Why to learn data analytics?
Introduction
Data analytics is the process of analyzing data to gain insight into a business or organization. It is a powerful tool that can be used to make better decisions, predict trends, and improve operations.
Data analytics has many benefits:
- Helps you understand your customers better so you can provide them with the products and services they want.
- Helps businesses make better decisions by using historical data as well as current information from surveys and research studies.
- Helps companies predict future trends in their industry or marketplace so they can plan ahead accordingly (for example, knowing how many people will buy something before it’s even made).
Data Collection and Processing
Data collection and processing are two of the most important aspects of data analytics. Data collection refers to the methods used by an organization to gather information from its customers, employees, and other stakeholders. Data processing refers to how this information is analyzed and transformed into useful business intelligence.
Data storage is also an important part of any good data analytics strategy because it allows you to keep all your collected data safe so that it can be accessed whenever needed without losing any information or having any problems with storage capacity.
Data Visualization
Data visualization is a technique that uses graphics to present information in a way that helps people understand it better. Data visualization can be used to show trends and patterns, make comparisons between two or more sets of data, or identify outliers.
Data visualization tools include:
- Graphs, plots and charts (histogram, boxplot and bar chart)
- Maps (geographic map)
- Tables (spreadsheet)
Data Analysis
Data analysis is the process of extracting information from data in order to answer questions or solve problems. It involves the use of statistical techniques and tools to summarize, explore and interpret data.
There are multiple types of data analysis:
- Descriptive statistics – used to describe a set of observations in terms of their key attributes (e.g., mean, median) or by summarizing them with a few numbers (e.g., average).
- Inferential statistics – used to draw inferences about an entire population based on samples drawn from that population
Real-Time Analytics
Real-time analytics is a method of data analysis that allows you to gain insights into your business in real time. It’s made possible by the increasing availability of data and technology that can process it quickly enough to provide useful information about what’s happening now.
Real-time analytics works by analyzing streaming data as it comes in, rather than waiting for batches or nightly updates from your systems. This means you can get up-to-the minute insights into what’s happening on your website, app or eCommerce store–and respond accordingly!
Predictive Analytics
In Predictive analytics process one can analyse historical data and can predict future outcomes. Predictive models are built on top of existing datasets and can be used to make predictions about future events, such as whether a customer will buy something or how likely it is for someone to get hired by a company.
Predictive analytics works by analyzing past events in order to make projections about what might happen next based on those patterns. For example, if you have data showing that people who bought shoes from your website last year also bought shirts this year, then your predictive model would predict that those same customers may purchase shirts again next year (assuming nothing changes).
Prescriptive Analytics
Prescriptive analytics is a form of data analytics that uses historical data to predict future outcomes. It’s used to make predictions about what will happen in the future, and it can help you make better decisions now.
For example, if you’re planning on expanding your business into Europe and want to know how many employees you’ll need based on historical trends, prescriptive analytics can tell you exactly how many people would work best for that region. Or maybe one of your products is selling well but another isn’t doing so hot–prescriptive analytics could show which features customers like best so that next time around they’ll buy more often.
Data-Driven Decision Making
Data-driven decision-making is a process that uses information from data to make decisions. It can be used for both short-term and long-term goals, but it’s most commonly used by businesses to make better decisions about their products and services. Data analytics helps you understand your customers better so you can provide them with what they want–and it also gives you insight into how much money those customers are worth to your company.
Data analytics works by collecting information on past behavior and using it to predict future actions or trends in the market. This allows businesses to better understand their customers’ needs, which will help them create new products or services that meet those needs more effectively than competitors do.
Data Governance
Data governance is the process of ensuring that your organization’s data is consistent and usable across all departments. This can be achieved by establishing policies, procedures, processes, and standards for collecting, storing, and sharing data. Data governance principles include:
- Consistency – Ensuring that the same rules are applied to all similar situations in order to avoid confusion or errors
- Availability – Ensuring that data is accessible when needed by authorized individuals within an organization
- Integrity – Ensuring accuracy at all times through accurate collection methods (including validation), appropriate storage formats/systems as well as regular checks against existing records
Conclusion
Data analytics is a powerful tool for businesses and individuals alike, but it can be difficult to know where to start. The first step is understanding the benefits of data analytics and how it can be used in your business or personal life.
Once you’ve got that down, here are some ways you can use data analytics:
- To make better decisions about your company’s direction. Data analysis allows you to see patterns in customer behaviour and predict what they’re likely to do next based on past actions–which can help guide future decisions about marketing campaigns, product launches or other aspects of running your business. It also helps with decision making around hiring new employees by allowing HR departments access at any time during the hiring process so they can get feedback from candidates immediately instead of waiting until after they’ve been hired (and then fired).
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Author: Pavan khandare
Data Analyst Trainer
IT Education Centre Placement & Training Institute
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