Analytics

AnalyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to... Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights.

Process:

1. Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases.
2. Data Processing: Organizing and cleaning data to ensure accuracy and usability in analysis.
3. Analysis: Using statistical methods and models to explore data relationships, understand current conditions, and predict future scenarios.
4. Interpretation: Decoding the results of data analysis to identify trends, patterns, and anomalies that inform decision-making.
5. Actionable Insights: Leveraging derived insights to formulate strategies that improve efficiency and effectiveness across business operations.

Types:

• Descriptive AnalyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to...: Analyzes historical data to explain what has happened.
• Diagnostic AnalyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to...: Investigates data to determine why specific events occurred.
• Predictive AnalyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to...: Utilizes historical data to forecast future outcomes.
• Prescriptive AnalyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to...: Suggests actions based on predictive and descriptive analyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to... to achieve desired outcomes.

Application Example: In a retail setting, analyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to... is crucial for:

• Understanding sales trends and consumer demand through descriptive analyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to....
• Diagnosing issues like product returns using diagnostic analyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to....
• Forecasting sales and managing inventory with predictive analyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to....
• Shaping marketing strategies and pricing policies through prescriptive analyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to....

Further Reading:

• IBM AnalyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to...: https://www.ibm.com/analytics – Offers insights into various analyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to... tools and methodologies used in industry.
• Khan Academy – Statistics and Probability: https://www.khanacademy.org/math/statistics-probability – Provides foundational knowledge in statistics, a critical component of data analyticsAnalytics Definition: The process of analyzing data sets to extract meaningful insights, which are used to make informed decisions. This involves various stages of data handling, from collection to the derivation of actionable insights. Process: • Data Collection: Accumulating raw data from diverse sources like online interactions, transaction records, and external databases. • Data Processing: Organizing and cleaning data to....