Evolution of data analytics
Four Types of Data Analytics
- Descriptive
- Diagnostic
- Predictive
- Prescriptive
Descriptive : What’s happening in my business?
. Comperhensive, accurate and live data
. Effective visualisation
Diagnostic : Why is it happening ?
. Ability to drill down to the root-cause
. Ability to isolate all confounding information
Predictive : What’s likely to happen?
. Business strategies have remained fairly consistent over time
. Historical patterns being used to predict specific outcomes using algorithms
. Decisions are automated using algorithms and technology
Prescriptive : What do I need to do ?
. Recommended actions and strategies based on champion / challenger testing strategy outcomes
. Applying advanced analytical techniques to make specific recommendations