Question

It’s now the big data era. Massive amounts of data and processing are available, but you don’t need all of it. Many companies are struggling with digital analytics because they are trying to collect everything. What are some considerations your business can use for analytics on your owned media properties? Identify three types of analytics and the advantages and disadvantages of each one.

Answer 1

Owned media property, we can give analysis to customer which gave them unique information about our products and displaying new products and new information in the proper manner.

Three types of analytics are Predictive Analytics, Descriptive Analytics, Prescriptive Analytics.

1. Predictive Analytics:

Predictive analytics is totally based on prediction that what could happen in future. This is done by reading the current and the past trends. By doing all this procedure we can extract the deepest data and analyse them, we can term it as bottom to top analysis or root cause analysis.

This methods rely on the analysis of previous data. and requires data in bulk amount.

​​​​​​2. Descriptive Analytics:

Descriptive analytics is simple and easy form of analytics.

It is widely used by social analytics, It combine the wide data into the simpler form. Basically compress the data and gives us the conclusive outputs. More than 75% of organization stick on this type of analytics.

Descriptive does not goes beneath the root of the data and also does not give us decision making outputs.

3. Prescriptive Analytics.

​​​​​​It is basically the analysis of data which gives us some particular outcomes. It helps to achieve the best outcomes and used to make better decisions. Its main process is to suggest the outcomes by the data given by the descriptive and predictive method.

It also depends in analysis of previous data and also rely on the data given by other methods.