Big Data

360DigiTMG – Data Science course in Pune

Data analytics is a process wherein sets of data are collected to be kept under examination. The results are further concluded and information is drawn from them with the help of new and specialized software and systems. These types of special techniques and technologies are utilized broadly by the commercial sector; they help the organizations to form strategies and also make the process of decision-making easier

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360DigiTMG – Data Science course in Pune

Introduction

What are data analytics?

Data analytics is a process wherein sets of data are collected to be kept under examination. The results are further concluded and information is drawn from them with the help of new and specialized software and systems. These types of special techniques and technologies are utilized broadly by the commercial sector; they help the organizations to form strategies and also make the process of decision-making easier. Data analysis uses Basic intelligence (BI) and accumulates information and data and processes them to form reports. This process helps the individuals to focus on certain key areas like creation of data, accessing, storing and processing it. The sources for the collection of data may include either the newest and latest information or from historical records; other means also include external or internal sources of data.

For more information click here 360DigiTMG – Data Science course in Pune

What are the benefits of data analytics?

Data analytics help business organizations in various ways like increasing their revenues, helping them improve their operational efficiency, and optimizing efforts of customer services and marketing campaigns. It also helps the organization to be quick in responding to the emergence of new trends in the market and also to gain a competitive advantage over the other business firms. All of this improves the organization’s overall efficiency and performance.  Credit card companies and banks can prevent theft and fraud with the help of data analytics by analyzing the trends and patterns of spending and withdrawals of its customers. E-commerce firms can also gain a competitive advantage with the help of data analytics, as they can keep a check on the number of users visiting their profile and whether they are keen on buying their products or not. Healthcare institutions evaluate the data of their patients, which helps them to use the perfect treatment for their illness. Mobile network companies also take advantage of data analytics simply by forecasting the possible threats which might occur in the future and try to prevent them.

What are the types of data analytics applications?

One type of data analytics is exploratory data analysis (EDA), which is used to look for relationships or patterns found in various types of data. The other type is known as confirmatory data analysis (CDA), which uses statistical techniques to determine whether the hypothesis collected from the data is actually correct or wrong. EDA is usually compared to the work of a detective whereas CDA is related to jury or a judge while a trial in the court is going on.

Another set of data configuration includes quantitative and qualitative analysis of data. Quantitative data analysis is used when numerical data is supposed to be collected and can also be measured statistically, whereas qualitative data analysis is more methodical; it involves data like images, texts, graphs, charts, audio etc.  In other words, it involves basically non-numerical data.

Some of the other advanced forms of data analytics include predictive analysis. Here the behavior of the customer, faulty equipment and some of the events happening in the future can be predicted. Data mining is a type of data analytics wherein the available data is sorted into various smaller sets and then are differentiated according to their patterns and trends.

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If Data analytics is the field which entices you and builds your interest and the following information given above only intensifies your passion for it, then apply to best data analytics courses and make your journey in the field of data analytics full of enjoyment with placements at the best companies in the world. 

For more information click here 360DigiTMG – Data Science course in Pune

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