Delivering data is very crucial because this is how you communicate your knowledge / research / analytics at your work. Sometimes, you may find it difficult to create a proper, decent, and easy to understand data, so these are some types of data analysis that you could implement in your work :
- Descriptive
Descriptive analytics it describes what has happened without attempting to explain why it might have happened or construct cause-and-effect correlations. The objectives of this analytics is to deliver a read-able message. There are two primary methods : 1. Data Extraction, is The practice of compiling and presenting data in an abridged style; 2. Data Aggregation : Finding the pattern and trend amongst all the data gathered
- Diagnostic
The purpose of this analytics is to probe further discover the reason behind any occurance, finding anomalies, taking the right next step, and achieving goals. Investigation is the key action for this part, however, diagnostic analytics can be used to identify what is producing fruitful outcomes in addition to problem-solving.
- Predictive
At this point, your goals is to forecast future events that might happen after executing some actions, this will help you decide what to do next in your work, plan ahead, and minimizing the same mistakes. In order to generate predictions, predictive models look for patterns in the relationship between a set of variables, and you may use this to anticipate or creating mitigation for any failure in the future. For example, if you are having a restaurant, and you have predictive model / data that indicating correlation between seasonal behavior and sales, you may use this information to understand that your restaurant sales will increase in this summer due to lots of visitors or travelers stopped by during this holiday season.
- Prescriptive
Prescriptive analytics considers what has happened, why it happened, and what else might happen. This types provides guidance on how you optimize, be more effective and efficient. This also enables you to examine various possibility, decision, and impact for some occurance, thus you can choose which one is the best option amongst all of the provided data. At some point, this method requires some advance computer modelling technique and algorithm to create accurate essentials result, which leads to more absolut decision making at work
Any kind of business requires data utilization to improve and optimize their performance, works efficiently and more accurate, and minimizing flaws or failures that might occured in the future.