Descriptive analytics analyzes historical data to identify patterns and relationships. It helps businesses understand what has happened in the past by describing events and outcomes through reports, dashboards, and visualizations. Descriptive analytics answers questions about past performance metrics like sales, complaints, and revenue.
Descriptive analytics analyzes historical data to identify patterns and relationships. It helps businesses understand what has happened in the past by describing events and outcomes through reports, dashboards, and visualizations. Descriptive analytics answers questions about past performance metrics like sales, complaints, and revenue.
Descriptive analytics analyzes historical data to identify patterns and relationships. It helps businesses understand what has happened in the past by describing events and outcomes through reports, dashboards, and visualizations. Descriptive analytics answers questions about past performance metrics like sales, complaints, and revenue.
Descriptive analytics is a statistical interpretation used to analyze
historical data to identify patterns and relationships. Descriptive analytics seeks to describe an event, phenomenon, or outcome. It helps understand what has happened in the past and provides businesses the perfect base to track trends. Results are typically presented in reports, dashboards, bar charts and other visualizations that are easily understood. Descriptive Analytics generally answers “What Happened?” or “What is Happening?” Descriptive analytics helps to answer questions such as: o “How much did we sell in reach region?” o “How many and what type of complaints did we resolve?” o “What was our revenue and profit last quarter?”
gggg Process/steps of Descriptive Analytics
Quantify the Identify relevant data Organize the data
Goal (Business (Data Understanding) (Data Extraction and Understanding) Preparation)
Presentation Data Analysis
1. Quantify goals: The process starts by translating some broad
business goals, such as better business performance, into specific, measurable outcomes such as sales-by-product, cost-per-sale or conversion rate. 2. Identify relevant data: Teams need to identify any types of data that may help improve the understanding of the critical metric. The data might be buried across one or more internal systems or various third-party data sources. 3. Organize data: Data from different sources, applications or teams needs to be cleaned and normalized to improve analytics accuracy. 4. Analysis: Various statistical and mathematical techniques combine, summarize and compare the raw data in different ways to generate data features. 5. Presentation: Data features may be numerically presented in a report, dashboard or visualization. Common visualization techniques include bar charts, pie charts, line charts, bubble charts and histograms.
Application of Descriptive Analytics:
Descriptive analytics can be used to summarize different types of data. The following kinds of data can all be summarized using descriptive analytics: Financial statements Surveys Social media engagement Website traffic Scientific findings Weather reports Traffic data