If you search for the definition of analytics, it comes out something like this…Analytics is the systematic computational analysis of data or statistics. Let’s add to that… which is used to interpret and/or communicate patterns in data. There, that makes it much clearer. Doesn’t it? Analytics turns patterns and data into information that can be used to inform decision making.
There are 3 main types of data analytics that are used in business to make sense of the mountains of data that is collected – Descriptive, Predictive, and Prescriptive.
Each type of analysis has a place in a business workflow depending on the maturity of the business. Each type builds on the last, becoming more complex, but increasing the value that each has a use in the decision-making process.
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