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What is Analytics? Learn about data analytics

Analytics can be described as an art, a process or a methodology. It all starts from data collection. Analytics involves discovering and identifying meaningful patterns in the gathered data. This analysis is further communicated with an intent of getting better business insights. Thus, it empowers decision makers with facts, past trends and current state of their business.

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Any analytics hugely relies on the ‘data gathering‘. In fact, it’s not wrong to say that analytics “entirely” depends on gathered data.

However, Data, like any other entity will have noise and impurities in the form unnecessary or wrongly gathered information.

Hence, it is critical to make sure that the first step is taken right!

Analytics also relies on computer programming, reporting and operations research to quantify and gain meaningful insight from the collected data.

Watch my short, crisp short video to get an introduction to Data analysis:

Different Phases of Data Analysis

Below is the self-explanatory diagram different phases.

  • Data Gathering (and collation)
  • Data Processing
  • Reporting – Pattern formation
  • Behavioral analysis (or scoring)
  • Insight generation.
  • Improvise what is necessary
Analytics phases

Analytics types or stages

  1. Descriptive: It describes ‘what happened’?
  2. Diagnostic: It helps to do a sort of postmortem analysis i.e., answers ‘Why’?
  3. Predictive: It estimates what is most likely to happen?
  4. Prescriptive: It provides suggestions, and solutions to solve existing problems.

Data Integration in analytics

Integrating data from various sources gives the ability to get a holistic view of your marketing/operations. It also makes sure that all the channels/mediums are in ‘sync’ for future communications.

A self-explanatory diagram of process of data integration is shown below:

Analytics data integration process

All these mediums or channel are a part of Digital marketing activities. Refer this link to get basic idea of what is digital marketing. You can then discover how analytics makes sense!

The areas of analytics application

These days, institutions and organizations are trying to get data analysis married to their existing process irrespective of their business streams. However, below are most widely used applications as of today.

  • Web-analytics
  • Business-analytics
  • Fraud analysis
  • Risk analysis
  • Financial analysis
  • Advertisement and marketing effort analysis
  • Enterprise decision management
  • Market optimization

The more a business is equipped with data, the lesser it has to depend on guesses and intuitions.

From analytics, one can easily find answers to questions like:

  • What happened?
  • How or Why did it happen?
  • What’s happening now?
  • What is most likely to happen next?
  • What do customers like or dislike?

What’s the future of Analytics?

  • It is still in  ‘infancy’ – Baby phase! 🙂
  • Yes. Even after coining the terms like machine learning and AI. I personally feel we’ve only scratched the surface of what analytics can do.
Analytics is baby
  • We have only achieved about 20% of full data’s analytical potential.

    Analytics is just 20%
    • Data analysis is either present or entering in to every field in the world.
      • IT Services, Production, HR, Healthcare, Hotel, Transportation, Education, Airlines etc.
    Analytics in other fields
      Self – Learning Artificial intelligence, Deeper machine learning, More accurate outcome prediction
    Analytics in Artificial intelligence

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    By Shivanandana Hegde

    Shivanandana Hegde is a data practitioner. On a daily basis, he works with analytics and marketing gurus in his profession to optimize sales and user experience and empower clients across India and North America.

    He has keen interest in digital devices, communication applications and networks to access and manage information. He has published a number of blog posts and publications over the last decade.

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