4 types of data analysis essential for a good strategy

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Data analysis is crucial to almost every area today, being a mechanism to drive informed decision- making and successful business strategies .

However, to truly harness the power of data, it is essential to understand the different types of analytics available.

So, in this article, we’ll explore the four main types of data analytics: descriptive, exploratory, inferential, and predictive – and how each can provide valuable insights to drive business success .

Discover the 4 types of data analysis
Descriptive analysis
Descriptive analysis is the starting point for any data analysis project. This phase luxembourg phone number library focuses on summarizing data in an understandable way, using techniques such as mean, median, and histograms.

Thus, by describing basic patterns in data, descriptive analytics lays a solid foundation for more advanced analysis.

Exploratory analysis
As we move into exploratory analysis, the goal is to investigate the data more deeply for patterns, trends, and hidden relationships between variables.

Techniques such as cluster analysis and data visualization are key at this stage, helping to identify valuable insights that can inform future business strategies.