Data Analytics

The field of data analytics comprises three key disciplines: descriptive, predictive, and prescriptive analytics. Each of these disciplines holds significant importance in the data analysis process and plays a crucial role in driving business operations forward.

Types of Data Analytics

The field of data analytics comprises three key disciplines: descriptive, predictive, and prescriptive analytics. Each of these disciplines holds significant importance in the data analysis process and plays a crucial role in driving business operations forward.

Descriptive Analytics

Descriptive analytics plays a crucial role in uncovering the narrative within the data. This established discipline offers important insights into the question "What happened?" - a fundamental aspect for businesses to effectively convey their outcomes to stakeholders. Through the establishment of key performance indicators (KPIs), businesses can actively monitor their achievements and draw valuable lessons from setbacks. This comprehensive procedure encompasses collecting pertinent data, refining it, conducting analysis, and presenting it in a visually compelling way, empowering businesses to extract meaningful insights from their historical performance.

Predictive Analytics

Predictive analytics enables us to gain insight into current events and their underlying causes. This discipline offers a glimpse into "What will happen? And What should I do?" By analyzing real-time and historical data, we can uncover patterns and determine the probability of their repetition or alteration. This field encompasses a variety of statistical and machine learning methods such as feature selection, neural networks, decision trees, and regression.

Prescriptive Analytics

The implementation of prescriptive analytics involves harnessing insights from predictive analytics to inform data-driven decisions, particularly in situations characterized by uncertainty. This methodology relies on machine learning strategies to discern patterns within extensive datasets. Prescriptive analytics uses insights from predictive analytics to make data-driven decisions in uncertain situations. This approach relies on machine learning strategies to identify patterns in large datasets.