4 Data Analytics Types to help you make informed business decisions

1. 4 Data Analytics Types to help you make informed business decisions Businesses are dependent on data and nobody can deny that. Data helps businesses to understand their customers better and improve the loopholes. But without properly analyzing the captured datasets, how can a business attain insights from them? This is where data analytics and data analytics types come into the picture. This article will discuss the types of data analytics and throw light on what types of data analytics should be used by businesses due to their sizes. So, let’s dive right in! 1. Descriptive analytics The simplest form of data analytics is descriptive analytics. With descriptive analytics, answering the question ‘what’ becomes easier. Techniques like data mining, clustering, data aggregation, metrics reports, summary statistics, etc. fall under the umbrella of descriptive analytics. Businesses frequently use descriptive analytics for measuring sales trends, marketing trends, and/or financial trends. 2. Diagnostic analytics This data analytics type answers the question ‘why’. Diagnostic analytics is a type of data analytics that seeks to identify the cause behind an event. It focuses on developing the cause and effect relationship. After you have applied descriptive analytics and obtained insights from datasets, you can use diagnostic analytics to gain a broader perspective of the event. With proper techniques of diagnostic analytics, you can identify the underlying patterns and how the different factors are related to each other. Simply said, diagnostic analytics is for in-depth analysis. It can include correlation, regression, sensitivity analysis, probability, etc. Diagnostic analytics is a flexible data analytics type that can be used for various reasons. When used with proper data analytics tools, it can cater to varied business needs.

2. 3. Predictive analytics Predictive analytics is the type of data analytics that is used to mine historical data and generate forecasts. And, is all about using statistical modelling to produce predictions for the future. This data analytics type is more complex than the above two types of data analytics. 4. Prescriptive analytics Prescriptive analytics is the type of data analytics that offers future recommendations. If you want to know what’s next, prescriptive analytics is your go-to data analytics type. It is based on predictive analytics but comes with suggestions as to what and how can be done for the future. Based on these recommendations, decision-makers can chalk out their action plan. Top 5 Data Analytics Tools to Accelerate Your Business Growth Here is a sneak peek of the data analytics tools and/or data analytics software. Since there are plenty of data analytics tools in the market, you might get confused about which data analytics tools or data analytics software to go for. 1. Google Data Studio Google Data Studio is one of the best data analytics tools that rules across industries. It is a free data visualization and dashboarding tool that easily integrates with other Google applications like Google Analytics, Google Ads, etc. This data analytics tool is great for companies that need to analyze Google data. 2. Tableau Tableau is a data analytics software or rather a business intelligence tool that can help you level up your business. This data analytics software lets you work on live datasets enabling you to spend more time analyzing the data rather than data wrangling. You can use this data analytics software to create reports and share them across different platforms. It can run both on-premises or on the cloud. 3. Microsoft Excel Microsoft Excel doesn’t need any special introduction as it is the commonest data analytics software used across businesses in various industries. From small businesses to enterprises, Excel is one data analytics tool that you’ll find everywhere. It helps businesses with standard analytics to slightly complex ones. 4. Microsoft Power BI Power BI is one of the top business intelligence platforms that supports dozens of data. It allows businesses to create and share visualizations, dashboards, and reports. This data analytics software also allows you to combine dashboard groups and reports. 5. RapidMiner RapidMiner is an interesting data analytics tool that does the job of cleaning, transforming, and integrating data before running predictive analytics and other statistical models. The data analytics tool has a simple graphical interface that can perform nearly all of the functions. For More info Visit- https://www.ishir.com/