Business Intelligence Versus Predictive Analytics

“No matter what, you still need business intelligence to know what really happened in the past, but you also need predictive analytics to optimize your resources as you look to make decisions and take actions for the future.”

The blog clearly explains the complementary nature of Business Intelligence (a.k.a. descriptive analytics) and Predictive Analytics despite the various differences between the two.  See excerpt below.

Business Intelligence verses Predictive Analytics

 

Business intelligence looks for trends at the macro or aggregated levels of the business, and then drills up, down, or across the data to identify areas of under- and over-performance. Areas may include: geography, time, products, customers, stores, partners, campaigns, or other business dimensions.

Business Intelligence is about descriptive analytics (or looking at what happened), slicing-and-dicing across dimensional models with massive dissemination to all business users.

Predictive analytics, on the other hand, builds analytic models at the lowest levels of the business—at the individual customer, product, campaign, store, and device levels—and looks for predictable behaviors, propensities, and business rules (as can be expressed by an analytic or mathematical formula) that can be used to predict the likelihood of certain behaviors and actions[2].

Predictive analytics is about finding and quantifying hidden patterns in the data using complex mathematical models that can be used to predict future outcomes.

View Full Post - Business Analytics: Moving From Descriptive To Predictive Analytics

Source – EMC

How analytics can help communities visualize the future

Analysis Image

Image Courtesy of Stuart Miles/FreeDigitalPhotos,net

An urban development initiative in Austin, Texas is using enormous amounts of data pulled from various agencies to create astonishing 3D simulations of what communities would look like based on certain assumptions and inputs contributed not only by engineers and city planners but pretty soon by citizens themselves.

For years businesses have been using analytics software to predict the outcome and measure the performance of campaigns and projects but the City of Austin is using new analytics data visualization tool create interactive and collaborative images of the future.

Read Full Post: How analytics can help communities visualize the future

Source: Canadian IT News