What is data analytics?
The process of examining data sets to draw conclusions about the information which is contained in them is known as Data Analytics. It is increasing very rapidly with the help of software and systems. Organizations are using the techniques and technologies widely to make business decisions more effectively.
Data analytics refers to the assortment of applications from business intelligence to different forms of advanced analytics. It can help the businesses to increase their revenues, improve operational efficiency, customer service efforts, and optimize marketing campaigns. It also helps the businesses to respond quickly to the marketing trends which are emerging and thus gain a competitive edge over your rivals. The ultimate goal of it is to boost business performance. The data which is analyzed could consist of either new information or the historical records which has been processed for the real-time analytics uses.
What are the types of data analytics applications?
There are several types of data analytics. Let us have a look at some of these types.
- Data Mining
It involves sorting the information through large data sets to identify different patterns, relationships, and trends.
- Predictive Analytics
It predicts the behavior of the customers, future events, and the failures of the equipments.
- Machine learning
The technique of artificial intelligence uses automated algorithms to go through the data sets more quickly than the method of conventional analytical modeling by the data scientists.
- Big data analytics
It applies predictive analytics, machine learning, and data mining tools to the sets of big data which contains structured and unstructured data.
- Text Mining
It provides with a way to analyze the emails, documents, and all the other types of contents which are text-based.
What is Data Visualization?
The representation of data in graphical or pictorial format is called Data Visualization. It makes it easy for the decision-makers to see the analytics which is presented visually. It is easy to understand and identify new patterns or concepts when they are presented visually. With the help of interactive visualization, the concept could be taken one step further by making the use of technology to drill into graphs and charts and also change the way of the processing of data.
Why is data visualization important?
It is very easy for the human brain to memorize the information and data which is provided in the form of charts and graphs rather than the information which is provided in reports and spreadsheets. It is a very easy and quick way to convey the concepts in a universal manner. You can even try out different scenarios by making some small changes.
Data Visualization can identify the areas which need improvement or attention in business. It clarifies the factors which influence the behavior of a customer. It helps you to understand the place of every product. It could predict the sales volumes. It is the best way to understand the data of your business, which would be including thousands and thousands of variables.