Four Major Types of Business Analytics Programs Popular Today

Posted by Great Learning on September 23rd, 2019

Business Analytics refers to a process that is used for the systematic and methodical exploration of the data of an organization, with a distinct focus on Statistical Analysis. Business Analytics is extensively used by organizations that are fully committed to making the most accurate data-driven decisions. These data-driven enterprises usually treat their data as a type of corporate asset.

They actively search for ways to turn this data into a competitive advantage. Effective and successful business analytics depends on a magnitude of factors, including the quality of data and the competency of the professionals analyzing them. To get the best results through Business Analytics, several modern companies are hiring expert professionals belonging to this domain. This factor has boosted the employment opportunities in this field, thereby making it an ideal sphere to pursue a career in. Candidates interested in this field can easily choose to acquire Business Analyst training in Gurgaon or some other such flourishing IT hub. The demand for Business Analytics is especially high in companies specializing in IT services, and hence these cities tend to house the best institutes offering programs related to this field.

Types of Business Analytics

Business Analytics can be of four major types, which are:

• Descriptive Analytics:Much like its name implies, in this process, raw data is summarized and subsequently converted into a descriptive form that can be understood easily by people. They can describe any past event in thorough details. Descriptive Analytics especially aids in deriving patterns from any past events, if any. It also enables people to draw interpretations from the data, so that they are able to frame more efficient strategies for the future. Descriptive Analytics is known to be one of the most common types of analytics used in modern enterprises. It is extremely helpful in revealing important business measures and metrics within any organization.
• Diagnostic Analytics:The various diagnostic analytical tools available are considered to be the ideal methods that help people to dig deeper into a certain problem pertaining to a business organization. These tools go a long way in enabling analytics to identify the root cause or source of a problem. In a typical structured business environment, the various tools belonging to both diagnostic and business analytics tend to go hand-in-hand.
• Predictive Analytics:This type of analytics helps businesses to accurately predict future trends, on the basis of various current events. In the case of the predictive analytics, usually multiple distinguished but co-dependent variables are thoroughly analyzed, so as to predict a trend relating to them.
• Prescriptive Analytics:This type of analytics is used in order to explain a particular step-by-step process. This sphere of business analysis deals with adequately identifying the best course of action for a particular situation in hand. Prescriptive analytics may also be used to find decision options for how to best use any future opportunity, or even mitigate any type of future risk.

People can easily pursue a short-term course in Business Analytics to know more about its various types as well as their applications.