There are many different types of analytics, but the most commonly used by companies are the three major categories. They are: Financial, Customer, and Analytics. If you do not know what these things mean, then you may want to learn more about the 3 major data analytics categories before diving into the topic of data. Before getting into the subject of data analytics, it is important to understand the differences between these three classifications. All three groups have a very broad definition, but they differ because there are a few different factors that change how each data category is used. When you begin diving into the topic of data in general, you will need to understand these three classifications to better understand the data analytics industry.
Financial data is primarily used by Finance professionals such as economists, accountants, financial managers, etc. This is primarily because Finance uses a large amount of this type of data to make their business decisions, and if the data is not collected and managed correctly, they will be at a severe disadvantage when trying to make those business decisions. In order to meet their legal obligations, they need to adhere to the laws that are set in place by the government and all economic data that they collect and analyze should be compliant with the FTC's Fair and Accurate Data Protection Act. In order for a company to be compliant, they need to gather and analyze the correct data, report the data, and make reports to the appropriate parties. The main types of financial data analytics are: Financial Reports, Industry Research, Surveys, and Conferencing. These are just some examples.
In order to stay compliant and to be an effective Compliance Data Analytics provider, a company needs to be an effective data analysis provider as well. By providing reports and providing the data analytics industry with the information that they need in order to make informed business decisions, a company is taking a step in the right direction. Companies that offer services that are not compliant with these regulations and provide inaccurate, incomplete, or outdated information risk being blacklisted on a government Watch List. Therefore companies that provide data analytics must ensure they are on the leading edge of modern technology and compliance practices and stay in compliance with the various regulatory agencies.