Understanding different types of Analytics

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Are you uncertain what analytics to perform for your business?

Data is a valuable resource to your company in making the right decision at the right time giving you the edge among your competitors. Data should be aiding you instead of harming you wasting your time, effort and resources. Many big company have specialized department for Data analyst focusing on getting the precise information needed for each department.

Types of analytics

Each data provide you with different information. Below are few of example

Descriptive Analytics.What is happening to your business?
This is the most common form of analytics where we capture key measures / matrix of the data.
Such example can be standard reports
eg: What is the call volume for August? What is the average sales of product for the past week?
Predictive Analytics.What will likely happen to your business?
Many business strategies involve around Predictive analysis to predict outcome based on historical trends. They are able to capture these insights automatically using algorithm and technology such as our AI & Machine Learning tools.
eg: Which customers are likely to call? Which customer are likely to buy certain product on certain days?
Prescriptive Analytics.What do you need to do?
This is the pinnacle of analytics where data are optimized for recommended actions or strategies based on testing strategy outcome. Applying advanced technique of analytics to make specific recommendations
eg: How many manpower needed required to handle the call volume? How many raw materials for specific product?
Diagnostic AnalyticsWhy is it happening to your business?
The ability to spot outlier from your data provides you with useful information. Like Six Sigma, the ability to drill-down to the root cause and isolated the segment.
eg: Why certain calls are specifically long? Why certain product sell well in location A but poorly in B?

“All in all, analytics can be dynamic and unique to your business. Finding the right tool and the right people may help you to determine business outcome and strategies. There’s not a generic or “a one size fits all” solution.”

To find out how you can view the data you want it to enable business strategies, stay tune to our next blog where we share a real business case scenario and how we provide solution for our client based on their current ERP/ cloud accounting software.


If you have questions about your Data, you can contact us via the form below!