There are three types of business analytics:
Descriptive Analytics:
This involves analyzing data using two methods, aggregation of large data and data mining. They condense this large information into smaller nuggets of information that can be understood and state the facts as it is. They help the business understand its historic database and its impact in the future.
Diagnostic Analytics:
This involves finding out the root causes of certain issues to ensure they won't be repeated in the future. It isolates various patterns to find the root issue affecting the business. Diagnostic analytics detect anomalies and find out the factors that affect the business.
Predictive Analytics:
This involves using the existing data to predict what is likely to happen in the future. It involves predicting the future steps necessary, forecasting market trends, and analyzing the competitor's websites to ensure the business remains at the forefront.