Elena Garrido
Digital Marketing
Today, leveraging data analytics is no longer an option, but a necessity for organizations seeking to gain a competitive advantage and make the most of information.
However, there is often confusion when it comes to distinguishing the types of methodologies, the benefits of each, use cases, or how they complement each other. We review each of their characteristics and the future prospects they represent.
Predictive analytics is a branch of advanced analytics that makes predictions about outcomes, based on historical data combined with statistical models, data mining techniques, and Machine Learning.
This type of analytics is very useful for finding patterns in data to identify risks and opportunities at a time when companies are flooded with data. To gain useful insights from data, data scientists use Deep Learning and ML algorithms to find patterns and make predictions about future events.
Some of the techniques included in predictive analytics are linear and logistic regression models, neural networks, and decision trees.
Relying on predictive analytics brings numerous benefits, both commercially in inventory management, workforce, marketing campaigns, and operations:
Data scientists use predictive models to identify correlations between different elements of given data sets. Once this data collection is complete, a statistical model is created, trained, and modified to make accurate predictions.
To create predictive analytics frameworks, according to Google Cloud, five steps must be followed:
This type of analysis can be used to optimize operations, increase revenues, and mitigate risks. Examples include:
Prescriptive analytics offers the ability to understand past and present data and make data-driven decisions for the future, improving operational efficiency and profitability.
By providing actionable recommendations based on actionable AI and optimizing decision-making processes, it helps to proactively address threats and seize opportunities in a rapidly evolving business landscape.
However, running prescriptive analytics presents a number of challenges, and overcoming them requires a holistic approach involving technology, processes, and people. Collaboration between data specialists, experts, and managers is essential to successfully implement and benefit from prescriptive analytics solutions.
Some of the most common cases of prescriptive analysis include:
Running prescriptive analytics presents a number of challenges, and overcoming them requires a holistic approach involving technology, processes and people. According to Qlik, these are some of the most important ones:
We have already discussed them separately, and although they are used interchangeably, predictive and prescriptive analytics are distinct disciplines that play complementary roles in enriching the decision-making process.
The main differences can be listed in five:
According to Report Prime, the global predictive and prescriptive analytics market is expected to grow from USD 12.3 billion in 2022 to USD 60.39 billion in 2023, at a CAGR of 22%.
This market spans various industries such as banking, healthcare, retail, manufacturing, etc., and its growing demand for accurate and real-time information to support decision-making processes is a major driver for the market’s revenue growth.
Key trends observed are:
Disruptive product launches, such as AI-based predictive analytics tools or industry-specific solutions, can also drive market growth by offering unique capabilities and addressing niche market needs.
To ride this wave of advanced analytics, one of the best options is to rely on an experienced partner to implement a plan that best fits your needs. At Plain Concepts we focus on getting you a data-driven strategy, solving technological, cultural, and organizational challenges.
Our advanced analytics services will help you unleash the full potential of your data and turn it into actionable information, identifying patterns and trends that can shape your decisions and drive your business forward.
Don’t wait any longer and start unlocking the full potential of your data!
Elena Garrido
Digital Marketing
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