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Data Analytics

Making Better Business
DecisionsUsing Data

Data Analytics

Data Analytics Solution is the science of analyzing raw data to make conclusions about that information, thus helping businesses to optimize their performance. A company can use Data and Analytics Services to make better business decisions, analyze customer trends and satisfaction, thus leading to new and better products and services.

Data and Analytics Services is a broad field that encompasses many diverse types of Data Analysis Solutions. However, the four primary types are:

  • Descriptive
  • Diagnostic
  • Predictive
  • Prescriptive

Each type of Data and Analytics Service has a distinct goal and unique place in the process of analyzing data.

Data Analytics - Vestrics Solutions
Data Analytics - Vestrics Solutions

Descriptive Analytics

Descriptive Analytics answers the question about what happened. Descriptive Analytics interprets the historical data to understand the changes that have occurred, obtaining a view of performance and trends that decision-makers can base their business strategy on. Businesses can also use this information to identify the areas of strength and weaknesses in their organization.

Data Analytics - Vestrics Solutions

Diagnostic Analytics

Diagnostic Analytics involves Data Discovery, Drill-down, Data Mining, and Correlations. Businesses can perform this analysis to get more value out of data for their organization by asking the right questions and getting answers specific to their challenges.
Data Analytics - Vestrics Solutions

Predictive Analytics

Predictive Analytics answers the questions about future prediction. These techniques and tools involved use historical data to identify trends and provide valuable insight into what may happen in the future. Its techniques include various statistical and machine learning techniques, such as neural networks, decision trees, and regression. Businesses can apply predictive analytics to interpret data for their benefits.
Data Analytics - Vestrics Solutions

Prescriptive Analytics

Prescriptive Analytics answers the question about what should be done. Insights from predictive analytics help make data-driven decisions. Businesses can use this to make informed decisions based on optimizing the result of future events. Prescriptive analytics techniques rely on machine learning strategies that can find patterns in large datasets. Analyzing past decisions and events helps estimate the likelihood of different outcomes.

These various types of Data Analytics Solutions help businesses to optimize their operations and organization. Businesses can make improved decisions and make their operations more efficient.

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