WHAT IS DATA ANALYTICS?
Data is unprocessed information. Data analytics helps us to process the data in order to attain conclusion about the given information. Data analytics is the process of reducing large amount of collected data to make sense of them.This technique is mostly used to assist organizations to make well-versed business decisions which results in the increase of productivity/profit. Data analytics can help businesses in escalation of profits, improve operational efficacy, optimize marketing operations and to gain business advantages over the competitors.
HOW TO ANALYSE?
The analytical cycle has 6 stages:
- Problem Identification:
- Identify the problem
- Hypothesis formulation:
- Develop a comprehensive list of all the issues related to the problem
- Data collection:
- Collect the data required through various techniques.
- Data exploration/preparation:
- Importing data, summarizing the data.
- Model Building:
- Build a model since there is no such thing as final and perfect solution.
- Model valuation and evaluation:
- Valuate and evaluate the model that has been built.
- If the evaluation has more pros than cons, then the specified model is the closest thing to our solution. If not, then repeat from the 5th step.
WHY IS DATA ANALYTICS IMPORTANT?
- Analyse, Interpret and derive meaningful data.
- Predict our customer’s latest trends and their change in behaviors.
- To make smart business moves.
- Make an effective decision making
- To understand business directions and objectives in a better way.
- To reduce the cost not only in infrastructure but also in productivity.
- It can help us to understand the available opportunities.
- Sports analytics to understand a players strength and weakness
WHERE IS DATA ANALYTICS IMPLEMENTED?
It can be used in day-to-day common businesses like Retails, Insurance, Pharmacies etc.
Specialized uses are risk analytics, churn analysis, supply chain, marketing etc.
Data Analytics is truly changing the world as we see today. It is almost applied in every field there is. It has changed the way humans act on a problem and also it has helped (still does) business to run smoothly. It is not only used in business fields but also helps in tracking various diseases too. Thus Data Analytics holds the key to wide open much more opportunities.