Anyone who understands business analytics would know its importance in helping modern businesses grow. There is little doubt in how effective sound data analysis can be in figuring out how a business operates.
If you are a business analytics professionals, you are bound to know its different types. Business analytics is not a one-stop practice which covers only one sector or industry. It can be manipulated and modified to fit into different sectors based on their requirement. For example, the need for business analytics in finance is different from its need in manufacturing. Each field, each company has its own requirements of business analysts.
Broadly speaking, there are four main types of business analytics. In this article, we discuss the same.
Descriptive Analytics
The most basic form of business analytics, descriptive analytics is basically focused on using the given set of data to understand how a business performed in the past and how it’s doing at present. The most basic techniques of data aggregation and mining are used for descriptive analytics.
Predictive Analytics
As the name suggests, predictive analytics focuses on the state of a business in the future. This type of analytics uses the same types of techniques and data sets as used in descriptive analytics with the aim to predict future trends and patterns.
Diagnostic Analytics
Diagnostics is the analysis of data to find out why certain events happened. Diagnostic analytics covers how certain events happen based on a given data set.
Prescriptive Analytics
Prescriptive analytics goes beyond mere analysis and prediction and instead recommends a course of action which could set a given business on the right path.
In Conclusion
Business analytics is a large field which covers many different domains. Like every prominent field which is receptive to the changes of the modern world, business analytics is the same and serves different industries across the board. Anywhere there is a need for greater business efficiency, data analytics finds a home and business analysts are welcomed as essential personnel.
In this article, we covered the different types of business analytics that are a crucial part of the field. If you have genuine desire to learn more about the field, consider joining the top business analytics institute in Delhi, Kapil Heera Academy.
About the Author
Atreya Mukherjee is a well-known writer and blogger. Her interests range from business analytics to technology and marketing. She has a penchant for developing new business models and suggestions for budding businesses