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.
Its various categories include prescriptive in which, data is worked on in the correct manner so that rules and regulations are put into place. For every organization, there must be rules and regulations to be followed. This indicates that it has a wide area of applicability. However, only very few companies apply this type when deciding on its rules and regulations.
Another type is the predictive one where an occurrence is analyzed to determine what the future is made of. The patterns that have been exuded by the past events can be used to predict what lie ahead. If a rainy season has failed, then it could be predicted that drought and famine are the next future occurrences. From the posts on the social media, the companies can predict the rate of sales of a certain item depending on likability.
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.
The business managers also learn the sales of items from other retail shops or other companies around it or away. Looking out of box behaviors helps in gathering information that is of importance in improving the business performance. If the business around is not selling an item that is in great demand by the customers, then that is the item to think about.
Studying the attitude of the customers can be an excellent source of information to the business. In many Muslim countries, they do not like consuming pork. Therefore, any business located in these places should avoid selling pork because there is going to be little or no sales. The attitude can be studied by conducting a survey.
Its various categories include prescriptive in which, data is worked on in the correct manner so that rules and regulations are put into place. For every organization, there must be rules and regulations to be followed. This indicates that it has a wide area of applicability. However, only very few companies apply this type when deciding on its rules and regulations.
Another type is the predictive one where an occurrence is analyzed to determine what the future is made of. The patterns that have been exuded by the past events can be used to predict what lie ahead. If a rainy season has failed, then it could be predicted that drought and famine are the next future occurrences. From the posts on the social media, the companies can predict the rate of sales of a certain item depending on likability.
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.
The business managers also learn the sales of items from other retail shops or other companies around it or away. Looking out of box behaviors helps in gathering information that is of importance in improving the business performance. If the business around is not selling an item that is in great demand by the customers, then that is the item to think about.
Studying the attitude of the customers can be an excellent source of information to the business. In many Muslim countries, they do not like consuming pork. Therefore, any business located in these places should avoid selling pork because there is going to be little or no sales. The attitude can be studied by conducting a survey.
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