Analytics is the critical review of data in order to establish patterns. Individuals and organisations that have something to achieve will benefit from the use of analytics to help predict whether or not they are on course to achieve their aims.
Using analytics, they can identify how they evolve their strategy to increase the chance of achieving those aims. The patterns in the data are the stories through which strategists learn.
As to who needs analytics, if you are an individual or an organisation with something to achieve, you need analytics.
Analytics gives you the power to do two things-
- We can track progressso you know where you have come from.
- We can predict the future; in that you can extend the patterns of data into the future.
Data analytics is the science of analysing raw data to make conclusions about that information.
Many of the techniques and processes of data analytics have been automated into mechanical processes and algorithms that work over raw data for human consumption.
Data analytics techniques can reveal trends and metrics that would otherwise be lost in the mass of information. This information can then be used to optimize processes to increase the overall efficiency of a business or system.
For example, manufacturing companies often record the runtime, downtime, and work queue for various machines and then analyse the data to better plan the workloads so the machines operate closer to peak capacity.
Implementing Data analytics into the business model means companies can help reduce costs by identifying more efficient ways of doing business and by storing large amounts of data. A company can also use data analytics to make better business decisions and help analyse customer trends and satisfaction, which can lead to new—and better—products and services.