Just a few years ago, reporting in many organizations ended with the analysis of historical data. We reviewed last month’s sales results, the previous quarter’s margin, or the level of operating costs. The problem is that such an approach answers only one question: what happened?
The modern business world is changing at a dizzying pace, and one of the most important drivers of this transformation is the development of data analytics. In particular, predictive analytics, using advanced statistical techniques and artificial intelligence (AI), is becoming a key tool for organisations seeking to achieve competitive advantage. In this context, Power BI – Microsoft’s data analysis and visualisation tool – offers extensive opportunities for predictive analytics.
Predictive analytics is an advanced field of data analysis that uses statistical techniques, machine learning algorithms and artificial intelligence to predict future events based on historical data. Regardless of industry, today’s companies increasingly rely on predictive analytics to make more informed decisions and anticipate market changes. Its role in business cannot be overestimated, as it enables companies to stay ahead of the competition, optimize operational processes and better understand customer needs. This article will outline five key benefits of predictive analytics and how companies can take advantage of it using tools such as Power BI.
