significance of Data Analytics

1. What Data Analytics is all about?

Data analytics is one of the most trending career options to be pursued nowadays. It has a vast scope. Data analytics is the pursuit of extracting meaning from raw data using specialized computer systems.

Four main types of data analytics are:

1. Prescriptive data analytics
2. Predictive data analytics
3. Diagnostic data analytics
4. Descriptive data analytics

But what data analytics is all about?

Data analytics is very much important for the business because it is closely related to “data”. Data is the lifeblood of businesses every minor and major business decision depends on data. All the crucial decision is generated from data. But how is this data used? Frankly speaking, Raw data is of no use to anyone. Data needs to be transformed in a way that makes sense. This is where data analytics is actually required.

Data analytics is a process of extracting meaningful insights from data such as hidden patterns, unknown correlations, market trends, and customer preferences.

Data analysts study and analyze procured data. They use various tools to find out and provide results visually.

Is data analysis important?

Yes, data analysis is very important without analysis data has no meaning. Meaningless data is of no use to the business. So the importance of data analytics can be lined out in the following points mentioned below.

1. Better targeting- data analysis helps you see and focus on where a business should be focusing its advertising efforts. As no business would like to waste their precious time and resources targeting people with little or no interest.
2. Better tracking- data analysis helps in better tracking the records of products and campaigns' performance.
3. Reduces operational costs- By showing the areas to be focussed on it saves business resources and money.
4. Better methods of solving problems- Data provides businesses with information. Data analysis helps businesses make the right choices and avoid pitfalls.
5. Accuracy - data analysis provides relevant and accurate information to businesses for them to develop future strategies and planning.

Data Analysis Process:

The process consists of;

• Gathering of required data?
• Collection of data
• Analyzing data
• Interpreting data
• Data visualization

Data Analysis Method:

There are 2 primary methods of data analysis

1. Quantitative analysis includes

• Content analysis
• Narrative analysis
• Grounded theory

???2. Qualitative analysis which includes

• Hypothesis testing?
• Mean or average
• Sample size determination

Artificial Intelligence and Machine Learning for Data Analysis:

AI has proved to be a valuable tool in the data analysis world, which includes:

• Artificial neural networks
• Decision trees
• Evolutionary programming
• Fuzzy logic
• Mathematics and? statistics
• Graphs and visualization

Thus data analytics is not only a field of knowing data but is also a very in-demand skill and a handsome paying career option. If you want to learn more about this skill Bootcamp on Data Analytics by LEJHRO can be a better option.

To get started visit www.lejhro.com/bootcamp today.