Data Analytics
What is Data Analytics?
As the process of analyzing raw data to find trends and answer questions, the definition of data analytics captures its broad scope of the field. However, it includes many techniques with many different goals.
The data analytics process has some components that can help a variety of initiatives. By combining these components, a successful data analytics initiative will provide a clear picture of where you are, where you have been and where you should go.
What is the Role of Data Analytics?
Data analysts exist at the intersection of information technology, statistics and business. They combine these fields in order to help businesses and organizations succeed. The primary goal of a data analyst is to increase efficiency and improve performance.
The work of a data analyst involves working with data throughout the data analysis pipeline. This means working with data in various ways. The primary steps in the data analytics process are data mining, data management, statistical analysis, and data presentation.
Why Data Analytics is Important?
The applications of data analytics are broad. Analyzing big data can optimize efficiency in many different industries. Improving performance enables businesses to succeed in an increasingly competitive world.
One of the earliest adopters is the financial sector. Data analytics has an important role in the banking and finance industries, used to predict market trends and assess risk. Credit scores are an example of data analytics that affects everyone. These scores use many data points to determine lending risk. Data analytics is also used to detect and prevent fraud to improve efficiency and reduce risk for financial institutions.
