Analytics : 5 Types Explained

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How much value are you willing to extract?

This week, I once again experienced writer's block. If you had asked me in February, "What would your 40th blog post be about?" I would probably have laughed and shrugged.

However, in the midst of not knowing what to do next, I asked myself, "What is Analytics?" and discovered five sub-categories.

While constructing a mind map in Coggle, I realized that each type of analytics posed one question and required a specific skillset to obtain the answer.

Each answer was assigned a different value, akin to the by-products of a sugar cane distillery.

Alcohol is perceived as a high-value product of cane juice when compared to sugar crystals. 

Therefore, the value comes from the level of processing rather than the starting materials.

With that being said, here are the five questions answered by the five types of analytics:

Descriptive: What Happened? 

Value: $1.00

Think of a news reporter telling you about past events or current situations, they are simply stating the facts and it is up to you to make a decision on what to do with that information. Maybe after hearing about the new budget for the country you decide to look closely at your spending habits? 

Tools: Microsoft Excel and Tableau. 


Predictive: What May Happen Next? 

Value: $10.00


The meteorologist comes on and says "Mostly sunny with a chance of isolated showers in the afternoon". It helps in anticipating future events, enabling you to plan and strategize accordingly. Perhaps, you make the effort to put your umbrella in your car? 

Tools: Python with scikit-learn and R


Diagnostic : Why Did It Happen?

Value: $100.00

Those in quality control and assurance roles use diagnostic analytics to investigate and identify the causes of defects or issues in products or processes. By identifying the reasons behind particular results, organizations can make informed decisions to prevent or replicate those outcomes.

Tools: Apache Hadoop and Google BigQuery


Prescriptive : What Can We Do About It? 

Value: $1000.00

A nutritionist will collect data on your current eating habits, lifestyle, health goals, and preferences. Upon analyzing this data, they not only predict potential health outcomes but also prescribe a personalized nutrition plan.

Tools: Alteryx and MiniZinc

Cognitive : What Would A Human Do?

Value: $10,000.00


This approach goes beyond traditional analytics by delving into the realm of understanding and predicting human decision-making and behavior. Think of the now-ubiquitous ChatGPT!

Tools: TensorFlow and Microsoft Azure Cognitive Services


Resources


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