There are many types of analytics today, each showing a different picture to help drive change and address business problems. Some analytics are retrospective, like descriptive and diagnostic analytics. These analyses pinpoint “what” happened and “why” it may have happened, and are great for general reporting.
More traditional analytics, like business analytics, is important for establishing KPIs and other metrics for business intelligence. Then there’s more advanced analytics: Data mining, Predictive analytics, Prescriptive analytics, Big data analytics. What is advanced analytics? Advanced analytics is an umbrella term encompassing predictive analytics, prescriptive analytics, data mining, and other analytics using high-level data science methods.
Author: Devin Pickell