Do you know what is Data Analytics and its purpose

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Data Analytics

What is Data Analytics?
Data Analytics is an opportunity to find insights in types of data and content, to make the business more agile, and to answer questions that were previously considered beyond reach.

Why, we need to do it?
Every day, we create 2.5 Quintillion (10^18) bytes of data of which 90% of the data in the world today has been created in the last two years alone!!

Benefits of this includes creation of new products and services for customers. For example GE has made a huge investment in new services for its industrial products using data analytics. Apart from cost reduction using the data, faster and better decisions can be taken.

Getting data from various sources and in various formats, data analysis can be a challenge. The ability to import the data from these sources and analyze them to see the big picture is variably important. The data can be used to formulate Key Performance Indices (KPI’s).

We can identify relationships, patterns and analogies involving comprehensive analysis of data by using various techniques like regression, clustering to name a few.

Does this simply means proliferations of data is an evidence for an intrusive world? Or the data will play a useful economic model? With an understanding of how big the data is, harnessing it involves workforce to support business decision making and economic growth. To enable effective decision making it is important to have the potential value that big data can create economic benefits for organizations and sectors.

This article is just to bring awareness about the jargon of Data Analytics and we will take it up to the next of details and understanding in the coming set of articles. Happy Reading friends!!!

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