Understanding the Types of Data Analytics
Data analytics considers various types of information to help business leaders make informed decisions and set strategic directions within their organization. There are so many types of answers in your data, so the ability to gather information is extremely valuable to an organization.
There are 4 different types of data analytics each serving a different purpose:
- Descriptive Analytics: mines data for meaning and patterns
- Predictive Analytics: anticipates future trends and strategies through the examination of present data
- Diagnostic Analytics: accesses data to determine why a particular event happened
- Prescriptive Analytics: uses data to develop recommended paths forward for a business
Each of these types of analytics serves a different purpose for a business, but understanding each can help make sure you are maximizing the full potential data analytics can bring. The era of big data has arrived and changed the role of analytics in every aspect of our lives, you can no longer be successful as a business without its’ adoption.
2W Tech is a technology service provider specializing in solutions for the manufacturing industry. If you would like to learn more about data analytics or Power BI, give us a call. The era of big data and the digital transformation will wait for no one.