Analytics is defined as the systematic computational study of data or statistics. Business analytics is the method of examining business data in order to come up with useful insights that can help businesses make more informed decisions. There are four types of business analytics: descriptive, diagnostic, predictive, and prescriptive.
Descriptive analytics is concerned with identifying what has already happened. This involves collecting data, cleaning it up, and analysing it to discover patterns and trends.Diagnostic analytics is a step further than descriptive analytics. It entails figuring out why a pattern or trend is happening, or why an event occurred in the first place. Diagnostic analytics is important because it allows you to learn from past successes and failures so that you can improve your approach in the future.Predictive analytics is used to forecast future events based on current data.
Predictive analytics involves creating and validating models that make predictions about future behaviour, performance, and results. It entails gathering data, cleaning it up, and running statistical analyses to determine what trends and patterns are likely to emerge in the future.Prescriptive analytics is the fourth and final step in the process. It goes beyond predicting what will happen and instead suggests a course of action to follow in order to achieve a specific goal.
For diagnostic analytics, Tableau, R Studio, and Microsoft Excel can be used. Predictive analytics can be accomplished using tools such as RapidMiner, KNIME, and DataRobot, while prescriptive analytics can be achieved using IBM’s Decision Optimization, AnyLogic, and SAS Analytics.
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