Four methods of data consumption
- Descriptive Analytics evaluates historical data to identify patterns and trends. It is the most common approach to data consumption as it centers on summarizing data and identifying general trends.
- Diagnostic Analytics reviews data to determine why an event occurred in the past. Through data mining and correlation, diagnostic analytics spots trends and anomalies — an operation that’s a step beyond the functions of descriptive analytics.
- Predictive Analytics analyzes data to forecast or predict future patterns. Predictive analytics, popular among large corporations, involves consuming data in a way that proactively drives business decisions and revenue.
- Prescriptive Analytics applies descriptive and predictive data to test multiple variables and calculates the best possible outcome. Prescriptive analytics compiles the results of all other methods to provide recommended courses of action.
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