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Saturday, April 20, 2024

Types of Business Analytics You Should Know About

A career in Business analytics is definitely worth following. After all, data analytics is applicable in almost every industry you might think about. If this is not enough, you will never run out of options when looking for the best Business analytics opportunity to leverage. All it takes is for you to determine what goes into each opportunity before enrolling at an institution that offers business analytics courses Singapore.

Either way, it is in your best interest that you have a slight insight into the different types of analytics available before deciding on anything. Actually, this action will go a long way in making sure you prepare yourself fully for what lies ahead. Below are some of the types of analytics you should know about.

Descriptive Analytics

Descriptive analytics is aimed at making sure you keep track of everything that’s happening in your business. To pull this off successfully, analytics professionals have to mine and aggregate raw data through a real-time dashboard. It is then that they can gain comprehensive, accurate, in-the-moment analytics.

While some view the practice of data mining to be a less useful part of the big data value chain, it can still prove beneficial. That is mainly the case when it comes to identifying patterns of behavior that might influence future outcomes.

Diagnostic Analytics

Unlike Descriptive analytics, Diagnostic analytics looks at the past experience of campaigns and processes to determine what is happening and why. If this is not enough, it isolates all confounding information. Through this action, you can identify an accurate cause-and-effect relationship without going through a lot.

Predictive Analytics

Predictive analytics is aimed at figuring out what is likely to happen in the future. For this to happen, analytics professionals make use of statistical models and forecasting techniques to predict likely scenarios of what might happen based on insights from big data. This type of analytics can be used to support complex forecasts.

The Bottom Line

These are some of the common types of analytics you should know about. When looking to build a successful career in analytics, it is essential that you count on a reputable institution that offers business analytics courses Singapore. While it might take some time before you finally find the best from the large pool of Business schools in Singapore, it is way worth it in the end. 

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