Data analytics refers to qualitative and quantitative techniques used to study behavioral data and patterns with a view to improving decision making.
Data analytics is used in many industries to allow companies and organization to make better business decisions and in the sciences to verify or disprove existing models or theories.
1) Improving The Decision-Making Process
2) Uncovering Fresh Business Insights
3) Boosting Productivity
4) Increasing Sales
5) Improving Financial Efficiency
6) Streaming Internal Processes
7) Improving Customer Loyalty
8) Optimizing Inventory
The process involved in any data analysis involves several different steps:
Diagnostic : A look at past performance to determine what happened and why. The result of the analysis is often an analytic dashboard.
Descriptive : Analytics designed to get you basic expository information: who, what, when, where, how many? Current trends based on incoming data. To mine the analytics, you typically use a real-time dashboard and/or email reports.
Predictive : Analytics that help you identify trends in relationships between variables, determine the strength of their correlation, and hypothesise causality.
Prescriptive : This type of analysis reveals what actions should be taken. This is the most valuable kind of analysis and usually results in rules and recommendations for next steps.