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Analysis

The document discusses the four main types of big data analytics: diagnostic analytics, descriptive analytics, prescriptive analytics, and predictive analytics. Descriptive analytics analyzes raw data to identify trends and insights, while diagnostic analytics investigates why certain events occurred. Prescriptive analytics suggests optimal business strategies based on data insights, and predictive analytics forecasts future outcomes.

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48 views4 pages

Analysis

The document discusses the four main types of big data analytics: diagnostic analytics, descriptive analytics, prescriptive analytics, and predictive analytics. Descriptive analytics analyzes raw data to identify trends and insights, while diagnostic analytics investigates why certain events occurred. Prescriptive analytics suggests optimal business strategies based on data insights, and predictive analytics forecasts future outcomes.

Uploaded by

shivamjana40
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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There are four main types of big data analytics:

1. Diagnostic analytics
2. Descriptive analytics
3. prescriptive analytics
4. predictive analytics.

Various tools for processes used are

data mining, cleaning, integration, visualization, and many others, for improving
the process of analyzing data and ensuring the company benefits from the data
they gather.

Diagnostic analytics

Diagnostic analytics is one of the more advanced types of big data analytics that
we use to investigate data and content. Through this type of analytics,we get
the insight to answer the question, “Why did it happen?”. So, by analyzing data,
we can comprehend the reasons for certain behaviors and events related to the
company you work for, their customers, employees, products, and more.

Example

Let’s say there has been a drastic change in a product’s sale even though you
have not made any marketing changes to it. You would use diagnostic analytics
to identify this anomaly and find the casual relationship for such a change. Some
tools and techniques used for such a task include: searching for patterns in the
data sets, filtering the data, using probability theory, regression analysis,
and more.

Diagnostic analytics benefits


The benefits of diagnostic analytics include a better understanding of your data
and various ways to find the answers to company questions. This type of analytics
enables businesses to understand their customers by using tools for searching,
filtering, and comparing the data produced by individuals.

Descriptive analytics

Descriptive analytics is one of the most common forms of analytics that


companies use to stay updated on current trends and the company’s operational
performances. It is one of the first steps of analyzing raw data by performing
simple mathematical operations and producing statements about samples and
measurements. After you identify trends and insight with descriptive analytics,
you can use the other types of analytics to learn more about what causes those
trends.

You will need to use descriptive analytics when dealing with finance, production,
and sales. Some tasks that require this type of analytics include the production of
financial reports and metrics, surveys, social media initiatives, and other business-
related assignments.

Descriptive analytics benefits

Descriptive analytics offers many benefits. One of its main benefits, however, is
that it helps companies make sense of the large amounts of raw data they gather
by focusing on the more critical areas. Descriptive analytics has changed the
way companies do business. Nowadays, they use this type of analytics to
understand their current business situation better in comparison to the past. It is
a crucial step in data analytics, and without it, it would be impossible to anticipate
any future trends or make data-driven decisions.

Prescriptive analytics

Prescriptive analytics takes the results from descriptive .Predictive analysis finds
solutions for optimizing business practices through various simulations and
techniques. It uses the insight from data to suggest what the best step forward
would be for the company.

Google is one of the many companies that use this type of analytics. They made
use of it when designing their self-driving cars. These cars analyze data in real-
time and make decisions based on prescriptive analytics.

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Prescriptive analytics benefits

Some benefits of prescriptive analytics include improving processes, campaigns,


strategies, production, and customer service. By using statistics and modeling,
this type of analytics helps manufacturers better understand the market and
anticipate its condition in the future. It also assists them in setting their priorities
straight and seeing what course of action can lead to greater financial gains.

Predictive analytics

As the name suggests, this type of data analytics is all about making predictions
about future outcomes based on insight from data. In order to get the best
results, it uses many sophisticated predictive tools and models such as machine
learning and statistical modeling.

Predictive analytics is one of the most widely used types of analytics today. The
market size and shares are projected to reach $10.95 billion by 2022, growing at a
21% rate for six years.

Predictive analytics benefits


The main benefit of predictive analytics is the reliable and more accurate forecast
of the future. Through the predictions made with this type of analytics,
companies can find ways to save and earn money, manage shipping schedules,
and stay on top of inventory requirements.

Using predictive analytics in the marketing department can help organizations


attract new customers and retain the old ones. By analyzing the customer’s data
or the current trends, companies can anticipate the customer’s needs.

Companies gather huge amounts of data every day, from their customers,
employees, collaborators, and so on. But, that data is worth nothing if you do not
know how to extract information from it. The biggest companies in the world are
using big data analytics and its types to grow their businesses.

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