An Introduction to Data Analytics

OlufisayoDecember 17, 201901,018 views

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Conscience paves the path to your destination; going astray while traversing through this path is a highly probable event. Right decisions are the fuel to elegant living.

When receiving an equal share of positive and negative stimuli, imbibing just the efficacious facets is imperative for staying on track. But what does any of this have to do with data analytics? No other analogy would be as appealing as that of conscience in the course of understanding data analytics.

What is Data Analysis?

Data Analysis involves the processing of raw data to extract the beneficial factors from it. The data that is available in the raw format is cleaned, transformed, moulded, and designed into an intelligible form. Various organizations use this analyzed data to simplify the intricacies of the business.

Decision making has been made easier with the advent of data analytics. Before adopting the features of this technology, many of the beneficial data used to go undiscovered and recovering them was a strenuous task.

Several analytical tools are used to discover useful data, which, when employed through various methods, enhance the performance of the organization. Critical decisions could be made through this refined data, and blending them into the working techniques of a company improves its efficiency and productivity.

Importance of Data Analytics

The functions of data analytics are not confined to a specific industry or field of work. Multiple realms have been taken over by this technology, and many others are on the course of adopting it as their primary working mechanism.

Market trends and perils in the field of financing and banking are predicted to a great extent. Therefore, in these fields, the role of data analytics is of immeasurable value. The fraudulent activities involved in the monetary deals can also be identified precisely by the analysis.

The scope of data analytics goes broadening as it gets applied to almost every field to improve their overall efficiency. Rewarding periods are created using data analytics in the gaming industry to provide the players with specific perks that are likely to keep the gamers playing online, which will result in substantial profits for these companies. Therefore, data analytics is considered as one of the most lucrative technologies that the world has in store.

Machine learning and data analytics have been the key players in building the reputation of many companies and industries. This technology has also improved healthcare and energy conservation. Crime rates can also be reduced effectively using data analytics. Drug discovery and prediction of drug market trends have also been achieved by extracting useful data.

The manufacturing and construction industries have also begun taking this track, as the analyzed data can plan the whole work taking place on a particular day. Reports are created for the work done per day, and the operating period of machines are recorded to cut down/increase the runtime accordingly to produce better results. Construction data analytics will easily manage contract workflows and make the whole process progress smoothly.

Data Analysis Process

In this process, various tools are used to gather information and discover their potential. Business enterprises will find the task of decision-making simpler through the plans produced in this process.

The gathered data needs to have a purpose, so the first step involves understanding the objective of doing the analysis. Depending on the aim of the job, the data to be gathered has to be selected.
The processing of the collected data is essential. Record the source of the data and its collection date before processing the data.
Not every detail that the data holds after being processed will be of use to the consumers. The data should be cleaned before analyzing it, to remove all the unwanted spaces and errors.
Analysis of the data is the next step, which will help you understand if the gathered data will suffice your needs or not.
Based on the company’s requirements, conclusions can be derived from the tools which run the data analysis program.
Interpreting the analyzed data could be done in a table or chart format. These charts or tables will help you understand the trends better, as it draws a comparison between the various data which the human brain discerns quickly.

Takeaway

Data analysis is the process of acquiring raw data and converting it into acceptable formats, which can be used for the improvement of an organization’s functioning. Every field has begun turning its track towards employing data analytic tools. This technology is sprawling for good; there is no stopping it from making the world shed its intricacies.

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