What is data analytics?
Data analytics is the science of analyzing raw data to make conclusions about information. It’s used to help businesses optimize their performance, maximize profits, and make more strategic decisions. It relies on a combination of data collection, visualization, and spreadsheets. Any data type can be used in data analytics ranging from sports statistics to medical records. The data then reveals trends in the normally lost information through surface-level analysis. For example every time a certain basketball player is on the court his team outscores the opponent. A data analyst can recognize this and give this information to a coach of that organization, and then the coach can decide what to do with his rotations. Or a gaming company like Epic Games can use it to point out bottlenecks in production. They use the analytics to set a reward schedule that keeps players active.
Value of Data Analytics
5 key data analytics processes provide great value to any company—gaining insight into markets, enhancing decision-making processes, creating targeted strategies, improving inefficiencies, and identifying new opportunities. Firstly, when businesses have access to their digital footprint they can gain invaluable information about customers preferences, needs, and purchasing behavior. Analyzing this data can help companies identify these trends and patterns, or customize products to meet these needs. Companies knowing these trends will allow them to market more effectively and in turn, make more profit. It also allows companies to make faster and better-informed business decisions. By using a data-driven decision-making model, leaders of companies can set up their organizations to be more proactive because it can be guided by the vitality of data rather than intuition or industry experience. They can also use data to inform their strategies to drive targeted marketing campaigns. By monitoring online shopping and point-to-sale transactional data marketers can create targeted advertising campaigns to reach new or evolving customers. Analytics can also help organizations streamline processes, reduce costs, and maximize profits. The data can show which operations lead to the best results. Lastly, analytics lets businesses understand their audience to predict how new products and services will be received by consumers. I have personally used data analytics in my own life to make more informed decisions about colleges and sports. It has made my efficiency increase in all facets of my life. That is why I believe data analytics is one of the most valuable tools a person or company can use.
