Data analytics is a process in which raw data is inspected and analyzed to draw a valuable conclusion based on the information extracted from the data. Data analysts use various techniques and tools to examine datasets. Python, Excel, and SAS are a few examples of tools that are commonly used in data analytics.
Data analytics techniques are used in various researches and businesses. An organization or business uses these techniques to study large datasets deeply. It makes them able to understand their customers better and design new strategies to improve their overall performance. Pursue a career in Data Analytics with the number one training institute 360DigiTMG. Enroll in the Best Data Analyst Course in Chennai to start your journey.
Primary Types of Data Analytics
Data analytics is generally divided into four common types. These types include:
Descriptive Analytics
As the name suggests, this type of analytics mainly describes “what is happening?” or what actually happened. Through descriptive analytics, you can investigate past performance and can measure success or failure. In it, the related data is gathered, processed, analyzed, and then visualized in the form of charts, reports, graphs, etc. Also, check out this Data Analyst Training to start a career in Data Analytics.
Diagnostic Analytics
Diagnostic data analytics answers the question “why did this happen?” In it, the findings of the descriptive Data Analytics Course are considered and analyzed deeply to determine the real cause. Did the change in weather lead to an increase in sales? Did the new strategy bring this effect? In it, the unexpected changes in the data are first recognized and collected then techniques are used to explain why these changes occurred. Don’t delay your career growth, kickstart your career by enrolling in this Data Analyst Training in Bangalore.
Predictive Analytics
It is linked with “predicting” what will happen in the near future. The historical data is analyzed and its trends are identified. It is then compared with the current data to check how big the chance of the recurrence of an incidence is. Many machine learning and statistical techniques are applied here.
Prescriptive Analytics
It uses predictive data to “prescribe” or suggest different actions that must be taken to avoid certain circumstances from happening. In prescriptive analytics, businesses use a combination of techniques including machine learning techniques, algorithms, etc. to make data-driven decisions. As prescriptive analytics is comparatively complex, only larger companies are able to use it to make decisions. Wish to pursue a career in data analytics? Enroll in this Data Analyst institute in Hyderabad to start your journey.
How Data Analytics can Help a Business Grow?
Growing a business becomes easy if you know how to implement data analytics properly. It can support a business in the following ways.
- Data analytics lets you understand the interest of your customers. It offers effective suggestions on how to design a campaign or content strategy based on your customer’s interest.
- Through this you can save your money and time by putting your efforts in the right direction from the start.
- It shows the performance of your campaigns. Then analyzes historical and current data to recommend the changes that you must bring in order to improve a campaign’s overall result. You can make your marketing strategies more effective by making educated decisions.
- It evaluates data and informs you about your customer’s communication preferences and needs. It will assist you to develop a stronger relationship with your customers. Your customer service will become better which will eventually boost your sales.
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