Jyoti Nigania

Hi,i am writing blogs for our platform House of Bots on Artificial Intelligence, Machine Learning, Chatbots, Automation etc after completing my MBA degree. ...

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Hi,i am writing blogs for our platform House of Bots on Artificial Intelligence, Machine Learning, Chatbots, Automation etc after completing my MBA degree.

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Data Analytics and It's Categorisation: Need to Understand

By Jyoti Nigania |Email | May 9, 2018 | 8076 Views

What is Data Analytics?
In 2018, data and data analytics can't be ignored. Data Analytics is quite big buzz these days.  Analytics is the combination of analysis and logics. Analytics can't be performed without software's. By applying data analytics we can draw conclusion about the any given set of information. Following are the three types of Analytics:

  • Descriptive Analysis: 
Describes what has already occurred. It helps the business understand how things are going. This is the past data and we are just preparing the summary of this data to understand it. It is more reactive in nature and mostly deals with the past. In short it is something what we observe. This is useful to us because from the descriptive analytics we can learn from the past behaviours, and understands how they will influence the future.
"By Descriptive Analytics when you need to understand at an aggregate level what is going on in your company, and when you want to summarize and describe different aspects of your business."

  • Predictive Analysis: 
It is the most popular and tells us what will probably happen in future as result of something that has already happened. This basically helps in decision making. They help the business forecast future behaviour and result. It is proactive means what will happen in future. In short this is the prediction for the future. That's why the foundation of predictive analytics is based on possibilities. Use Predictive Analytics any time we get to know about the future.
"Organisations use predictive analytic to get the difficult problems solved and uncover the new opportunities".

  • Prescriptive Analysis:
This is the last but not the least point that helps business prescribe the right course of action. They not only tell us what probably will happen but, also what should be done if it happens.  This is again a proactive in nature. In short this is the influencing factor and tells us the necessary steps what we should take. Use Prescriptive Analytics anytime you need to provide users with advice on what action to take.
Hence, predictive tells us what is going to happen next and descriptive tells the action what we should take to get something materialized.

For more insights watchout the video on "HOB Artificial Intelligence"

Source: HOB