Shobha
The best way to predict the future is to invent it
What is Data Analytics, and how is it used to make better business decisions? Explain its key techniques and applications with examples.
Data analytics is the process of analyzing data to extract meaningful insights, which help businesses make informed decisions. It is used to enhance business strategies by identifying trends and predicting future outcomes. For example, a retail company uses data analytics to predict which products will be popular during the holiday season.
There are different categories of Data Analytics:
1.Descriptive Analytics: This type of analytics looks at past data to explain what has already happened. For example, creating sales reports, analyzing trends over time, or tracking performance to understand past activities.
2.Predictive Analytics: It uses past data and patterns to predict what might happen in the future. This is helpful for things like estimating future sales, understanding customer behavior, or anticipating market trends.
3.Prescriptive Analytics: This helps in deciding what to do next by providing recommendations based on data. For instance, it can suggest the best marketing strategy, how to allocate resources efficiently, or ways to improve outcomes using tools like simulations and optimization models.
There are different categories of Data Analytics:
1.Descriptive Analytics: This type of analytics looks at past data to explain what has already happened. For example, creating sales reports, analyzing trends over time, or tracking performance to understand past activities.
2.Predictive Analytics: It uses past data and patterns to predict what might happen in the future. This is helpful for things like estimating future sales, understanding customer behavior, or anticipating market trends.
3.Prescriptive Analytics: This helps in deciding what to do next by providing recommendations based on data. For instance, it can suggest the best marketing strategy, how to allocate resources efficiently, or ways to improve outcomes using tools like simulations and optimization models.