What is ANALYTICS and ANALYSIS
27th, September 2017 - Analytics
Analytics is definitely one of most Googled words these days. There is always a minor confusion on terms ANALYTICS and ANALYTICS
Let me quickly understand the letters
ANALY TICS -> STATIS TICS -> ANALY SIS
All the 3 words above are interconnected Analytics Statistics Analysis
The core meanings for all 3
Analytics - The systematic computational analysis of data
Analysis - Detailed examination of the elements or structure of something
Statistics - The practice or science of collecting and analyzing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample
If we observe all 3 meanings - "Analytics" which is from computational analysis of data which can be possible by tool. So analytics helps give data in a format which can made possible by tools.
Whereas - Analysis is simply analyzing any data - eg: you can analyze sounds of birds which need not be recorded but if you have tools which helps to record even this data - then you can be able to refine things and find many more insights from the this.
So only generic analyzation might not helps always- a tool presence helps us to show numbers and thats is the main reason why we use Analytics tools
Data analytics and business impact:
Data analytics refers to a program used to organize vast amounts of information. and change it into practical understanding in the current world. However, massive data sets exist to organize well, including structured, unstructured and large data sets. The program employs techniques developed within a series of disciplines such as artificial intelligence, statistics, computer science and mathematics.
Through the ability of the program to interpret data, most business organizations use the program of Data Analytics which helps making business decisions. Understanding data and transforming data into practical information is always a challenge but a best challenge which can be executed in their decision-making process.
Also Business requires raw data to formulate & analyze before making decisions that have effects on business success. The consistent effort put on business to improve their productivity and cut operational cost...most of the firms started investing into technology to help save the situation. Effective decisions can enhance the operations of business. Studies show that business analytic tools have enabled companies to improve marketing effectiveness.
Data analytics helps marketers to improve their decision-making programs and help business to reduce cost. Moreover, it also ensures appropriate utilization of new products and services. The traditional business solution lacks speed and efficiency.
Tools like Google analytics to understand website visitor journey
Tools like Tableau for better data visualization
Tools like R which helps in predictive modelling
and many more - Helped a lot and this is a continous process for better progress
Finally statistics helps you refine your analytics into analysis
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Madhu Vadlamani - About 9 years of experience in analytics(Web/Digital Analytics & Big Data Analytics) in Ecommerce platforms - Banking Industry - Building statistical model, designing strategies, providing analytical solutions to businesses, reporting etc.