The world is beginning to be more informed on aspects like data analytics and the crucial role it could play in an organization. It is no wonder employees today consider hiring professionals that have data analytics experience to not only help them manage data but also scrutinize and sort them out to make informed deciphers. Edgar Radjabli explains why data analytics is important for businesses today. As a business you might wonder the right type of analytic skills to look for to make the best hiring. These here are the few types of data analytics you should pay attention to during your search.
Prescriptive analytics
Prescriptive analytics is a perceived to be a subsidiary of predictive analytics however they differ when details are scrutinized closely. It is among the three main options that companies can resort to when analyzing the data. Prescriptive analysis can be an ideal option for a situation that is still in motion or unfolding. It is the best for present situation cases and data analysis if you are handing large amounts of information from a proceeding event or phase.
Diagnostic analytics
This is also a type of data analytics which could be used for data being analyzed from past events and not in the present like prescriptive analysis. It is best if the company is trying to understand an event that happened in the past and the various ways it has affected the present. Some of the common hacks used in diagnostic analytics include drilling down, data mining and also correlation as techniques of analysis under the topic. Business can best use such analytic options to study customer behavior and trends in order to market according and also know the pain points they are to address with their services.
Predictive analytics
As stated in its name, predictive analytics focuses more on the future than in the present. You can therefore use current and past statistics to suggest the unfolding patterns that your business should be preparing for. It also uses techniques like data mining, machine learning also called artificial intelligence (AI) and data modeling to get the job done. It is considered one of the most used analytics option as it is ideal for different situations.
Cyber analytics
This is a new technique which business are considering today for the various obstacles and issues they face in the market. It combines cyber security skills along with analytical skills to determine threats and also prepare you to tackle different situations in the company. This form of analytics is however for big companies with enough budgets to invest in I.T services. Cyber analytic experts have wide range of tools and software that they use to find weaknesses in the organization security and design the best counter measure methods to safeguard the business.
Descriptive analysis
Descriptive analytics as you will learn from the details above is almost similar to diagnostics technique. They both use details from the past to try and find an answer to different questions. Diagnostic analysis seeks to establish the reason for an occurrence while descriptive analysis focuses on answering the question ‘what happened?’