Descriptive, Predictive & RX

Companies are studying historical information, forecasting the future, and even getting  recommendations for a next move by using data and analytics. Data driven organizations have an edge over their competitors and enjoy returns on their investment which include optimizing supply chains, lowered operating costs, and increased revenues.

Reviewing all of the available analytic options can be daunting. However, analytics can be categorized at a high level into three distinct types. No one type of technique is better than another. Actually, they work best when used together. The three types are:

  1. Descriptive Analytics-What has happened
  2. Predictive Analytics-What might happen
  3. Prescriptive Analytics-Recommendations of what to do

Join us as we define the meaning of each of these three types of analytics.

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