Big data analytics is the fostering field and numerous companies are showing their interest in it. Nowadays businesses are understanding that they are wasting a great and amazing opportunity by not gathering the useful insights and data they get from their potential and new customers using big data.
It is not just data as technology is a trend, there are many trends in big data as well that are catering and rounds the best piece of the cake to the businesses based on many industries. The expansion of the big data market is growing phenomenally and as per a report this data analytics market is expecting to grow at a CAGR of 29% to $40 billion by 2023.
After experiencing the exponential growth of many big data analytics firms, they come up with great solutions. Having a leading company that provides the best big data services to resolve the issues and give great advantages. Big data analytics provide help to your business in the long run.
In this article, we will knuckle down the term data analytics by briefing down into the different types of data analytics
Types of Data Analytics
Descriptive Analytics
Descriptive analytics offers a comprehensive view of key metrics and measures within the company. This analyses the data available in real-time and the old data to derive informatively and meaningful insights to build the future of the organization. The main objective to use descriptive analytics is to find the reason behind the success or failure of the company in the past.
The best instance for this analytics would be a profit and loss statement of a company in the same way descriptive analytics can process the data on a huge population of the customer deeper into mastering the demographic information of these customers can be classified as descriptive analytics.
Diagnostic Analytics
After understanding the descriptive data enables the brilliant diagnostic analytics tool to understand the deep issues with the help of drill-down and queries to eradicate the main cause of the problem. In short or in simple words, this analytics is ascertained against the historical data to find out the answer to the question “why this happened”.
With the help of diagnostic analytics, companies are now able to make ways to pick their dependencies and to discern patterns. There are many companies that are using this type of analytics as it provides them deep insights regarding the particular problem.
Predictive Analytics
Predictive analytics involves past data patterns and trends to accurately forecast future business results. It will help in determining the realistic goals for the company and its effective moderating and implementing expectations by manipulating the descriptive and diagnostic analytics.
Big enterprises like Walmart and amazon leverage the high-in-value type of analytics to decipher future sales, customer behaviors, purchasing patterns, and many more.
Prescriptive Analytics
This is the place where artificial intelligence and big data come into the actionable mode. The basic aim of prescriptive analytics is to define what action should be taken to figure out the future problems and prescriptive analytics is the point that helps businesses to understand the reasons for complications and the course of action.
This analytics shares insightful data with possible results that eventually boost business metrics. When companies use prescriptive analytics it gives a huge impact on the overall operations and future business growth.
Conclusion
We hope that from this article you get an excellent idea about the types of data analytics. In the upcoming years, more and more businesses will adopt data analytics and leverage its advantages. From this blog, you will know some basics about the types of data analytics that will help you in choosing the right option as per your business requirements.
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