Analytics

Analytics is a branch of computer science in which  math, statistics, and machine learning are used to look for useful patterns in data. It sorts through extensive data sets to understand and share new information.

The effectiveness of decision-making of an organization can be increased by using business analytics. Analytics platforms are used by to develop a deeper understanding of the primary and secondary data that results from business operations and therefore can improve their processes and productivity.

Descriptive analytics, Diagnostic analytics, Predictive analytics and prescriptive analytics are the four most common types of analytics.

Analytics help facilitates decision-making processes, increases work productivity, predict behavioral changes in customers, customizes business offers, businesses grow, streamlines the process and reduces fraud. Organizations can make informed decisions based on data-driven insights rather than gut instincts or assumptions by using data analytics. Time and resources can be saved by automating data collection and analysis and focusing on more strategic initiatives. Companies can also gain an edge by identifying new opportunities and improving business processes. An insights can be provided into customer behavior by analyzing customer data so that companies can give preferences to tailor their products and services accordingly. Potential risks can be identified and proactively mitigated.

Data analytics are important for better decision-making, increasing efficiency, competitive advantage, improved customer experience and risk management. Data can be collected by looking at the past for any field that uses data analysis, including marketing, business, or archiving.