What is Analytics?

992 Views Updated: 01 Mar 2018
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 What is Analytics?

A good business always keeps their user preferences as a first and foremost priority, and strives to get as much data as they can receive in the form of feedbacks. Feedback helps to improve their business performance. If you have a business website which isn't delivering the expected results, there's some problem that you need to figure out. Data analytics is a successful way to find out the problem and correct it on time.

What Is Analytics? 

Analytics is a study encompassing multiple fields that include statistics, mathematics, predictive modeling to find a common pattern or behavior among all the users to use it for personal benefits or enhance the performance of the website. 

What Is Data Analytics?

Data analysis is defined as the process in which the mined data is inspected, filtered, and carefully organized to get useful information that can help in decision-making for the business.

 Types Of Data Analysis:

#1. Descriptive Statistics: Descriptive Statistics are used to describe the basic features of the data in a study to bring out simple summaries.

#2. Predictive Analytics: The branch of advanced analytics used to make business related predictions about the consequences.

#3. Prescriptive Analytics: The third but the most important part of data analytics which includes the results of the other two analysis.

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(Image Courtesy: Barracks)

Why Is Analytics Important For Your Business?

If we look into the history, there are many prominent names who did data collection for their research, and that data fueled the knowledge discovery for hundred of years. Also, when it comes to business, the data (user data) adds a lot of value to the business, if the analytics is done well.  

Below are some reasons why data analytics is important for your business. 

#1. To gauge your business performance across time, and across different platforms.

#2. To understand the behavior of your visitor, keep a track of business leads, and develop strategies based on the data to gain prospect business insights and clients.

#3. To improve the mechanism involved in the visitor to consumer (buyers persona) cycle of your business.

In a general way, we can keep a track/record of visitors on the website, the number of successful business goals achieved and conversion rate, and traffic source along with the bounce rate.

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(Image Courtesy: Purmetrix)

Data Analytics Tools That Can Be Used

There are multiple data analytics tool available on the internet that can help, below are the names of a few of them.

#1. Excel / Spreadsheet 

#2. SAS

#3. Trifacta

#4. Statistica

#5. Salford systems

#6. Angoss

#7. Open Source Softwares

#8. Orange

#9. Tableau

#10. Azure ML

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Why Is Data Analytics Important For Making Business Forecast?

Earlier, predictions were made on gut feelings, which made the predictions vulnerable to the possibilities of failure. And, for predictions or business decisions to be more effective, it is important that they're backed up by evidence, evidence that is concluded from correctly recorded and analyzed data. Making a business decision without the availability of data is like trying to reach to the top without a ladder. Moreover, business decisions are made after proper discussions, not forecasted. In this context, data is extremely important for any business.  

We hope you liked the article. Also, if you think we missed out on something, let us know using the comment section.

(Featured Image Courtesy: Inteligistics)

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