From the course: Introduction to Business Analytics
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Three types of analytics
From the course: Introduction to Business Analytics
Three types of analytics
- What comes to mind when you hear the term analytics? Big data, predictive modeling, optimization and statistics are common answers that I often hear. And these terms are all related to analytics but people tend to focus on the flashier aspects that fall under the umbrella of the term analytics. The truth is that 90% of businesses today are not on the advanced level of analytics, that requires big data and predictive modeling. They are only on step one of three in terms of the phases of analytics. The first type of analytics is called descriptive analytics. This type of analytics is by far the most common. It looks back at your historical trends to shed some light on what's working. It mostly leverages internal data sources that your organization is creating, such as sales or marketing data. The second type of analytics is predictive analytics and this phase of analytics is quite a bit more sophisticated than descriptive,…
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