There are several different types of data analytics, and the specific types used by a business will depend on its goals and objectives. Some common types of data analytics include:
1. Descriptive analytics: This type of analytics focuses on summarizing and describing data in order to understand what has happened in the past. It is often used to create reports and dashboards that provide a high-level overview of key metrics and performance indicators.
2. Diagnostic analytics: This type of analytics is focused on understanding why something has happened by digging deeper into the data. It is often used to identify trends and patterns in the data, and to diagnose problems or issues in order to improve performance.
3. Predictive analytics: This type of analytics uses data and statistical models to forecast future events or trends. It is often used to identify potential opportunities or risks, and to make predictions about how the business is likely to perform in the future.
4. Prescriptive analytics: This type of analytics goes beyond predictive analytics by providing recommendations or actions based on the data and analysis. It is often used to help businesses make data-driven decisions and optimize their operations.
5. Cognitive analytics: This type of analytics uses artificial intelligence and machine learning techniques to automatically analyse and interpret data. It is often used to discover hidden insights and patterns in the data, and to make predictions and recommendations without the need for explicit programming.
Overall, these are some of the most common types of data analytics, and they can be used together to provide a comprehensive view of a business’s data and help it make informed decisions.
