Getting familiar with the major types of data analytics is crucial once you decide to initiate data-driven operations.
Industries currently benefiting from big data analytics and insights the most are using custom software solutions and tools per their business needs.
The BFSI sector remains the topmost contributor to business intelligence and market share, followed by the healthcare, agriculture, real estate, and telecom segments.
So, what are the different types of data analytics, and why do businesses need to know them? Let's unveil the answers for you.
What is Data Analytics?
Data analytics involves analyzing datasets to find trends, variations, and patterns that can influence your business decisions. It uses big data techniques to drive insights that help experts identify future risks and mitigate them in advance.
It is related to business analytical tools but different. Unlike BI software, which retrieves data from systems and collects it in a pool or warehouse, data analytics works differently.
Business analytics can be as simple as a spreadsheet with a statistical function or as complex as a sophisticated data mining tool. In contrast, data analytics is more about accessing, managing, and analyzing information for improved business decisions.
Ideally, companies would use their data to derive value from them. Such data includes web servers, log files, customer, financial, sales, and transactional data.
Source by: https://www.bluent.net/blog/types-of-data-analytics/
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