How Can Companies Benefit From Descriptive Analytics?
Nowadays the companies mine data so that they can draw the inference from the data and accordingly take measures so as to produce the output which will ultimately lead to profit. As we all know Descriptive Analytics involves dealing with the past data, companies can use this technique to identify the trends, outliers and accordingly take the steps. This technique ensures that the companies can understand the data easily and interpret it. Descriptive Analytics give a clear picture about the metrics and key performance indicators. Analysis also helps in decision making and mitigate the risks in future.
What is Descriptive Analytics and how does it summarize past data in a simple way?
The term Analytics means analyzing the patterns or the trends of the data. Since data comprises patterns it is important to analyze them so that the companies can harness the results to gain profit. The term descriptive means description.
In this article, we will discuss What is Descriptive analytics, the Tools used for Descriptive analytics, how they work and How can it able to benefit other companies.
Table of Content
- What is Descriptive Analytics?
- What tools can be used for Descriptive Analytics?
- How does Descriptive Analytics work?
- Summarizing Past Data using Descriptive Analytics
- Advantages of Descriptive Analytics
- Disadvantages of Descriptive Analytics
- How Can Companies Benefit From Descriptive Analytics?
- Conclusion