Analytic paradigms
The following figure depicts the journey of data from being mere data to bringing business insights for competitive advantage and various analytic paradigms driving the transformation:
The purpose of analytics is to derive actionable insights from data, helping make smarter decisions, and thus bringing in competitive advantage for an organization. The approach we take to architect and design strategies to derive these insights varies. It is very important that organizations have an optimal data warehouse / business intelligence (BI) architecture in place that can efficiently ingest and analyze large and diverse data sets.
Here are three paradigms of data analytics:
Descriptive analytics
Predictive analytics
Prescriptive analytics
Descriptive analytics
Descriptive analytics is all about taking data and analyzing past actions for intuitions to help identify an approach for the future. Historical data related to past failures or success is collected and mined/processed for the actual...