What is Data Analytics?
Data analytics (DA) is the process of examining data sets in order to draw conclusions about the information they contain, increasingly with the aid of specialized systems and software. Key focus areas of this domain are cost reduction or revenue increase.
Though, the use of DA is not restricted to the revenue only, in the Medical, Telecom and other industries, DA focuses on improving the healthcare, identifying the customer behaviour or analysing the weather data.
In short, there is no restriction to the use of DA in any of the industries or Domains.
Types of Data Analytics:
There are three kinds of Data Analysis that user performs on data:
- Descriptive Analysis
- Prescriptive Analysis
- Predictive Analysis.
What is Descriptive Analytics?
Descriptive analytics is a preliminary stage of data processing that creates a summary of historical data to yield useful information and possibly prepare the data for further analysis.
What is Prescriptive Analytics?
It seeks to determine the best solution or outcome among the various choices, given to the known parameters.
It uses data driven mathematical models to make decisions.
What is Predictive Analysis?
Predictive analytics is the use of data, algorithm technique to identify the likelihood of the future outcomes based on the historical data. The goal is to go beyond knowing what has happened to provide the best assessment of what will happen in the future.
Why Data Analytics is Important?
• The Age of Data analytics is here, and these are truly revolutionary times if both business and technology professionals continue to work together to get the better information out of the data.
• Businesses actually don’t really care about the promise unless delivery on that promise that comes with the data.
- Examining data sets to draw conclusions is called as Data Analytics.
- Descriptive, Prescriptive and Predictive are three types of Data Analytics.
- Process that creates the summary of the historical data is called as descriptive analysis.
- Data driven mathematical models to draw conclusions is Prescriptive Analysis.
- To identify the likelihood of the future outcomes is called as Predictive Analysis.
For more details on DA or ML stay tuned.