Analytics

Analytics

• In this world everyone is communicating by using devices and social networks, due to this a huge amount of data is generating.
• Companies are analyzing the generated big data to improve the business.
• After analyzed the big data, companies are reaching their customers to understand their thoughts and views.

 Example

• Generally selling product companies used to check review, comments, feedback and suggestions from social networks and e-com websites to improve their upcoming products.
• Ultimate target of any product company,
• Should be stand in better position then previous in terms of business.
• At the same time should be competitive with other companies.

So, companies following these analysis, these are divided into four types,

1. Descriptive analysis
2. Diagnostic analysis
3. Predictive analysis
4. Prescriptive analysis

1. Descriptive analysis

• The simple meaning of descriptive analysis is what is happening?
• Even sometimes we can saying, provide the information about happened situations.
• Examples
• Amazon offered one product then how the customers bought that product.
• Once Sehwag twitted regarding girls achievements in Olympics then after his tweet followers were increased for that particular tweet

2. Diagnostic analysis

• The simple meaning of diagnostic analysis is Why did it happen?
• Diagnostic analysis means is a deeper understanding about the data, to understand cause of events and behaviors.

3. Predictive analysis

• The simple meaning of predictive analysis is What will happen in future?
• Predictive analysis is used to understand the future expectations, trends and provide the information about what will be happen in future.

4. Prescriptive analysis

• The simple meaning of prescriptive analysis is What is the next best action?
• Prescriptive analysis is used to apply the best decision actions for improvement.

                     

Thanks for your time.

-Nireekshan