analyticsaclimageMost businesses today are collecting a massive amount of data from their operational, marketing, transactional, financial and other systems.

Like crude oil, data needs to go through refining steps, such as collection, hygiene and transformation, before it becomes meaningful. At the pinnacle of this data refinement process is analytics, which is the process for generating hindsight, insight and foresight to make the data actionable and useful for business decisions.

Analytics can be broken into four major types, each employing various analytical methods. As a rule, most business decisions require a combination of different types of analytics.

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