4 types of data analytics to improve decision making

When executed effectively, data-driven decision making can have a tremendous impact on the long term success of a business.

Business intelligence and big data have grown to become the most popular buzzwords of the 21st century. These two aspects of a business help us make better decisions in the future, as well as analyze a business's past performance.

According to a recently published business intelligence market study, the financial services, retail or wholesale and technology organizations are set to increase their business intelligence budgets by over 50% in 2022.

This means there is an opportunity for data analytics graduates who have gained expertise in interpreting data insights and developing learning algorithms. Graduates in the field can become part of this revolution and help businesses spot threats and anomalies, implement data analytics tools and scale the technologies to overcome challenges.

If you want to learn about the types of data analysis that are available and the data analytics strategy that every business should be aware of, then undergoing a Diploma in data analytics is the best route to gain information about using the right mix of advanced data analytics techniques to obtain fact-based insights.

Learn how data-backed decisions can help you efficiently manage your business.

How can data analysis help improve business decision making?

Data analysis is a multidisciplinary, dynamic field that involves the process of applying algorithms, operating systems and scientific methods to clean, inspect, model and transform unstructured and structured data, and translate complex information into understandable insights.

The diploma in data analytics course offered in London can help you get acquainted with the different types of data analysis methods and ways they can be leveraged to support decision-making objectives and handle a diverse array of business issues.

Who needs data analysis?

Data analysis can come in handy for shaping the future of almost every business.

So, if you're part of a thriving company or planning to work on your entrepreneurial ideas to bring them to life, having clarity about the different levels of complexities of data analysis and the different methods by which they can be used in business progression is vital.

Studying the essential core modules of the diploma in data analytics programme will enable you to generate tailored recommendations and draw predictions to drive impactful decision making.

Types of data analysis

Powerful data analysis techniques have the potential to improve organizational performance, impact strategy formulation and drive effective decision making.

These are the most sophisticated versions of data analytics based on their added value and complexity:

1. Descriptive analytics

This form of data analytics allows finance professionals, product managers and marketers to extract raw data from multiple data sources and summaries previous company behavior to give a holistic view of its strengths and weaknesses.

2. Diagnostic analytics

This is the next phase of the data analytics procedure that is conducted from descriptive data gathered to discern patterns, identify dependencies and eventually make breakthroughs by reaching the root cause of all business problems.

3. Predictive analytics

This involves the basic process of utilizing current data to determine potential business outcomes by leveraging statistical modelling techniques such as the Bayesian analysis or time series data mining, to forecast customer behavior and inventory levels.

4. Prescriptive analytics

The final form of data analytics uses advanced neural network algorithms, artificial intelligence and machine learning tools and technologies to eliminate future problems, based on sales history and personalized consumer recommendations. 

What type of data does your business need?

The above-mentioned types of data analytics are intertwined with each other to ultimately generate a clear vision of future perspectives and establish potential data-driven processes.

If you are confused about the right mix of data analytics that is suitable for your brand then you must make a note of:

• The specific business problems that are encountered regularly
• The type of data insights you seek to mitigate those problems
• The level of progress data analytics has made within your company

Apply effective data visualization and business intelligence practices to avoid encountering major issues in the future and achieve higher objectives by earning a Diploma in Data Analytics qualification from the London School of Business and Finance Singapore (LSBF) today!

This is a great option for international aspirants who are looking for options to undergo practical training on data analytics projects that are designed for working professionals, which can allow you to contribute towards digital transformation in your unique way.

FAQs

What are the other types of data analytics?

A few other forms of data analytics techniques include accessing data via the user-friendly web interface, updating data from third-party databases and demonstrating data visualization formats for improved clients’ productivity.

How can beginners learn data analysis?

If you are a beginner and want to become a data-driven leader then choosing to study a Diploma programme in data analytics can help you deepen your industry-relevant skills and apply them to real-world business situations.

Where can I study data analytics in Singapore?

London School of Business and Finance, Singapore is a great place to kick start your data analytics career path. The course is designed to deliver knowledge from the simplest type of analytics to more advanced and complex types, depending on the guidance you're seeking.