What Are The 4 Main Types Of Data Analytics Services?

Teg Analytics

Artificial intelligence and advanced data analytics have been the main topic for debate and discussion for the past couple of years.

With the amount of development both these fields have seen over the years, it is enticing to jump right into the middle of it and discuss some trending topics.

One such topic that we'll be discussing today will be the four main types of data analytics services. So without any further delay, let's begin.

1- Descriptive analytics

The biggest solution that descriptive analytics gives is, what happened? Descriptive analytics handles the war data from various sources and provides valuable insights into the past.

The findings explain if there is something wrong or right. But they do not explain why it is wrong.

2- Predictive analytics

As the name suggests, predictive analytics might have the answer to what is likely to happen? It utilises analytics to find clusters, exceptions and find out future trends.

With predictive analytics, the professionals can bring in an advanced analytics type and figure out several sophisticated analyses solely based on deep learning and machine learning.

3- Prescriptive analysis

The answer to what action to take here is explained with the prescriptive analysis. It allows the professional to eliminate problems and take full advantage of promising trends.

For example, they can identify opportunities by looking at repeat purchases based on customer analytics and sales history.

Advanced tools and techniques are used to achieve this, such as business rules, complex algorithms, and machine learning.

4- Diagnostic analytics

This analytics does the job of explaining why something happened? Whenever a company wants an in-depth and detailed report on explaining a particular problem, they settle with diagnostic analytics.

This could only be made possible if the company has detailed information at its disposal, and data collection will turn out to be individual for every single issue. It will consume time and other resources.

Wrapping up

Several factors go into considering which type of data analytics services your company needs.

Once you've found the answer to those questions, you will get an answer to which data analytics services you need. To learn more, contact us at Teg Analytics.

Teg Analytics

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However, with the rapid evolution of technology and the proliferation of data sources, navigating the complex landscape of data analytics services can be daunting. One of the key industry standards for data analytics services is data governance. Another important aspect of industry standards for data analytics services is data integration. Furthermore, industry standards for data analytics services encompass data visualization and reporting. Whether it's enhancing data governance, improving data integration, or optimizing data visualization, embracing industry standards is key to driving innovation and achieving competitive advantage in the Web 2.

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