Four Types of Data Analytics
1) Descriptive
Descriptive analysis, also known as data mining, is describing what happened. It looks at past events for insight on how to approach things in the future and to uncover patterns over time. Descriptive analysis is known as being the easiest type because it allows you to change big data into bite-sized pieces to make it easier to understand. Descriptive models analyze a variety of different relationships between products or customers.
2) Diagnostic
Diagnostic analysis looks at past patterns to discover or determine why something happens. Once a business figures out the why behind something, they can use that information to their advantage and make the changes necessary to be more successful. This type of analytics gives decision makers at organizations real actionable and difference-making insight.
3) Predictive
Predictive analysis looks at past data patterns and comes up with a list of different outcomes for situations. This is very helpful for setting realistic and reachable goals as well as planning and girding your expectations. Properly tuned predictive analysis can be used to help support sales, marketing, and other types of complex future events.
4) Prescriptive
Prescriptive analysis provides the actions that should be taken and what steps are recommended. Prescriptive analysis is like predictive analysis, expect it goes beyond just predicting, it gives the likely outcomes for several different scenarios.
When combining these four different types of data analytics, the data turns from pointless numbers to important information that can tell a story. It can describe what happened, why it happened, what could happen, and what should happen. All four of these pieces are important for businesses to know in order to grow.
http://www.insightsquared.com/2014/11/4-types-of-analytics-you-cant-survive-without/
No comments:
Post a Comment