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The simplest way to define descriptive analytics is that it answers the question “What has happened?”.

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Schedule Your FREE Demo Descriptive Analyticsĩ0% of organizations today use descriptive analytics which is the most basic form of analytics. Let's explore the different types of analytics and the value they bring in to any business -īuild a Project Portfolio and Find your Dream Machine Learning Job With Us! Many organizations do not know where to begin, what kind of analytics can nurture business growth, and what these different types of the analytics mean. After the organizations collect big data, the next important step is to get started with analytics. The big data industry is growing at a rapid pace due to various applications like smart power grid management, sentiment analysis, fraud detection, personalized offerings, traffic management, etc. According to IDC, the big data and analytics industry is anticipated to grow at a CAGR of 26.4% reaching a value of $41.5 billion by end of 2018. Get FREE Access to Data Analytics Example Codes for Data Cleaning, Data Munging, and Data Visualization Types of Analyticsīig data analytics helps a business understand the requirements and preferences of a customer so that businesses can increase their customer base and retain the existing ones with personalized and relevant offerings of their products or services. In this article, we explore the three different types of analytics -Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics - to understand what each type of analytics delivers to improve on, an organization’s operational capabilities. Each of these analytic types offers a different insight. The three dominant types of analytics –Descriptive, Predictive and Prescriptive analytics, are interrelated solutions helping companies make the most out of the big data that they have. In fact, what distinguishes the best data scientist or data analyst from others, is their ability to identify the different types of analytics that can be leveraged to benefit the business - at an optimum. Big data analytics cannot be considered as a one-size-fits-all blanket strategy. The main goal of big data analytics is to help organizations make smarter decisions for better business outcomes. However, what do these really mean to businesses? The key to companies successfully using Big Data is by gaining the right information which delivers knowledge, which gives businesses the power to gain a competitive edge. Boardrooms across companies are buzzing around with data analytics - offering enterprise-wide solutions for business success. The big data revolution has given birth to different kinds, types, and stages of data analysis.