Business Analytics.docx

Business analytics Assignment

Submitted By, Nithin Balakrishnan S4 MBA Roll No 6

What is data analytics? Data analytics simply means “finding hidden meaning of data” or “finding insights”. Data analysis is a process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, informing conclusions, and supporting decisionmaking. Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names, while being used in different business, science, and social science domains. In today's business, data analysis is playing a role in making decisions more scientific and helping the business achieve effective operation.

Importance of Data Analytics for Businesses 

Improving Efficiency



Market Understanding

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Cost Reduction

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Faster and Better Decision-Making

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New Products/Services

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Industry Knowledge

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Witnessing the Opportunities

Types of data: Data can be are of two types. They are as follows: 



Qualitative 

Nominal



ordinal

quantitative  continues  discrete

Predictive modeling Predictive modeling is a process that uses data mining and probability to forecast outcomes. Each model is made up of a number of predictors, which are variables that are likely to influence future results. Once data has been collected for relevant predictors, a statistical model is formulated.

Data mining Data mining is a particular data analysis technique that focuses on modeling and knowledge discovery for predictive rather than purely descriptive purposes, while business intelligence covers data analysis that relies heavily on aggregation, focusing mainly on business information.

Data science Data science is an interdisciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from data in various forms, both structured and unstructured, similar to data mining.

Artificial Intelligence Artificial Intelligence is a way of making a computer, a computer-controlled robot, or a software think intelligently, in the similar manner the intelligent humans think.

Conclusion Importance of Data Analytics is truly changing the world. Whether it is the sports, the business field, or just the day-to-day activities of the human life, data analytics have changed the way people used to act. It now, not plays a major role in business, but too, is used in developing artificial intelligence, track diseases, understand consumer behavior and mark the weaknesses of the opponent contenders in sports or politics. This is the new age of data and it has unlimited potential.