--- title: Are you familiar with the types of Business Analytics? description: Are you familiar with the types of Business Analytics? image: https://blog.prophetic-technology.com/hubfs/austin-distel-Imc-IoZDMXc-unsplash.jpg --- [hello@psdtohubspot.com](mailTo:hello@psdtohubspot.com) [+91 8874569874](tel:+91%208874569874) Hours : Opens 10:00 AM To 07:00 PM [![logoHD](https://blog.prophetic-technology.com/hs-fs/hubfs/logoHD.jpg?width=2500&name=logoHD.jpg "logoHD")](https://www.prophetic-technology.com/) - [Home](https://www.prophetic-technology.com/home) - [Subscribe](https://www.prophetic-technology.com/pt-blog-subscribe-opt-in-consent?hsCtaTracking=174cc371-9cdc-4b94-a32e-9007f0ac4dea%7C0776642c-2604-4695-8e3f-f7a74f10031a) - [Contact Us](https://www.prophetic-technology.com/contact-us-old) - [analytics](https://blog.prophetic-technology.com/topic/analytics) - [business](https://blog.prophetic-technology.com/topic/business) # [Are you familiar with the types of Business Analytics?](https://blog.prophetic-technology.com/are-you-familiar-with-the-types-of-business-analytics) A significant per cent of corporation operates on some Business Intelligence approach. Which are the... [Read More →](https://blog.prophetic-technology.com/are-you-familiar-with-the-types-of-business-analytics) - [supply chain (286)](https://blog.prophetic-technology.com/topic/supply-chain) - [technology (138)](https://blog.prophetic-technology.com/topic/technology) - [logistics (81)](https://blog.prophetic-technology.com/topic/logistics) - [procurement (69)](https://blog.prophetic-technology.com/topic/procurement) - [optimisation (65)](https://blog.prophetic-technology.com/topic/optimisation) Posted by [Dave Food](https://blog.prophetic-technology.com/author/dave-food) on Mar 5, 2020 2:51:31 PM ![Dave Food](https://app.hubspot.com/settings/avatar/9fa060d35f0f962fafafe972c24035ae) Find me on: [Facebook](https://www.facebook.com/davefood) [LinkedIn](https://www.linkedin.com/in/davefood) [Twitter](https://www.twitter.com/davefood) A significant per cent of corporation operates on some Business Intelligence approach. *Which are the most common applications?* ·       To *collect* customer or seller’ *profiles*. ·       To *evaluate the achievement* of product-publicity campaigns. ·       To *carry out performing-reviews* centred on pre-classified metrics. **Business Analytics market divided into three types:** ·       **Descriptive Analytics** – “*What happened?”* (visualisation, reporting, Data Mining.) ·       **Predictive Analytics**: *What will happen?* (Insights, simulation, regressions analysis, causal forecasting.) ·       **Prescriptive Analytics** qiuestions *"What should I do about it?"* (insights, decisions, actions, optimisation.) Not long ago a Gartner study included the *fourth concept* of Advanced Analytics: **Diagnostic Analytics**, encompassing *cognitive* and *Artificial Intelligence* (**AI**)*, Machine Learning* (**ML**), Natural Language) and defined as centred on *self-learning* or *natural language processing* competencies. ·       **Diagnostic Analytics** - It focuses on *"What did it happen?”* (Insights – what-if, root cause, query analysis.) **How to operate these Analytics tools?** **Descriptive Analytics** For instance, an *Analyst* in charge of all **Business Analytics** activities needs to start *collecting as much information* as possible to know what the problem was. His *responsibility* is to *record such data* on *dashboards* looking for answers to present to his boss. The boss has been worried about the *budget* and how to *adjust to it*. The **Business Analyst** decided to generate *a report*, *updating expenses in real-time*, on *paid advertising*, *trade shows* and *promotions*, or in any other area.  These easy-to-comprehend *dashboards* are an excellent example of **Descriptive Analytics** — it’s a *collection of historical events* brought together into easy-to-grasp dashboards, frequently *mirroring actions* when they take place. The dashboard allows for *identifying how the budget was used*; the *historical data* and *prospect* *spends aim* in the future, whilst *contrasting current expenses* with *past* performing. **Diagnostic Analytics** *Gartner’s fourth concept* It is a variety of Advanced Analytics that *assesses the collected information* or *content* to response the question, “*Why did it happen?*” It is typified by procedures like *data discovery*, *drill-down, data mining* and *correlations.* This *deep-analysis* and associations is the **Analytical** stage of **BI**. It *involves grouping data* *appropriately* to understand *why something happened*. **Predictive Analytics** Predictive Analytics is on *the grow*, representing a vital per cent in the *market perception*.  Typical applications are: ·       To evaluate the possibilities of customer blend, grounded on stages of engagement and other significant considerations. ·       To supply aimed-product campaigns to website visitors established on recent website activity. ·       To clarify if *a lead* is ready for sales built on specific features and engagements. We require a *form of Analytics* that facilitates us *to predict* the probability of all these events like customer's uneasiness, deal close, etc. **Prescriptive Analytics** This brilliant Marketing Analyst embarks on *collecting significant* Marketing and Sales data, such as brand and website engagement, in-detailed customer’ behaviour, deal closures and losses, campaign information, etc.  He then takes advantage of a selection of *statistics-modelling approaches* to include *regression analysis, multivariate statistics, pattern matching, a predictive modelling, forecastin*g, to link the data and predict the possible results with significant impact on the Marketing performance. **Marketing chiefs can section the data by:** ·       Specified *persona features*. ·       Engagement *metrics, campaigns* and more. ·       To better *target* diverse *market segments*. ·        *Forecast* possible customers’ tension, so *the Client Success* team gets involved before it occurred. ·       To *improve messaging* by understanding how a message can resound within the *audience segments* crossways emails, websites, social channels. **SUMMING UP:** Do not stay just *describing, analysing* or *predicting* an event that might come about; it is not enough! You have to go further on your Marketing efforts, or they could be blurred rapidly, as *unpredictive events* might happen and *customers* could *become agitate*d. **Dave Food** [Prophetic Technology](https://www.prophetic-technology.com/) **Subscribe to our emails & exclusive free content.** **[![I want to subscribe](https://no-cache.hubspot.com/cta/default/2979069/174cc371-9cdc-4b94-a32e-9007f0ac4dea.png)](https://cta-redirect.hubspot.com/cta/redirect/2979069/174cc371-9cdc-4b94-a32e-9007f0ac4dea)** - [analytics](https://blog.prophetic-technology.com/topic/analytics) - [business](https://blog.prophetic-technology.com/topic/business) - - - ## Post Your Comments Here #### About Us Prophetic Technology is a team of dedicated people that combine their expertise in business domains with a passion to release potential.s every page it appears on. 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