Researchers are collecting data everyday trying to discover something new and also find out why things are the way they are. The type of information that they collect is a raw data, the data that has not been processed. To interpret the data, it must be processed. Analytics is the unearthing and communication of significant arrangements of data. It relies mainly on the use of statistics, operation research and computer programming to visualize certain arrangements of findings.
It is divided into different types. Prescriptive type indicates, or it helps in unearthing a precautionary measure that need to be taken. Despite its huge importance only very small organizations and companies apply it. It can be applied when setting regulations of a company. It can be applied clinically like when a significant number of patients are found suffering from malaria, and every staff member is advised to use mosquito bed net during the night from then henceforth.
Predictive is a type that analysis a scenario with an intention of determining what is likely to happen. The occurrences of the past and patterns are used to foresee what is likely to happen in the future. This type is used by the companies to enhance the sales and marketing. The companies are also getting the information from the media, and the data is analyzed, and the future events are predicted.
Diagnostic type is concerned with analyzing the historical events so that one acquires the information why and what caused the occurrence. From the social media, the companies can observe the comments of the customers especially after the occurrence of a phenomenal thing. If the comments are not pleasing at all, the can apologize.
The descriptive is used to determine what is happening currently depending on data flowing in. A company can know the quality of an item that is new to the market by analyzing the number and the frequency the customers buying it. If it is of good quality and meeting the expectations of customers, it is likely to sell at a fast rate than the one that does not meet their expectations.
Different methods are applied by the companies during collection of data. The behaviors of customers may be studied within the business. This can be achieved by looking at the sales of commodities within the business. This type of study is called inbox behavior study. A commodity that takes a very short time on the shelves needs to be stocked in large quantities.
Out of box behavior involves learning the behavior of customers outside the organization. That is observing from the outside. Looking at other retail shops the managers can know what customers want. If the sales of a certain good are very high in the nearby shop, then the managers ought to make the arrangements to ensure that the goods are purchased in large quantities.
From the stated attitudes of the customers, the business is able to collect the data that is analyzed to determine what the market requires. In countries where sports such as football are highly regarded, then businesses should consider selling television sets in large numbers. To learn the attitude of the customers concerning a particular item a survey is conducted.
It is divided into different types. Prescriptive type indicates, or it helps in unearthing a precautionary measure that need to be taken. Despite its huge importance only very small organizations and companies apply it. It can be applied when setting regulations of a company. It can be applied clinically like when a significant number of patients are found suffering from malaria, and every staff member is advised to use mosquito bed net during the night from then henceforth.
Predictive is a type that analysis a scenario with an intention of determining what is likely to happen. The occurrences of the past and patterns are used to foresee what is likely to happen in the future. This type is used by the companies to enhance the sales and marketing. The companies are also getting the information from the media, and the data is analyzed, and the future events are predicted.
Diagnostic type is concerned with analyzing the historical events so that one acquires the information why and what caused the occurrence. From the social media, the companies can observe the comments of the customers especially after the occurrence of a phenomenal thing. If the comments are not pleasing at all, the can apologize.
The descriptive is used to determine what is happening currently depending on data flowing in. A company can know the quality of an item that is new to the market by analyzing the number and the frequency the customers buying it. If it is of good quality and meeting the expectations of customers, it is likely to sell at a fast rate than the one that does not meet their expectations.
Different methods are applied by the companies during collection of data. The behaviors of customers may be studied within the business. This can be achieved by looking at the sales of commodities within the business. This type of study is called inbox behavior study. A commodity that takes a very short time on the shelves needs to be stocked in large quantities.
Out of box behavior involves learning the behavior of customers outside the organization. That is observing from the outside. Looking at other retail shops the managers can know what customers want. If the sales of a certain good are very high in the nearby shop, then the managers ought to make the arrangements to ensure that the goods are purchased in large quantities.
From the stated attitudes of the customers, the business is able to collect the data that is analyzed to determine what the market requires. In countries where sports such as football are highly regarded, then businesses should consider selling television sets in large numbers. To learn the attitude of the customers concerning a particular item a survey is conducted.
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