Predictive Analytics

Predictive Analytics

Predictive Analytics is a type of Business Analytics that uses statistical models and machine learning algorithms to forecast future outcomes. Unlike Descriptive Analytics, which focuses on analyzing historical data to gain insights into past performance, Predictive Analytics is concerned with making predictions about future events based on patterns and trends in the data.

Here are some examples of how businesses can use Predictive Analytics to gain insights into their operations:

Sales Forecasting: 

Types of Business Analytics

Types of Business Analytics

Business Analytics is a broad field that encompasses various techniques and methods for analyzing data. The three primary types of Business Analytics are descriptive analytics, predictive analytics, and prescriptive analytics. Here's a closer look at each type:

Descriptive Analytics: