Data is just like the centre for cutting-edge businesses. It enables them to make savvy judgments, enhance what they present, and uncover new possibilities. That's where data analytics as a service (DAaaS) comes in. DAaaS lets organizations use robust data tools with no need to buy highly-priced software programs. Instead, they are able to get access to these services online and pay only for what they use. Let's look at 5 key types of data analytics that can assist you with digital transformation services.

1. Descriptive Analytics
Descriptive analytics is all about understanding what happened in the past. It looks at old data to find trends and patterns. For example, a software development firm might use descriptive analytics to see how long past projects took and how much they cost. This helps them plan better for future projects.

Descriptive analytics uses simple tools like charts and reports to answer questions like:
What were our sales last quarter?
How many customers did we have last year?
Which products were the most popular?

Using data analytics as a service, businesses can easily make these reports and get useful insights.

2. Diagnostic Analytics
Descriptive is all about explaining what has happened, diagnostic analytics is there to answer the question- why? It takes a deep dig into the matter and will find the reason behind the certain problem that happened or occurred. for example- if a company’s sales dropped last quarter, diagnostic analytics can help figure out why. Maybe a popular product was out of stock or a marketing campaign didn’t work well

Diagnostic analytics helps answer questions like:
Why did our sales drop last month?
Why are we losing customers?
What caused the increase in production costs?
With diagnostic data analytics as a service, businesses can quickly find problems and fix them.

3. Predictive Analytics
Predictive analytics is all about looking into the future. It uses past data and smart algorithms to predict future trends and results. For example, a software development firm might use predictive analytics to guess how much demand there will be for a new software product. This helps them plan better for resources and marketing.

Predictive analytics answers questions like:
What will our sales be next quarter?
How many new customers can we expect next year?
What is the chance of a project delay?
With predictive data analytics as a service, businesses can make better decisions and be more prepared for the future.

4. Prescriptive Analytics
Prescriptive analytics goes even further. It not only predicts future outcomes but also suggests actions to take. For instance, if predictive analytics says sales might drop, prescriptive analytics can suggest ways to boost sales, like special discounts or targeted ads.

Prescriptive analytics helps answer questions like:
What should we do to increase sales?
How can we improve customer satisfaction?
What actions can minimize project delays?
With prescriptive data analytics as a service, businesses can make data-driven decisions to reach their goals.

5. Cognitive Analytics
Cognitive analytics is the utmost advanced type of data analytics. It makes use of artificial intelligence (AI) and machine learning to examine huge amounts of data and provide deeper insights. Cognitive analytics can recognize natural language, identify patterns, and make choices like a human. For example, a software development firm might use cognitive analytics to create chatbots that can converse with customers and offer assistance to them with any issue the customers have.

Cognitive analytics answers questions like:
How can we automate customer service?
What are the emerging trends in our industry?
How can we use AI to improve our products?

With cognitive data analytics as a service, businesses can use the power of AI to transform their operations and stay ahead of the competition.

Conclusion

Data is the utmost tool in this current digital era. With the help of data analytics as a service, companies can get smooth access to such amazing advanced tools without spending or struggling much. The benefits are even more pleasing like descriptive, productive, diagnostic, etc. each kind of benefit is available for businesses to make cutting-edge decisions, enrich services and of course find the latest opportunities as well.
For businesses offering digital business transformation services or a software development organization, the usage of these sorts of data analytics can result in greater efficient operations, happier clients, and a more potent position in the marketplace. Embracing data analytics as a service is a clever move for any business seeking to be triumphant in the digital age.