Data analytics can be defined as the process of examining data situated to draw a conclusion about the information they contain. Data analytics offers many techniques and processes that automate the mechanical process and algorithms that work along with the raw data of the organisations.
Since the data represents the ample amount of information about the organisation, therefore with data analytics it becomes easier for the user to retrieve the required information. Data analytics aims to save time and manage the data of an organisation that helps in decision making. The tool for examining the data is very essential for commercial industries and their growth. An organisation holds a lot of information that may play down, therefore, it is suggested that the user should utilise the offered tools of data analytics so draw out the trends and patterns of the market.
Numerous industries implement data analytics for better outcomes and results. Similarly, industries like gaming and content companies use data analytics for rewarding players and re-organising content on their establishment.
Process of Data analysis:-
- Step one would be to determine the type of requirement and how the data is grouped.
- The second step allows the user to collect relevant data from different sources.
- After the collection of the required data, the organisation is very important. Collected data would be organised before analysis.
- Once the data is organised, then the user needs to scrub and check the data for errors and duplications.
Why Data Analysis is important?
Any business, organisation or an employee focus on increasing their productivity for a better outcome and financial sustainability. Once Data Analysis comes into play then implementation in the business model will lead to a reduction in cost by measuring more efficient ways of performing business and analysing the ample data and information of the company. Those data and information hold the key to increase production.
An organisation uses data analytics to make more efficient and effective decisions and would assist in determining the market trends, notions and satisfaction. The notions would eventually improve the offered products and services.
Following are the major jobs that would require the knowledge to analyze the data:
- IT System Analyst
- Healthcare Data Analyst
- Operations Analyst
- Data Scientist
- Data Engineer
- Quantitative Analyst
- Data Analytics Consultant
- Digital Marketing manager
- Project Manager
- Transportation Logistics Specialist
Types of Data Analytics
Data Analysis has been broken down into 4 major and basic kinds:
- Descriptive Analytics
These kinds of data would inform about the happenings over a period of time, in numbers or quantitative analysis.
- Diagnostic Analytics
This form of analytics would confer the reason behind the happen, what has happened. It has diversity in data and even offers a little hypothesis.
- Predictive Analytics
It would inform the users about the upcoming happening based on the information provided and allocated data. Predictive analytics can be useful to handle future outcomes. Since the analytics is based on the provided data, therefore, it stands out to be true mostly.
- Prescriptive Analytics
This would suggest the course of action. After analysing the situation and interpretation of the data, it would offer the course of action to avoid clashes later and constant growth.
Required skills of Data analyst:
- Communication and Data Visualization skills
- Data Intuition: it is extremely important for a professional to be able to think like a data analyst.
- Mandatory skills for data analyst is Advanced Excel, VBA, SQL etc.
- Programming skills: Knowing programming languages are R and Python are extremely important for any data analyst.
- Machine learning skills
- Data wrangling skills: The ability to map raw data and convert it into another format that allows for more convenient consumption of the data.
- Statistical skills and mathematics: Descriptive and inferential statistics and experimental designs are a must for data scientists.
Data analysis is boon in the world of finance. It has the capabilities to control multiple systems. Therefore, if the user is not completely ready to optimise the offerings of data analytics can withhold the progress of the organisation.