Data analysis services are essential because they enable businesses to have their data collected, processed, and then presented as insights that they can take to avoid investing money and time to develop and administer their analytics solution.
Data analysis services offer several different types of analytics. These types are descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.
Descriptive analytics is a form of analysis that collects, organizes, and presents historical data to identify meanings or patterns.
Diagnostic analytics is an advanced form of analytics that examines content or data to discover an issue’s cause. These algorithms use owned proprietary data while also leveraging outside information from the likes of Google or LinkedIn reports helping find the cause and a way to fix the problem.
Predictive analytics uses data, machine learning techniques, and statistical algorithms to work out how likely a future outcome is based on the historical data available to try and provide the best possible assessment of future events.
Prescriptive analytics is focused on uncovering the best possible course of action in any scenario based on the available data. Data is gathered from various predictive and descriptive sources to apply them to the decision making process.
