Deciphering the various terminologies associated with data analytics
September 23, 2017
Data Analytics Terms
years, data analytics and business intelligence have branched out to be
prominent business practices. Ignorance in not bliss when it comes to
deployment of data analytics and usage of business intelligence to streamline
confusion surrounds various terms associated with Data analytics. The aim of
this blog is to deconstruct those terms. Add clarity and understand them in the
simplest possible way.
refers to using scientific methods to derive insights from data. It is the
utilization of mathematics, statistics and programming to turn raw data into
actionable insights. Data science involves creation of algorithms and codes to
churn out valuable information out of raw unstructured data.
refers to the huge amount of data that exists across various sources. Be it
structured or unstructured.
With the evolution of technology and a
revolution in the digital space, the amount of data available has multiplied
staggering 2.5 quintillion bytes of data is estimated
to be produced each day. We can say that big data has massive potential.
So how is big data relevant to
this data reveals trends, patterns, insights which are hard to ignore.
Identification and timely action can change the fortunes of a company; enable
decisions based on extensive analysis; devise strategies based on past consumer
behaviour; employing business practices that enhance productivity.
technology, artificial intelligence refers to intelligence given to computers:
enabling computers to perform human tasks without being explicitly programmed.
Examples of this are self-driving cars, Apple’s Siri, Search engines, etc
d.Data driven insights
purpose of data analytics is to ease the way a company conducts business. It is
about deriving conclusions that increase the possibilities of impactful
functioning. And data is at the core of it.
insights refers to the usage of analytics to harness the power of insights
deduced from data. It is about implementing strategies and taking sound
decisions based on insights as it is backed by thorough analysis.
insights provides a fresh perspective to doing business, helps understand
weaknesses, encourages strong and healthy decision making and turns data into
representation and explanation of data by visual means- graphs, pictures,
charts and engaging diagrams. In short the insights from analysis are
communicated by a visual medium. Visual imagery conveys and highlights what
text based communication misses out. It is interactive and engaging.
How does it help decision makers?
·It helps them interpret without
complexities to draw inference and take timely decisions
·They can compare data to understand
·It reveals trends and patterns that
can be benefitted from
·They can identify problem areas and
set divisive plans to take necessary action
·It helps them forecast and predict
sales and profit numbers
·It gives an insight into consumer
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