Analytics do more than just predict trends in the future. They can solve problems, improve efficiency, and even identify new income opportunities. There are four kinds of data analysis:
Descriptive Analytics
Descriptive analytics identify trends in the present moment. If you’ve experienced an inexplicable surge in sales or an indefinable drop in productivity, descriptive analytics will give you insight.
Diagnostic Analytics
If you’ve experienced a worrying change but don’t know what caused it, diagnostic analytics are designed to answer your questions. A data analysis company such as https://shepper.com/ will gather insights from surveys and demographic data to diagnose the cause.
Predictive Analytics
Data can enable you to look into the future and tell you what you can expect in the coming years. Analysts can assess historical information in search of trends that will repeat themselves in the future. Predictive analytics can prepare you for your next important decision. They will ultimately give you the information you need to exploit historical trends.
Prescriptive Analytics
Prescriptive analytics go beyond what happened and what is to come by telling you what you should do next. They’re the most advanced data analysis on the table because they must optimise actionable steps to produce a defined goal. Prescriptive analytics often use simulations and tests to identify patterns.
Data analytics ask four questions: What’s happening, why is it happening, what’s coming, and what should we do next? If you can answer those four questions, you can boost your odds of business success and make insightful choices that benefit you.
