Here are 4 essential types of data analytics that build on each other to bring increasing value to an organisation.
Descriptive analytics examines what happened in the past: Monthly revenue, quarterly sales, yearly website traffic, and so on. These types of findings allow an organization to spot trends.
Diagnostic analytics considers why something happened by comparing descriptive data sets to identify dependencies and patterns. This helps an organization determine the cause of a positive or negative outcome.
Predictive analytics seeks to determine likely outcomes by detecting tendencies in descriptive and diagnostic analyses. This allows an organization to take proactive action.
Prescriptive analytics attempts to identify what business action to take. While this type of analysis brings significant value in the ability to address potential problems or stay ahead of industry trends, it often requires the use of complex algorithms and advanced technology such as machine learning.
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