Data analytics is the process of examining data sets for drawing conclusions about specific things. There are a variety of methods and automatic tools, which help people to extract more information for future reference.
Understanding Data Analytics
Data analytics is a broad term covering multiple data types, which are indispensable in the accounting of working time and the optimal distribution of the load at manufacturing enterprises. Another popular area of application of data analytics is sports analytics to track the activity of players in a team. The unique automated techniques of data analytics allow establishing business processes, making them more efficient and optimized, which is of great importance in reducing the costs and creating a better product.
Stages of analysis
The process of data analytics consist of several successive stages:
- Identification of the requirements and methods of grouping data according to any attribute (for example, age, income, gender).
- Data collection using various sources. At this stage, the accuracy and reliability of the received data has a maximum value.
- Systematization of the received data by creating a spreadsheet with statistical data or using software.
- Data cleaning, which means elimination of duplication, inaccuracies and errors to transfer cleared and correct information to subsequent data analysis.
Categories of Data Analytics
There are four main categories of data analytics:
- Descriptive analytics — gives a description of the process for a certain amount of time by comparing one period of time with another.
- Diagnostic analytics — focuses on the causes of events using a variety of data types and hypotheses.
- Predictive analytics — assumes events that may occur in the future based on events that have occurred in the recent past.
- Prescriptive analytics — proposes specific measures to improve a particular situation.
Where Data Analytics is applied
Thorough and high-quality data analysis is the key to successful optimization and, consequently, the efficiency of any business processes. That is why data analytics has been approved in different economic sectors working with clients, for example, financial or travel sectors.
Data analytics is indispensable in the field of sales, as it allows companies to quickly analyze trends, taking into account current wishes and constantly changing customer requests and, as a result, to recommend the necessary products and to increase sales growth at the company.