Q.Author Geoffrey Moore recently commented that
'Without big data analytics, companies are blind and deaf,
wandering out onto the Web like deer on a freeway.' To which
category of analytics was he referring in this quote? Descriptive
analytics Predictive analytics Prescriptive analytics All of
them?
Answer:
For any beginner in Analytics just knowing the definition of Big
Data Analytics will not do much good when there are processes
involved in working with Data and concepts related to different
types of Analytics.
- Descriptive Analytics: Descriptive Analytics
tells what has happened.Analysis always plays an important role to
identify what is all going on whether it is your career, your
company or your personal growth. Sitting down for some time and
analyzing all that has happened in your career for last one year
will take you to a deep understanding of what could go right, where
have you reached, how far you are from achieving your goals and if
you are on a right track or not. This was a simple analysis of your
career in the past year. Take the same case with the business. A
company analyses his growth by analyzing the historical data. The
analyzation of the historical data helps businesses to know whether
it is gaining profits or suffering from huge loss. It also helps it
identifying the wrong decision that it has taken in the past.
- Predictive Analytics: Simply analyzing the
position at where your business lies and identifying what has
happened in the past to your business will do no good unless you
make predictions of what could happen in the future. Predictive
analytics plays an important role in the fact that the predictions
made by analyzing the data help the business to identify probable
events for the future. Predictions make the processes useful when
businesses already know of future events and take measurable steps
which are required by it to grow.
- Prescriptive Analytics: Prescriptive Analytics
make use of the insights taken by Descriptive and Predictive
analytics and helps a business to take only those decisions which
will foster the growth of the Business. Prescriptive Analytics
finds its utmost importance in the fact that a right prescription
for the business takes the business to the heights. Even if you
know what could happen in your business in future and where your
business lies at present without a right decision of what should
you do to enhance growth and generate profit for your business is
waste. " What should you do in your Business or What decision you
should take?" is the most important question that is asked by
Business Professionals.