"Information is the oil of the 21st century, and Analytics is the combustion engine" - Peter Sondergaard, Senior Vice President, Gartner. With loads of Data being created and the arrival of the Big Data huge opportunities have risen in terms of finding insights and relevant information out of the Data. Big Data Analytics is all about it- Getting useful insights or relevant information required by your business to grow. "Big Data is not about bits, it is about talent"- Douglas Merrill. Generating insights out of this huge data is time taking and obviously a work of dedicated attention. No company can prosper without the use of Big Data Analytics. Geoffrey Moore, Author and Consultant rightly said -" Without Big Data Analytics, companies are blind and deaf, wandering out onto the web like deer and freeway".
For any beginner in Analytics just knowing the definition of Big Data Analytics will not do much good when there are processes involved in working with Data and concepts related to different types of Analytics. Thomas Jefferson also said- "Not all Analytics are created equal". Understanding the types of analytics will what give a beginner a deep understanding of the workings involved with Big Data. For the same purpose, this article has been articulated with an intention to provide our readers with an in-depth understanding of the types of Analytics involved with Big Data Analytics.
Types of Analytics:
Analysis always plays an important role to identify what is all going on whether it is your career, your company or your personal growth. Sitting down for some time and analyzing all that has happened in your career for last one year will take you to a deep understanding of what could go right, where have you reached, how far you are from achieving your goals and if you are on a right track or not. This was a simple analysis of your career in the past year. Take the same case with the business. A company analyses his growth by analyzing the historical data. The analyzation of the historical data helps businesses to know whether it is gaining profits or suffering from huge loss. It also helps it identifying the wrong decision that it has taken in the past. This obviously is of huge importance to the business when these insights help businesses to identify its position and helps it to take measurable decisions which are required by the business to grow. This is all what Descriptive Analytics brief about. Simply put- Descriptive Analytics tells what has happened.
Simply analyzing the position at where your business lies and identifying what has happened in the past to your business will do no good unless you make predictions of what could happen in the future. Predictive analytics plays an important role in the fact that the predictions made by analyzing the data help the business to identify probable events for the future. Predictions make the processes useful when businesses already know of future events and take measurable steps which are required by it to grow.
Prescriptive Analytics make use of the insights taken by Descriptive and Predictive analytics and helps a business to take only those decisions which will foster the growth of the Business. Prescriptive Analytics finds its utmost importance in the fact that a right prescription for the business takes the business to the heights. Even if you know what could happen in your business in future and where your business lies at present without a right decision of what should you do to enhance growth and generate profit for your business is waste. " What should you do in your Business or What decision you should take?" is the most important question that is asked by Business Professionals.
Now we have reached at the end of our article, I hope you must have got a good understanding of these three types of analytics and things must have become quite clear to you now. Big Data Analytics is a vast and useful concept with many concepts to uncover in the upcoming articles.