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Companies have long been involved in the analysis of how a company performed over time. As
the history of big data shows, already for many years we try to understand how the organisations
or the world around us behaves by analysing the available data. In the past this used to be merely
descriptive analytics. This answers the question what happened in the past with the business?
With the availability of big data we entered the new area of predictive analytics, which focuses
on answering the question: what is probably going to happen in the future? However, the real
advantage of analytics comes with the final stage of analytics: prescriptive analytics. This type of
analytics tries to answer the question: Now what? or so what? It tries to give a
recommendation for key decisions based on future outcomes. Whats the difference between
these three tives and how do they affect your organisation?
First of all, these three types of analytics should co-exist. One is not better than the other, they
are just different, but all of them are necessary to obtain a complete overview of your
organisation. In fact they are more consecutive and all of them contribute to the objective of
improved decision-making.
analysis and it takes into account many different data sets, from open, weather, data for example,
to sales data and social media data.
Historical and transactional data are used to identify patterns and statistical models and
algorithms are used to capture relationships in various data sets. Predictive analytics has really
taken of in the big data era and there are many tools available for organisations to predict future
outcomes. With predictive analytics it is important to have as much data as possible. More data
means better predictions.