Descriptive Analytics: Focuses on summarizing past data to understand what happened. It often involves creating reports, dashboards, and visualizations that provide a snapshot of historical performance.
Diagnostic Analytics: A deeper dive into data to understand why something happened. This involves exploring correlations and causal relationships within the data.
Predictive Analytics: Uses historical data and statistical models to predict future trends, behaviors, or outcomes. It often employs machine learning algorithms to forecast future scenarios.
Prescriptive Analytics: Recommends actions based on data insights. This type of analysis helps organizations make better decisions by suggesting optimal strategies or solutions.
Cognitive Analytics: Combines artificial intelligence and machine learning to simulate human thinking, allowing for advanced problem-solving and decision-making in complex scenarios.