October 20, 2020

Types of Business Analytics

Business Analytics is probably one of the most important IT function for any business, pertaining to  the insight and business value, it can generate for any enterprise. Its ability to look beyond clutter of data and generate sensible interpretations for strategic decisions, makes it so valuable.
But, are you aware that business analytics is a generic term and under the hood, it comes in multiple forms, as follows:

  • Descriptive Analytics: This is the most basic form of analytics and very closely resembles the erstwhile Business Intelligence. In one of our posts on Descriptive analytics, we discussed it at length.
  • Diagnostic Analytics: Diagnostic analytics helps analytics professionals in determining why something happened?
  • Predictive Analytics: Predictive analytics can help an organization predict the expected outcome based on the analysis of past data. In one of our earlier posts on Predictive analytics, we have discussed it in details.
  • Prescriptive Analytics
  • Outcome Analytics

This article on types of Business analytics discusses all types in details.
Cheers

Abhishek Srivastava

Abhishek Srivastava is a seasoned IT professional with diverse experience in Banking, Insurance, Utility and Education domains. Managing large accounts, Program management & Developing business solutions has been his forte.An NIT / IIM Kozhikode graduate, He founded Techcanvass (https://techcanvass.com) in 2013. With Techcanvass, He is pursuing his dream of creating an organization imparting quality education to IT professionals. He believes that learning is a lifelong journey and one must never stop learning.He also loves writing and sharing his knowledge. Some of his notable books are ERP to E2RP, UML Modelling for Business Analysts, Business Analysts Practitioners Guide, Software Testing: A practical Approach. All these books are available on Amazon.

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