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Modern-day forecasting, for example, relies heavily on predictive analysis. It runs statistics and algorithms (also known as data mining) on masses of historical data to calculate probabilities and future events. Predictive analytics is one aspect of advanced analytics that will be key in driving efficiency and innovation. It quickly processes large amounts of data from internal and external sources, so users can recognize patterns and gain deeper insights to make better decisions. Advanced analytics responds to next-generation requirements. Since that time, the amount of data has skyrocketed while processing power has soared and storage options have dropped in price. Compared to today’s standards, analytics was often limited to trying to describe past events, hence the name, descriptive analysis.
#Ai business intelligence training software
First-generation EPM software tools enabled normal business users to view their data from various angles and store it safely in a database specialized for flexible planning, analytics, and reporting. Analytic Evolution in Enterprise Performance ManagementĪbout 15 years ago, Enterprise Performance Management (EPM) was introduced as a subdivision of Business Intelligence (BI), a new concept that addressed the growing complexity and problems with managing business performance through spreadsheets. Now, we will take a deeper look into AI, Machine learning and other trending technologies and the evolution of data analytics from descriptive to prescriptive. We also took a first look at how fp&a and business intelligence professionals can start to derive tangible value from these technologies for Enterprise Performance Management.
#Ai business intelligence training series
Part one of our blog series explored how people are the driving force behind the digital transformation and how it is fueled by artificial intelligence and machine learning.