Types of Data Analytics.

Data analytics is typically categorized into four types: descriptive, diagnostic, predictive, and prescriptive.

• Descriptive analytics helps you know what has happened. It focuses on summarizing KPIs and metrics and visualizing key trends in historical data through analytical dashboards and visualizations (charts, graphs, etc.).
• Diagnostic analytics helps you know why something happened. It uses sophisticated data mining and statistical techniques such as drill-down analysis, cohort analysis, and anomaly detection to sift through massive datasets for hidden connections and correlations among data points.
• Predictive analytics helps you know what might happen. It uses powerful statistical models such as regression analysis and machine learning and deep learning algorithms to analyze historical and even real-time data to predict potential outcomes, like customer churn, market shifts, or equipment failures, empowering you to proactively take action.
• Prescriptive analytics helps you know what to do next. It builds upon the insights of predictive models and uses advanced algorithms like simulation and optimization to recommend the best course of action based on various potential scenarios.

---