What is analytics?
Global Data Analytics is the fastest growing sector in the word in terms of almost all types of industries be it in the field of finance, E-commerce, retail, sports, telecom or health. In today’s competitive world where everyone is so busy and impatient and wants wealth and success in no time, data analytics serves as boon.
Well, the way to take your business to the heights of success somewhere goes through analysis of company’s past records in every aspect. E.g In education institutes the admission cell always go through the past results of the candidate to judge his performance in the future. Similarly in retail store the selling count of product is useful in predicting the market growth relative to the particular product. So, no matter whatever is the industry we are analysing data in one or other way to increase the business and growth in market.
Discussing more technically we can categorise the analytics broadly in three categories:-
A) Descriptive Analysis: As the name suggests it has something to do with the description , the history like what has happened in the past. It deals with data records in files or store. The data is summarised, categorised, filtered and cleaned as per its application and targeted to the particular group of users.
B) Predictive Analysis: In this we use the statistics and calculations over old data to predict the future. Often the judgement given after observing the regular trend and pattern proves to be correct in 95% cases. You can actually play the role of astrologers, predicting future by being keen observant of data patterns and behaviours extracted from lakhs of records stored in data basis on the basis of reports generated after descriptive analysis.
By optimising and simulating the first two types of analysis the power to prescribe or suggest remedies comes in hand of Data Analysts. Now, not only prediction about what can happen but what is going to happen in different cases and what can be done as preventive measures is also known beforehand with the help of analytics. Risk analysis and risk management can be derived from same.
Market strategies and rise and fall of various industries are just the part and parcel of proper analysation of the available data.