• Skip to main content
  • Skip to secondary menu
  • Skip to footer

Analysis.org

Intelligence Analysis in Market Context

  • Sponsored Post
    • Make a Contribution
  • Job Board
  • Market Research Reports
    • Technology Analysis
    • Events
  • Domain Analysis
  • About
  • Contact

The Evolution of Data Analytics: From Descriptive to Prescriptive Analytics

March 7, 2023 By Analysis.org

Data analytics has come a long way since its inception, and the evolution of data analytics can be broadly divided into three phases: descriptive analytics, predictive analytics, and prescriptive analytics. While descriptive and predictive analytics are still widely used, prescriptive analytics represents the latest and most advanced stage of data analytics.

Descriptive analytics involves analyzing historical data to gain insights into what happened in the past. This type of analytics is still widely used today, and it can provide businesses with valuable insights into customer behavior, product performance, and more. Examples of descriptive analytics include sales reports, website traffic reports, and customer surveys.

Predictive analytics takes things one step further by analyzing historical data to make predictions about future events. This type of analytics is particularly useful for forecasting trends and predicting future customer behavior. Examples of predictive analytics include machine learning models, customer segmentation, and demand forecasting.

Prescriptive analytics is the latest and most advanced stage of data analytics. This type of analytics not only predicts what will happen in the future, but also suggests actions that can be taken to achieve a desired outcome. In other words, prescriptive analytics not only tells businesses what will happen, but also tells them what they should do about it. Examples of prescriptive analytics include optimization algorithms, decision trees, and simulations.

The evolution of data analytics has been driven by advancements in technology, particularly in the areas of artificial intelligence and machine learning. These technologies have made it possible to process vast amounts of data quickly and accurately, allowing businesses to gain insights into customer behavior and make data-driven decisions.

In conclusion, the evolution of data analytics has come a long way, from descriptive analytics to predictive analytics and now to prescriptive analytics. While all three types of analytics are still widely used, prescriptive analytics represents the latest and most advanced stage of data analytics. With the help of prescriptive analytics, businesses can not only gain insights into what happened in the past and what will happen in the future, but also make data-driven decisions about what they should do to achieve their desired outcomes.

Filed Under: Briefing Tagged With: Analytics, Data, Data Analytics, Descriptive Analytics, Prescriptive Analytics

Footer

Recent Posts

  • The Rise and Retreat of The Trade Desk: Why TTD Fell from $120 to $46
  • The End of AI’s Federal Shield: States Win the Right to Regulate Amid Bipartisan Momentum
  • AMD’s Ascent: High-Speed Innovation and the Future of AI Infrastructure
  • Circle Financial: A Stablecoin Titan with Boundless Upside
  • JPMorgan’s Six-Month Outlook: Why Their Model Sees Calm in the Markets
  • Valuation Divide: Cloudflare, Nvidia, Broadcom, and AMD Through the Lens of Price-to-Sales
  • Valuation Spotlight: FedEx vs UPS Through the Price-to-Sales Lens
  • A Tale of Three Giants: How Visa, Mastercard, and American Express Stack Up on Price-to-Sales Ratio
  • Broadcom’s Quiet Strength: AI Hype Miss, Long-Term Win
  • Investors Brace for Potential August Volatility Amid Rising Uncertainty

Media Partners

Briefly
Press Media Release
Renewability
Studio Tel Aviv
Media Presser
API Course
Agile Soft Dev
DN4B
Transportational
MSL

Media Partners

Media Presser
Game Tech Market
Market Research Media
3v
Renewability
Briefly
Calendarial
Press Media Release
Defense Market
Abbreviatory

Copyright © 2017 Analysis.org

Technologies, Market Analysis & Market Research Reports

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT