Hi my name is Winston, did you know that the increase in size of data globally has led to a rise in the need for carrying out; inspection, data cleaning, transformation as well as data modelling to gain insights from the data, in order to derive conclusions for a better decision making process? Now that is Data Analytics in one breath.
Investopedia rightly said data analytics is the science of analysing raw data in order to make conclusions about the information or data analysed. 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. What this means is data analytics techniques can reveal trends and metrics that would otherwise be lost in a mass of information. This information can then be used to optimize processes to increase the overall efficiency of a business or system. For example, the manager of a departmental store takes stock of the inventory, customer growth or decline and the work schedule of staff, and then analyses the data with the help of a data analyst, to better plan the shifts and workloads, so as to run the store optimally.
Now a Data Analyst interprets data and turns it into information which can offer ways to improve a business, thus affecting business decisions for growth. Data Analysts gather information from various sources and interpret patterns and trends. Once data has been gathered and interpreted, the Data Analyst reports back what has been found, in a comprehensive study to the business/relevant colleagues. As a respected professional services firm offering Business Intelligence and Big Data Analytics consulting solutions, we at Pulsaton have it as our core competency, to gather and interpret data and provide strategies for the general growth of businesses.
Data analytics is a broad term that encompasses many diverse types of data analysis, like Big Data Analytics, which involves examining large amounts of data. This is done so as to uncover the hidden patterns, correlations and also to give insights, so as to make proper business decisions. Basically, organizations have realized the need for evolving from a knowing organization to a learning organization. Essentially, businesses want to be more objective and data-driven, and so they are embracing the power of data and technology. Big data analytics is done using advanced software systems, which allows businesses to reduce the analytics time for speedy decision making. Big data analytics systems allow for speedy and efficient analytical procedures, and this ability to work faster and achieve agility, offers a competitive advantage to businesses.
Netflix is a good example of a big brand that uses big data analytics for targeted advertising. With over 100 million subscribers, the company collects huge data, which is the key to achieving the industry status Netflix boosts. If you are a subscriber, you will most likely be familiar with how they send you suggestions of the next movie you should watch. This is done using your past search and watch data. This data is used to give them insights on what interests the subscriber most.
Drawing the curtain on data analytics, it is important to know that it is the key to business development, and it is safe to say at this juncture, that your business, company or organization can reach its greatest height with the help of data analytics. So when you think data analytics, think business growth.