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There is voluminous data available to businesses for various kinds of work processes. To get maximum utility from this flood of data, companies are moving to big analytics solutions to gain insights from the huge amount of data for improving decision making.
Let’s find out how deep one should go into data in search of a more useful  and reality-based insight.

4 Types of Data Analysis

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

1. Descriptive analytics

Analytics process which uses data gathering and data mining to provide insight into the past and provide answer is called descriptive analytics. Descriptive analytics or statistics do the same things are per its name implies they “Describe(Explain)”, or summarize raw data & info and make it something that is illustrated by humans.

2. Diagnostic analytics

At this point of time, history-based data can be evaluated against other data to answer the question of why something happened. Thanks to the Big Data Company which provides diagnostic analytics services in which there is a chance to drill down, to find out the dependencies and to identify patterns. Enterprise business goes for this diagnostic analytics service, as it gives a deep insight into a specific problem.

3. Predictive analytics

Predictive analytics uses the findings of descriptive and diagnostic analytics techniques to find out tendencies, clusters and exceptions, and to predict upcoming trends, which makes it an important tool for business forecasting.

4. Prescriptive analytics

This prescriptive analytics technique has very refined data tools and technologies, like machine learning, business rules and algorithms, making it a sophisticated process to implement and manage the business needs. 

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