{"id":21392,"date":"2022-11-28T17:25:00","date_gmt":"2022-11-28T17:25:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=21392"},"modified":"2023-02-14T10:23:14","modified_gmt":"2023-02-14T10:23:14","slug":"types-of-analytics","status":"publish","type":"post","link":"https:\/\/businessyield.com\/business-planning\/types-of-analytics\/","title":{"rendered":"Types of Analytics: How to Apply them in any Business","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
Some of the most successful businesses across the globe are those that constantly make learning and adaptation a habit. Regardless of the field of operation, it’s critical to always understand and analyze what’s happened in the past, what’s happening now, and what might happen in the future. But the big question is, how do businesses go about this? Well, the answer starts and ends with simply understanding the different types of data analytics. <\/p>\n\n\n\n
In recent times, however, there’s been a shift beyond the conventional types of analytics we are accustomed to. Times are changing together with a whole lot of processes, including in data\/business analytics. And like we know from science, the plan is always to move from the known to the unknown. But that’s something I will unveil at the end of this post. <\/p>\n\n\n\n
In the meantime let’s begin with the basics…<\/p>\n\n\n\n
Most businesses collect data on a regular basis, yet this data is meaningless in its raw form. What matters is what you do with the information. Data analytics is the process of analyzing raw data in order to uncover patterns, trends, and insights that might provide valuable information about a certain business area. These data-driven insights are then leveraged to make wise decisions.<\/p>\n\n\n\n
However, the kind of insights you can derive from your data is determined by the type of analytics you set into motion. And for confirmation sakes, there are four types of analytics; descriptive, diagnostic, predictive, and prescriptive. <\/p>\n\n\n\n
So if you’re ready to understand how the different types of analytics work and why they are a very useful tool in business growth<\/a>, then I urge you to stay glued to your device a little longer.<\/p>\n\n\n\n Meanwhile, if you’re looking for a specific type of analytics, use the clickable menu above to get to the appropriate section.<\/p>\n\n\n\n