The purpose of this analytics type is just to summarise the findings and understand what is going on.Īmong some frequently used terms, what people call as advanced analytics or business intelligence is basically usage of descriptive statistics (arithmetic operations, mean, median, max, percentage, etc.) on existing data.

The mighty size of big data is beyond human comprehension and the first stage hence involves crunching the data into understandable chunks. This can be termed as the simplest form of analytics. Let’s understand these in a bit more depth. The result of the analysis is often an analytic dashboard.ģ) Predictive Analytics: Emphasizes on predicting the possible outcome using statistical models and machine learning techniques.Ĥ) Prescriptive Analytics: It is a type of predictive analytics that is used to recommend one or more course of action on analyzing the data. With the right choice of analytical techniques, big data can deliver richer insights for the companiesīefore diving deeper into each of these, let’s define the four types of analytics:ġ) Descriptive Analytics: Describing or summarising the existing data using existing business intelligence tools to better understand what is going on or what has happened.Ģ) Diagnostic Analytics: Focus on past performance to determine what happened and why. With data being important to so many diverse sectors- from manufacturing to energy grids, most of the companies rely on one or all of these types of analytics. They are interrelated and each of these offers a different insight. The four types of analytics are usually implemented in stages and no one type of analytics is said to be better than the other. These four types together answer everything a company needs to know- from what’s going on in the company to what solutions to be adopted for optimising the functions. Depending on the stage of the workflow and the requirement of data analysis, there are four main kinds of analytics – descriptive, diagnostic, predictive and prescriptive. Cryptocurrency Analytics Insight features top news, insights and articles on Cryptocurrency covering the latest technology developments in the industry across the world.įor different stages of business analytics huge amount of data is processed at various steps.

Cybersecurity Analytics Insight features top news, insights and articles on Cybersecurity covering the latest technology developments in the industry across the world.

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