Several techniques are employed in data analytics to derive meaningful insights:
Descriptive Analytics: This technique summarizes historical data to understand what has happened in the past. Diagnostic Analytics: It focuses on identifying the causes of past outcomes by analyzing data in detail. Predictive Analytics: Using statistical models and machine learning algorithms, predictive analytics forecasts future trends and outcomes based on historical data. Prescriptive Analytics: This advanced technique suggests actionable strategies by analyzing data and predicting outcomes to guide decision-making.