Business analytic tool and its uses

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Business analytic tools are new technology to analyze huge chunks of interesting data. These types of tools can be used to analyze as well as predict the outcome of current trends.

Let us consider we have online shopping software where we upload every sell and purchase-related data in the system. By applying business analytic tools we can easily predict the following types of trends,

1. What types of products were sold at which months of the year?
2. What kind of products will be required for the customer and after which period?
3. Which types of products are sold poorly?
4. Trend analysis.
5. What types of products will be sold during which period of time?
6. Which range of products will be sold better in which area?

We can differentiate analytic in the following types,

1. Descriptive analytic,
2. Predictive analytic
3. Prescriptive analytic.

1. Descriptive analytic:-
     
     This type of analysis is used to summerise already existing data to find out more possible patterns. This is also known as Learning analytic.

2. Predictive analytic:-

    This type of analysis is used to analyzed existing data to learn the meaning of data to predict a better future.

3. Prescriptive analytic:-

    This type of analysis is used to analyzed existing data to improve an existing design or to predict a better plan or design.


Techniques

   There are different business analytic techniques available according to one's requirement based on different algorithms.

Different Business Analytic Tools:-

   Open-source

  1. R
 2. Python
 3. Apache Spark
 4. Apache Storm
 5. PIG & HIVE

   
   Commercial

  1. SAS
 2. Tableu
 3. Excel
 4. Qlikview
 5. Cognos
 6. Splunk
 7. Google Analytic
 8. Heap
 9. Alteryx