For investment companies it is important to forecast the value of their holdings based on various factors, including the past prices (it’s called time series forecasting, see Ref #3).Īnother predictive analytics that banks and investment companies do is credit rating. My dissertation is about stock forecasting. They are hiring a data scientist to do machine learning forecasting based on the weather! It is important for retailers (shops) to forecast sales based on the weather, economic indicator (like interest rates), and other factors. One of the jobs in JobServe I’m looking at this morning is from a automotive retailer. Which customers are likely to leave your business this year? Which products are likely to decrease in sales in the next few months? Every business wants to know the future. The 3 rd one (predictive analytics) is extremely valuable. Prescriptive analytics: actions we should take.Predictive analytics: what will happen in the future.Diagnostic analytics: explains why an event happened.Descriptive analytics: describes the past.What are those 4 types of analytics? Please read Ref #2 below which provides a good explanation. The 2 Ps are AI-based (predictive and prescriptive analytics). The 2 Ds are the old BI (descriptive and diagnostic analytics). They are: descriptive analytics, diagnostic analytics, predictive analytics and prescriptive analytics. With the advance of AI, we now have 4 types of analytics (2D2P). For example: Microsoft Word, SQL Server, SQL Data Warehouse and Power BI.īut today that word is obsolete. Note: Microsoft is well known to name their products using English words with the same meaning. BI Developers are people who develop BI reports, using BI tools. In IT department we call it “BI reports”. In the software market, we say “BI Tools”. In the job market, we say “BI Developer”. And more importantly, that company is perceived by the market as a company that makes decisions based on data, not based on instinct. Keep their finger on the pulse, as they say. It means that the management knows how the business performs. Which customer segments need attention, which product lines are in demand. They understand the trends happening in their business. It sounds great (intelligent, smart) and it has a great meaning too: it means that the company has business insight.
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