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Predictive analytics uses traditional data to predict potential outcomes, such as a credit card enterprise using client history, demographics and other elements to identify fraud or perhaps anticipate bank loan defaults. Prescriptive analytics moves one step further by suggesting activities to mitigate problems or perhaps leverage ensuring trends, for instance a navigation application recommending the quickest route based on current traffic conditions.
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As businesses grow, the importance to assess data just for competitive gain and decision-making becomes even more crucial. Although large businesses utilize big data to make strategic decisions, small business owners may also benefit from the right solutions to gain a better understanding of buyers, market styles and more.
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