What Is Analytics?

Data analysis plays a crucial role in research. A set of figures and facts would not make sense without interpretation and contextualization. A systematic examination of raw data should be done properly for it to be meaningful and beneficial for organizations. Business owners and other professionals rely on analytics to strategize an effective marketing plan and make sound decisions. After a thorough analysis of data patterns, this information is presented through a report which would then be the basis for decision-making.

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Types of Analytics

There are various types of data analytics—each with a different purpose and complexity. In this short article, we will give you a gist of the four major types of analytics.

Descriptive Analytics: Descriptive analytics involves the study of historical data to identify patterns and draw comparisons. When organizations have a clear understanding of what happened in the past, they can determine their strengths and weaknesses which will be beneficial for future improvements.

Diagnostic Analytics: Instead of focusing on historical data alone, diagnostic analysis emphasizes on why something happened. It is significant when you want to discover the causality of a specific problem.

Predictive Analytics: The combined data from descriptive and diagnostic analytics is the foundation of predictive analytics. This branch of advanced data analysis helps organizations forecast future trends and events.

Prescriptive Analytics: Prescriptive analytics uses data from descriptive analytics to make recommendations for the course of action to take in the future. Moreover, it enables analysts to provide answers as to which will be the best step to take to prevent problems.

Analyze and Document Data Effectively

It is vital for businesses and organizations to perform data analytics for the optimization of their performance. After the process of analyzing raw data, documentation of these analyses is a must-have. Creating an analytics report from a blank page won’t be your problem if you download our professionally-written templates and sample documents. Look through our wide selection of analytics-related sample documents you can make use of to present the results of your data interpretation.

 

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