Analytics is the process in which data is examined to draw a conclusion from the available information which is gathered with the help of special systems and software. This kind of techniques and technologies are widely used in commercial industries so that they can take better and analyzed business decisions for the growth of the industry.
This analytics gives a boost to operational efficiency, increased revenue, marketing campaigns and customer service efforts by responding quickly to latest market trends, making the sole goal to excel business performance. All the analysis is done through past as well as current records which are processed to use it in real-time decision making. These records could be obtained from internal systems and also from external data sources………
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Data analytics can also be separated into quantitative data analysis and qualitative data analysis.
The quantitative analysis involves analysis of numerical data with quantifiable variables that can be compared or measured statistically. The qualitative approach is more interpretive as it focuses on understanding the content of non-numerical data like text, images, audio, and video, including common phrases, themes, and points of view.
More advanced types of data analytics include
Data mining- involves sorting through large data sets to identify patterns and relationships
Predictive analytics- seeks to predict customer behavior, equipment failures, and other future events
Machine learning- an artificial intelligence technique that uses automated algorithms to search through data sets more quickly than data scientists can do via conventional analytical modeling.
Data analytics is used in many types of businesses. Few examples:
In banks and credit card companies which analyze withdrawal and spending patterns to prevent fraud and identity theft.
E-commerce companies and marketing services providers do clickstream analysis to identify website visitors who can buy a particular product or service based on page-viewing and navigation patterns.
Mobile network operators examine customer data to boost customer relationship
Other companies also engage in CRM analytics to segment customers for marketing campaigns and equip call center workers with up-to-date information about callers.
Healthcare organizations use patient data to evaluate the effectiveness of treatments for cancer and other diseases.
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