What Are Various Types of Data Analytics Today?

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.

data analytics companies in India

Data Analytics used by Business Analytics companies is of four different types.

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.

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.

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 top 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.

Location: Kolkata, West Bengal, India

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