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.
a. Data Science
Data science 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.
b. Big Data:
Big data refers to the huge amount of data that exists across various sources. Be it structured or unstructured.
So how is big data relevant to businesses?
c. Artificial intelligence:
d. Data driven insights
e. Data Visualization
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 business performance
· 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 behavior