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What is Data Analytics
Data analytics is:Techniques and processes used to enhance productivity and business gain.
Data is collected and categorized to Identify and Analyze the behaviour and patterns of subjects
Data Analysis was done earlier too, but with internet in every part of our life, data analysis is not guess work anymore, it’s science. Data analytics is so big today because of:
Better data collection Better data mining More processing power
Why Data Analytics in News
Airline prices changes every hour Facebook recommending friends Some customers getting more discounts from sites like
Flipkart than others Railways & shipping companies using sensors on every
vehicle to schedule maintenance Government using Aadhar card usage to build schools and
clinics
Examples of Data Analytics in work
Three Types • Descriptive
analytics • Predictive
analytics • Prescriptive
analytics
Most Raw Data, especially Big Data, is not suitable for human consumption. But the information we derive from the data is
The purpose of Descriptive Analytics is to summarise – Describe - what happened.
Descriptive Analytics
80% of business data analytics, notably social analytics is descriptive
Predictive Analytics is used to forecast – not to tell – what will happen in future
Predictive Analytics
This type of analytics is increasingly used after the onset of Big Data
Use various techniques of statistics, data mining, modelling & machine learning
Predictive Analytics is used to recommend course of action
Prescriptive Analytics
Doesn’t predict one future, but many – depending upon decision maker’s action
Needs to have actionable data (data that can be acted upon) & a feedback mechanism
As big data gets into every nook and corner, the demand for data analytic skills is seeing no end ….. and this would remain for some time.
Career in Data Analytics
WELCOME TO THE BRAVE NEW WORLDOF DATA ANALYTICS