I don’t know how much have you heard about Perspective Analytics because it is not as popular as Descriptive and Predictive Analytics but sure it has the power of changing how we treat Big Data.
By taking a blunt look at this situation we can say that Perspective Analytics is the new term to name the step from analytics to knowledge in the data to knowledge pyramid. Predictive analytics is the next step up in data reduction. It utilizes a variety of statistical, modeling, data mining, and machine learning techniques to study recent and historical data, thereby allowing analysts to make predictions about the future. As we know, big data imposes a huge amount of information the majority of which is useless, hence the necessity for this new service.
The purpose of analytics is not to tell you what is going to happen in the future but, because of its probabilistic nature, to inform you of what MIGHT happen, based on a a predictive model with two additional components: actionable data and a feedback system that tracks the outcome produced by the action taken.
This type new step/ type of analytics was first introduced in 2013 after the Descriptive Analytics was defined as the simplest class of analytics, one that allows you to condense big data into smaller, more useful nuggets of information, after which next step in reducing information is by applying a Predictive algorithm.
IBM’s vision is that descriptive analytics allows an understanding of what has happened, while advanced analytics, consisting of both predictive and prescriptive analytics, is where there is real impact on the decisions made by businesses every day