Four Types of Analytics and How to Use Them
Four Types of Analytics and How to Use Them https://www.analytics8.com/blog/what-are-the-four-types-of-analytics-and-how-do-you-use-them/ In today's data-driven landscape, organizations are often overwhelmed by the sheer volume of information available. Without proper tools to analyze this data, valuable insights can be missed. Data analysis is crucial for solving these issues. There are four primary types of analytic strategies: Descriptive, Diagnostic, Predictive, and Prescriptive. Each offers unique ways to understand past and present data and to make future predictions. 1. Descriptive Analysis: "What Happened?" Descriptive Analysis is key for understanding historical events and trends. It's commonly used in examining sales figures, performance, or productivity. By analyzing past data, companies can lay the groundwork for more advanced analytical strategies. 2. Diagnostic Analysis: "Why Did It Happen?" While Descriptive Analysis identifies what happened, ...