What Are Various Types of Data Analytics Today?

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What Are Various Types of Data Analytics Today?
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Data Analytics refers to the science of raw data
analysis, for coming to proper conclusions
regarding that data. A lot of Data Analytics
processes and techniques have been automated
into algorithms and mechanical processes which
work over raw data - to be consumed by humans. It
is important to remember that the more complex
an analysis happens to be, the more value that
it can offer.
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Descriptive Analytics
It responds to the question of what actually
occurred. For example, when a proper analysis is
made of Monthly Income, Revenue per Product Group
and the Entire number of metal parts that are
manufactured every month, it is possible for a
manufacturer to offer proper responses to queries
about what happened and take decisions on
focused product categories. In Descriptive
Analytics, raw data from various data sources are
juggled, in order to get important insights into
the past. But these kinds of findings only
suggest that something is right or wrong without
giving explanations to the reason for the same.
Due to this reason, highly data driven businesses
are not advised to settle only for descriptive
Analytics. As a best practice, it is better to
combine it with various other Data Analytics
types.
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Diagnostic Analytics
Used by Business analytics companies in India, it
can offer deep insights into a specific issue. A
company, at the same time, must also have
detailed data at its disposal. Otherwise, Data
collection might become time-consuming and
specific for each issue. Predictive Analytics It
offers a guide on what can possibly happen. It
makes use of the findings of the previous two
types of Analytics, to detect exceptions and
clusters and for future trends predictions. Due
to this reason, it is an important forecasting
tool. This kind of analytics can be helpful in
predicting what can be expected after changing
brand positioning. This is an advanced type of
Analytics that comes with various benefits such
as state of the art analysis that is Deep
learning or Machine based and a proactive
approach which can be enabled by predictions.
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Prescriptive Analytics
The main aim of this type of analytics is to
prescribe the action that needs to be taken for
obliterating the risk of a problem in future for
taking full benefit of a friend that looks
promising. With the help of prescriptive
Analytics it is possible for multinational
agencies to detect opportunities for repeat
buying on the basis of sales history and customer
analysis. This is another advanced type of
Analytics used by t op data analytics companies
in India. It makes use of sophisticated
technologies and tools such as business rules
and algorithms, machine learning etc. Due to this
reason, its implementation and management
requires an element of sophistication.
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