Big Data Analytics refers to the process of analyzing big data to uncover information and trends. This information can be used by businesses to improve decision making. Businesses can use a variety of technologies to provide better results to drive them to profitability. The use of big data impacts the analytics processes used for analytics.
Type of Big Data Analytics
Descriptive Analytics
Descriptive Analytics is the basic type of data analytics. It uses the data to get information on the past trends. It can be used by business management to create a road map to enable the most profitable and efficient operations. It involves in depth analysis of data that uses various details such as data frequency, data trends etc. It can also help businesses to find the root causes of a prevailing problem in any company.
Predictive Analytics
It revolves around predicting a particular future on which the predictive analytics model was based. It predicts the near future events/actions probabilities for a particular problem. Various statistical formulations and models are used for getting results in predictive analytics. Other techniques used in predictive analytics include machine learning, data mining etc.
Prescriptive Analytics
On the basis of data obtained by above two analytics, this type of analytics suggests that what action can be taken For example In the manufacturing domain, it is important to minimize the costs of operation as well as transportation. So in this case prescriptive analytics can be used.
Steps in Prescriptive Analytics:
- Refinement of the raw big data.
- Applying models and rules to data
- Getting prescriptive analytics results – answering What, How and Why questions?
Advantages of Big Data Analytics in various domains:
Big Data Analytics comes with various advantages.
- The processing and recovery of information can be used to make suitable conclusions for a business.
- It can improve business output and profits.
- It can also improve the processes in which the business operates.
- Big Data Analytics can also be used to optimize the distribution, procurement, product development, management and marketing of any manufacturing operation.