What Is Data Analytics?
The data analytics process has a few components that can help various initiatives.
Also, data analysis is a process of examining, cleaning, transforming, and modeling data.
In addition, it aims to discover useful information, draw conclusions and support decision-making.
Also, by combining these different components, a successful data analytics initiative.
Then, it provides a clear picture of where you are, where you go, and where you need to go.
Types Of Data Analytics
However, Data analytics is a broad field.
Also, there are four primary types of data analytics: descriptive, diagnostic, predictive, and prescriptive analytics.
Then, each type has a different goal and place in the data analysis process.
Also, these are the primary data analysis applications in business.
Descriptive Analytics:
Firstly, it helps answer questions about what happened, and these techniques combine large data sets to describe the results to interested parties.
Therefore, the process requires relevant data collection, processing, analysis, and visualization.
In addition, this process provides essential information about past performance.
Diagnostic Analytics:
Firstly, it helps answer questions about why something happened.
In addition, these techniques complement more fundamental descriptive analyses.
Therefore, they take the results of the descriptive analysis and dig deeper to find the root cause.
Predictive Analytics:
Firstly, it helps answer questions about what will happen in the future.
Also, these techniques use historical data to identify trends and determine if they are likely to return.
Prescriptive Analytics:
However, it helps answer questions about what needs to be done.
Also, data-driven decisions can be made by using predictive analytics insights.
In addition, it enables companies to make informed decisions in the face of uncertainty.
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