Data analytics is the science of analyzing raw data in order to make conclusions about that information. Many of the techniques and processes of data analytics have been automated into mechanical processes and algorithms that work over raw data for human consumption. Data analytics techniques can reveal trends and metrics that would otherwise be lost in the mass of information. This information can then be used to optimize processes to increase the overall efficiency of a business or system.
Understanding Data Analytics
Data analytics is a broad term that encompasses many diverse types of data analysis. Any type of information can be subjected to data analytics techniques to get insight that can be used to improve things. For example, manufacturing companies often record the runtime, downtime, and work queue for various machines and then analyze the data to better plan the workloads so the machines operate closer to peak capacity. Data analytics can do much more than point out bottlenecks in production. Gaming companies use data analytics to set reward schedules for players that keep the majority of players active in the game. Content companies use many of the same data analytics to keep you clicking, watching, or re-organizing content to get another view or another click. Continue reading from Investopedia
In today’s world, data rules the most modern companies. Numerous packets of data are circulating all around the world due to increasing access to the internet. Businesses are aware that this data translates to information which they can use to improve their customer service, understand trends, or even find market loopholes. To gain such important insight into data as a whole, it is important to analyze data and draw specific information that can be used to improve certain aspects of a market or the business as a whole. There are several applications of data analytics, and businesses are actively using such data analytics applications to keep themselves in the competition. Not only businesses but even civic bodies are using data analysis for several reasons, like monitoring crime. Continue reading from UpGrad