Hyderabad program.
Kumar Raja is a multidisciplinary writer, and lifelong learner. He’s a Digital Marketer in the making who spends his time analyzing the developments in the tech world. He’s very passionate about helping people understand the latest trends in the tech world through his well-researched articles. He’s able to condense complicated information about the latest technologies into easily digestible articles.