Analytics which have used many modern day organizations. There are been four types of data analytics which are used in most of the business sectors.
Types of data Analytics
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
1. Descriptive Analytics – What happened?
Descriptive Analytics which shows the current data , whats happening currently. It is the live data, which is accurate.
For Example:- A cricket match between England and Australia. Since the current score, run rate, and player strike rate
2. Diagnostic Analytics- Why it is happened?
Diagnostic Analytics which find the root cause, to know why it is happening. On which data is based or changed. Diagnostic Analytics are made with the Data collected by Descriptive Analytics.
Find of the cause will comes under Diagnostic Analytics.
Continued the First Example:- Assume England is scoring well, Finding the cause of scoring well comes under Diagnostic Analytics. This might be finding the cause of some player is playing well Or any oppoent player is got hurt or not playing well due which Australia is performing
3. Predictive Analytics- What might Happen?
Predictive Analytics which show what might happen in the future likewise Forecasting. Analytics helps in finding what is going to happen in the future based on the historical data or live data, such as an increase in demand future due to a decrease in price.
Continued Second Example:- So, the Forecasting the opponent team score, with Historical data of each player’s.
Predictive Analytics is forecasting or what might happen in future.
4. Prescriptive Analytics- What Should we do?
Prescriptive Analytics is to know what to do for Predicted Data. Whereas it is the next step to Predictive Analytics. Decisions made for the predicted future is by use of Prescriptive Analytics.
Whereas, the predicted data is been analyzed with the help of Algorithm and Machine learning. Suitable next best decision is going to decide.
For Example:- Based on Predictive Analytics England predicted that there can be a chance of losing the match. Therefore, England chooses that next best strategy for batting side or bowling side.
All types of business sectors (sports, hospital, stock exchange, and etc) use these four types of data analytics. Whereas Future of the business depended on the analytics. In some cases three or two types in some sector or cases.