What Is Data Analytics ?
Data analytics is the science of analyzing raw data 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.
KEY TAKEAWAYS
- Data analytics is the science of analyzing raw data to make conclusions about that information.
- Data analytics help a business optimize its performance.
What Are the 4 Types of Data Analytics?
Data analytics is broken down into four basic types. Descriptive analytics describes what has happened over a given period of time. Diagnostic analytics focuses more on why something happened. Predictive analytics moves to what is likely going to happen in the near term. Finally, prescriptive analytics suggests a course of action.
Who Is Using Data Analytics?
Data analytics has been adopted by several sectors, such as the travel and hospitality industry, where turnarounds can be quick. This industry can collect customer data and figure out where the problems, if any, lie and how to fix them. Healthcare is another sector that combines the use of high volumes of structured and unstructured data and data analytics can help in making quick decisions. Similarly, the retail industry uses copious amounts of data to meet the ever-changing demands of shoppers.
