What Is Data Analytics? Understanding In 200 Words
“Information is the oil of the 21st century, and analytics is the combustion engine.” says Peter Sondergaard.
And how rightly said is that! Data analytics has served as a catalyst in shifting the business purview from a reactive decision process to a proactive one.
Data analytics is expected to radically change the way we live and do business in the future.
It is the mechanism by which organizations can be more data-centric, offer a competitive edge, resolve market challenges and get comprehensive analytics.
It is the umbrella of techniques used when trying to extract insights and information from data.
Is Data Analytic Synonymous to BI?
No. BI assists in taking business decisions depending on historic results while data analytics helps in making forecasts that can assist you in the future.
Data Analytics Task Force
Data architects, platform architects, data analysts, data scientists, data liaisons.
The Data Analytic Development Cycle
Key Objectives
- Analyzing future trends
- Assessing and mitigating risks
- Enhancing client rapport
- Increasing business growth
- Controlling operational costs
- Increasing agility, customer retention
Applications of Data Analytics
- Healthcare
- Travel
- Gaming
- Energy Management
The Future
Internet of Things, AI, Machine Intelligence, AR, Behavioural / Graph Analytics, Journey Sciences, Agile Data Science.
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