Analytics is basically the statistical analysis of collected information or data from a system. It is also used for the analysis, interpretation, and communication of meaningful statistical patterns from data. It also involves applying certain statistical patterns to practical decision-making. Analytics can be applied to both large-scale and small-scale systems. It can be applied in a wide range of domains, including scientific fields such as biology, medicine, public health, the environment, telecommunications, and more.
Analytics can be broadly classified into three different categories, depending on how they are applied. Here are the main types:
Behavioral Analytics: This type of analytics involves the study and measurement of human behavior by means of sophisticated mathematical models. These models are usually based on psychological science, sociology, evolutionary psychology, or behavioral economics.
Statistical Analytics: This type of analytics involves the use of statistical models and data to make predictions about a system or process. These predictions can be either quantitative or qualitative. They can be used to predict what will happen next, as well as how something will change. Some examples of statistical algorithms include the Fisher-Yates, Bayesian, Heuristics-Based, Neural Networks, and Reinforcement Learning Algorithms.
Cognitive Analytics: This type of analytics involves using algorithms or programs to study and model human behavior. The algorithm used can analyze and make predictions on future behavior based on previous decisions. For example, one might train an algorithm to look for patterns in human behavior. Once it finds a certain pattern, it then makes an educated guess at what may happen in the future based on its observations.
Systems and Processes Analysis: This type of analytics involves the study of systems and processes. A system is a collection of elements that interact with each other, such as a computer system, a business system, or a household system. Processes are the actual processes that go on inside those systems.
Organizational Analytics: An organizational analyst analyzes the organization or business using tools, software, and data sources. The tools used include metrics (such as performance indicators, measures, and surveys) that allow an analyst to analyze and predict trends over time. Data can be used to find out which activities are successful or failed.
There are many types of analytics. Some of them can be done in the business or organizational domain-specific domains. Others can be applied to the broader domains of the human, societal, environmental, organizational, financial, biological, financial, organizational, financial, and organizational domains. Analytics can also be used to predict the future of the business or its systems.
Business Analytics: These types of analytics are used to predict how a business will do in the future. These predictions are made based on past data, models, and algorithms that have been created to predict future behavior based on previous data. Business analytics can also be used to create new models that can make better predictions about what will happen in the future.
Social Analytics: Social analytics is also known as social modeling. It is often used in the business or organizational domains because it makes predictions about behavior in a social group. A model can be created and tested to create a model based on existing data.
Process Management Analysis: Process management analysis of process, planning, design, and control is another form of analytics. A good process analysis will show a business how their process works and how changes will affect the quality and effectiveness of the process.
Process management can be used to analyze all aspects of the process, including processes such as manufacturing, sales, marketing, and service. Process management can also be used to identify and eliminate processes that are ineffective and to build more effective ones. Analytic software can also be used to show the process, plan, and control, for an entire process or an individual aspect of the process.
When you think about these types of analytics, think of them as broad tools that can be used to improve a business. These are the areas where the human intuition and creativity are combined with the scientific principles of the field to create the best business practices.