Data Analytics Tutorial
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- Data analytics is the science of analyzing raw data in order to make conclusions about that information.
- Data Analytics has a key role in improving your business as it is used to gather hidden insights, generate reports, perform market analysis, and improve business requirements.
- Any type of information can be subjected to data analytics techniques to get insight that can be used to improve things.
Data Analytics Role
- Gather Hidden Insights
- Hidden insights from data are gathered and then analyzed with respect to business requirements.
- Generate Reports
- Reports are generated from the data and are passed on to the respective teams and individuals to deal with further actions for a high rise in business.
- Perform Market Analysis
- Market Analysis can be performed to understand the strengths and weaknesses of competitors.
- Improve Business Requirement
- Analysis of Data allows improving Business to customer requirements and experience.
Data Analytics Type
- Descriptive Analytics
- process of describing historical trends in data
- often involves measuring traditional indicators such as return on investment
- does not make predictions or directly inform decisions
- focuses on summarizing data in a meaningful and descriptive way
- find what happened?
- Diagnostic Analytics
- identify anomalies in the data (unexpected changes in a metric)
- collected anomalies in the data
- find relationships and trends that explain these anomalies
- find why things happened?
- Predictive Analytics
- historical data to identify trends and determine
- provide valuable insight into what may happen in the future
- find what will happen in the future?
- Prescriptive Analytics
- analyzing past decisions and events, the likelihood of different outcomes can be estimated
- insights from predictive analytics, data-driven decisions can be made
- businesses to make informed decisions in the face of uncertainty
- find what should be done?
- Advanced Analytics
- advanced tools to extract data, make predictions and discover trends
- include statistics and machine learning (neural networks, natural language processing, sentiment analysis)
- information provides new insight from data
- addresses to 'what if?' questions
- Big Data Analytics
- enables businesses to draw meaningful conclusions from complex and varied data sources
- machine learning techniques, massive data sets, and cheap computing power
- made possible by advances in parallel processing
Data Analytics Applications
- Figures and Plots
- Bar Plot
- Line Plot
- Scatter Plot
- Box Plot
- Excel workbook
- CSV Files