Different Types of Analytics

Different Types of Analytics As it is known that there are different types of analytics to process the data, but many businesses don’t know when to hold what. In fact, what differentiate the best data scientist or data analyst from others is their capability to identify the right kind of analytics that best fits the best business needs to maximize the outcomes. Different types of analytics offer perceptible insights.

In this article, we will learn about the five different types of analytics and their importance in our business.

Understanding the different types of analytics provided, added value to a business to improve its organization-level operational capabilities. Choosing the right form of data, analytics can make most of the unstructured or structured data they own.

Types of analytics to be discussed are: 1. Descriptive Analytics 90% of the organizations around the world uses descriptive analytics for working on the data. It is the simplest class of analytics that allows you to compress the big data into smaller units to drive more acute insights. It is a common tool imposed today to drive important information from social and detailed media tools and websites. Imposing descriptive analytics allows businesses to decode the inner context and reasons behind the previous success or failure.

Descriptive analytics helps in extracting the extreme value through data mining to build and experience a business intelligence system that analyses real-time and historical data to extract insights for the future approach. Examples of descriptive analytics include generating financial or sales reports.

2. Diagnostic Analytics Diagnostic analytics is the second form of data analytics which helps the business in solving the extreme challenges by answering if something is happening, and why is it happening, and what is the

root cause behind it. Diagnostic analytics plays an important, when a business with business intelligence dashboards, wants to penetrate inside the data to find the reasons or factors which affect the business. Combining diagnostic analytics along with descriptive analytics helps businesses a lot in finding relations and structure of the data to do a quick comparison to build the most reliable data-based decision model. The example of diagnostic analytics consists the HR department analysing the applicant’s data sets.

3. Predictive Analytics It is always spellbinding to forecast the future, also to predict the market trends, a change in the customer behaviour, competitors’ analysis to enhance and build futuristic strategies to maximize the business outcomes. Predictive analytics is all about the foreseeing. Businesses utilize the insightsdriven from descriptive and diagnostic analysis and other historical data sets available to build a proposal-based model by leveraging advanced statistical and machine learning models.

For instance, strengthening predictive analytics models in healthcare industry can identify if a person is liable to a heart attack or not by analysing its past health records and general demographics.

Similarly, predictive analytics can be strengthened to design a campaign based on the purchase behaviour of consumers at different points of time in the past.

Examples of predictive analysis includes analysing product recommendation data sets to predict the likelihood of different outcomes.

4. Prescriptive Analytics Prescriptive analytics is the next step after predictive analytics which helps businesses in creating prescriptions to solve the business problems based on the derived factors from the data. Big data is a lack box, and it is always uncertain to predict the most reliable inputs, but it also always highlights why those problems occurred. And it is where prescriptive analytics comes into play. Prescriptive analytics advices businesses on all possible outcomes and results in actions that are more likely to maximize the business outputs. Prescriptive analytics can also be defined as a business escalation data analytics process which provides insights on “what should a business do” to solve a problem.

This technique allows businesses to make informed decisions during uncertain times.

Examples of prescriptive analytics include marketing and business cycle reports.

5. Cognitive Analytics Cognitive analytics is the most advanced form of analytics which combines a number of intelligent technologies like artificial intelligence, machine learning algorithms, deep learning models, and more to processes the information and to draw inferences from existing data and patterns, to derive conclusions. These findings are further added to the knowledge base for future involvements, and the self-learning feedback loop mirror human thinking to make cognitive applications smarter and effective over time.

Examples of cognitive analytics include processing vast parallel/undistributed data (such as call center conversation logs) computing to derive insights.

These are different types of analytics and we hope you understood their importance for your business to boost your growth and increase your market presence.

Data analytics may be a process of inspecting, cleansing, transforming, and modelling data with the goal of discovering useful information, informing conclusions and supporting decision-making.

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