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Types of Analytics:
Descriptive analytics:
Descriptive analytics:
Examine what happened in the past.
monthly revenue, quarterly sales,
yearly website traffic...
Allows organizations to spot trends.
Predictive analytics:
Predictive analytics:
Seeks to determine likely outcomes by
detecting tendencies in descriptive
and diagnostic analyses. This allows an
organization to take proactive actions
like reaching out a customer who is
unlikely to renew a contract, for example.
Diagnostic analytics:
Diagnostic analytics:
Consider why something happened by
comparing descriptive data sets to identify
dependencies and patterns.
Helps an organization determine the
cause of a positive or negative outcome.
Prescriptive analytics:
Prescriptive analytics:
Attempts to identify what business action
to take. While this type of analysis brings
significant value in the ability to address
potential problems or stay ahead of industry
trends, it often requires technology such as
machine learning.
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