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Evolution of data analytics

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