data analytics

For sure, you may have heard this term ‘n’ number of times but do you know what does it exactly mean. Let’s find out

Data Analytics is the process in which various data sets are examined in order to draw conclusions from the given set of data but with the assistance of various software. Data analysis is sometimes used as a synonym for Data Modelling. The use of data analytics is vast as in big organizations informed decisions are taken with the aid of data analytics. Moreover, Data analytics also assist in proving or disproving scientific theories or models. There is business analytics which is narrow in sense as compared to data analytics which is much wider in scope. Data integration is a precursor to Data analysis and Data analysis is somewhat related to Data Dissemination. Data analytics encompasses varied types of Data analysis

For instance-Content marketing companies takes the help of Data analytics to keep you clicking or reorganizing content so that more clicks can be regenerated.

How to Perform Data Analysis

• Data Collection – After grouping the data, the next step is to start collecting the data through various means like primary as well as secondary sources
• Organizing the Data – When the data is collected completely then the task comes of organizing that data as it must be properly organized into the software which can read and access the data
• Data Grouping – When performing data analysis make sure the data is grouped. Grouping of data means on the basis on demographics, income, gender. It is significant to group data according to classifications as it will lead to efficient results
• Error Checking – The last step is to check whether the data had any errors or not before the publishing of the data

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Data Analytics Market

Email marketing is most effective way to generate sales and money; in fact it generates $38 for every $1 spent. Thus a ROI of whooping 3800%.

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Tools for Data analytics

• Microsoft Excel – Most widely used tool for data anlytics
• DevInfo – Endorsed by United Nations Development Group as it is a database for monitoring and analyzing human development.
• Pandas – A python library for data analysis.
• Orange – It is a visual programming tool having data visualization and methods for statistical analysis.
• Root – It is a C++ data analysis framework.
• R – A programming language for statistical computing and graphics.
• SciPy – A python library for data analysis.

Benefits of Data Analysis

• It helps in removing duplicate information from the data. Thereby saving a lot of time and aids in delivering high-quality end results
• Help in improving the quality of data
• A blessing in disguise for various sectors like banking, finance, insurance and a lot of others
• Used by many agencies to detect any wrongdoing activities
• Identifies possible frauds timely
• Drives possible outcomes for business as well as customers
• Various Data analytics types have various uses in businesses
• Aids many organizations in predicting high-end quality data-driven results
• Helps drive revenue for businesses
• Deliver quality data for further analysis and evaluation so that output obtained must be as much as verifiable and true as possible
• Last but not least definitely, it helps organizations in achieving their customer requirements

Possibilities with Data analytics

• Customer analytics – There are many companies which rely on the customers to make specific changes in their products or services and by mentioning customer analytics it means analyzing customer data to make better decisions. The various business generates a deep level of insight into their customers through integrated customer analytics software. Through these insights, the company can alter their products or services, study competitors analysis or can even burgeon its business development sales. With the help of customer analytics platform, your businesses can target a more specific set of audience and will be able to engage customers. Customer analytics can be a lot more useful as it tells about customers acquisition, retention, engagement and revenue
• Marketing analytics – It is needed to measure and analyze marketing performance. It gives a clear view of the marketing efforts as it monitors campaigns and saves your time and money. It does the market study and keeps you updated with trends. Moreover, it allows you to understand the return on investment by getting the work reports. The questions which fear the marketers and businessmen are how to start with marketing analytics and that fear can be easily overcome with the help of these few tools which might help in your business and they are -Mixpanel, Optimizely, Kissmetrics, Crazyegg . With the help of these tools, marketers can effectively plan out their ad campaigns and measure their analytics.
• Industrial analytics – It is a component of the Internet of Things which keeps on bringing data from various parts for the betterment of the business analytics are applied to machine and the data is processed as it enables efficient operations and helps in data-driven decision making. Industrial analytics has the potential as it is based on the internet of things so there is a high chance of it revolutionizing the manufacturing industry. Some of the major benefits of industrial analytics are that it increases revenue, customer satisfaction and product quality. Business intelligence and predictive analytics tools will continue to hold prominence in the coming years too in industrial analytics.
• HR analytics – In HR analytics various statistics tools and models are put to use for assessment of employee so that business outcomes can improve. It also referred to as people analytics or workforce analytics. HR analytics helps to test the effectiveness of HR policies and taking the help of HR analytics varied areas are targeted like recruitment, performance management and a lot of others for getting a change. If the applied data test carefully, it has the potential to predict the future of the workforce. It can even tell us about the employee turnover, effectiveness of employee and absenteeism. Top tools for HR analytics are Oracle HR analytics, Zoho social, People insight, Talentsof analytics and many others
• Performance Analytics – Performance analytics assist you in tracking and visualizing key performance indicators over the period of time. It means managing the overall performance of the organization which is also aligned with overall goals. With the assistance of performance analytics, at various levels, performance at multifarious level improves. It promotes data transparency as each one of the organization members can access the information so there is no leverage of hiding out any facts. It delivers strategic and operations in a way which is most desirable and last but not least it also burgeons quality of services. Statistical information shows that a considerable amount of correlation exists between performance analytics and enhanced organizational results. Moreover, there are many other benefits while measuring performance with the help of its analytics.
• Sales analytics – It is the procedure of generating insights from the data obtained through sales. With the determination of sales analytics, the objective must also be aligned to it for better outcomes. Without monitoring sales metrics you could not be able to increase performance and improve accountability. Make sure that when approaching for sales analytics you must have a well-defined sales analytic strategy. Data from different pipelines and sources are taken into consideration and analyzed. Some of the sales metric to monitor are -product performance, lead conversion rate,canbilzation rate, quote to close, sell-through rate, sales target and growth. There are various other metrics to measure but the main focus should be to measure your sales and get relevant insights and implement them for future use your business.
• E-commerce analytics – Selling your products or services online and without any analytics will lead failure of your online business as analytics is important and with various e-commerce analytic tools like Kissmetrics, Google Analytics, Clicky, Metrilo and a lot of others you can outperform other businesses. For growing your business you will be needing to manage the customer acquisition channel like organic trafficking, advertising email marketing. With the help of E-commerce analytics, you can benchmark your metrics and turn your data into meaningful and actionable insights. If you are thinking of running an e-commerce website but without any plan of measuring e-commerce analytic then you must think twice before investing in your website as performing e-commerce analytics is as important as investing in the website because then only you can tell what is happening well in your online business and what is not.

Now in the end, as you all know we have discussed in brief what is Data analytics and what are the various sectors data analytics classifications. The one thing to focus upon is that each and every business nowadays is making use of data because data is the new king but for some content might still be the king. With the assistance of data, various tedious tasks can also be easily resolved as it gives a clearer picture and actionable insights. The results obtained by analytical models must be communicated to business executives and to other end users to aid in their decision making. If someone wants to become data scientist then the person must have passion towards technical skills which will help him in solving complex problems.