Types of Data Analytics

There are different types of data analysis in which raw data is converted into valuable insights. Some of the types of data analysis are mentioned below:

1. Descriptive Data Analytics : Descriptive data Analytics is a type of data analysis which summarises the data set and it is used to compare the past results, differentiate between the weakness and strength, and identify the anomalies. Descriptive data analysis is used by the companies to identify the problems in the data set as it helps in identifying the patterns.
2. Real-time Data Analytics: Real time data Analytics doesn’t use data from past events. It is a type of data analysis which involves using the data when the data is immediately entered in the database. This type of analysis is used by the companies to identify the trends and track the competitors’ operations.
3. Diagnostic Data Analytics: Diagnostic Data Analytics uses past data sets to analyse the cause of an anomaly. Some of the techniques used in diagnostic analysis are correlation analysis, regression analysis and analysis of variance.The results which are provided by diagnostic analysis help the companies to give accurate solutions to the problems.
4. Predictive Data Analytics: This type of Analytics is done in the current data to predict future outcomes. To build the predictive models it uses machine learning algorithms, statistical model techniques to identify the trends and patterns. Predictive data analysis is also used in sales forecasting, to estimate the risk and to predict customer behaviour.
5. Prescriptive Data Analytics: Prescriptive data Analytics is an analysis of selecting best solutions to problems. This type of data analysis is used in loan approval, pricing models, machine repair scheduling, analysing the decisions and so on. To automate decision making companies use prescriptive data analysis.

Data analytics, also known as data analysis, is a crucial component of modern business operations. It involves examining datasets to uncover useful information that can be used to make informed decisions. This process is used across industries to optimize performance, improve decision-making, and gain a competitive edge.

In this article, we will explore the different types of data analytics, methods used in data analysis, jobs related to data analytics, and the importance of data analytics in today’s world. Let’s begin by understanding the basics of data analytics.

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