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Data analytics is the process of examining large datasets to find hidden patterns, correlations, and insights. Simply put, it's the science of transforming raw data into actionable insights. It takes the mountains of numbers, statistics, and facts available to business. Then, it turns them into usable information that companies can act on.
Data analytics empowers businesses to make data-driven decisions. When analyzing historical data, companies can spot trends. They can predict future outcomes and optimize their strategies. For example, retailers can use data analytics to understand customer purchasing habits. One store might forecast demand to be ready for a surge, while another may tailor promotions to the current season.
The goal of data analytics is to provide actionable intelligence. With the right analytics, businesses gain a competitive edge.
Data analytics boils down to a step-by-step process designed to transform raw data into business intelligence.
The 4 key phases of data analytics:
Let’s look at these phases or components of data analysis in greater detail.
Note that there are both exploratory and advanced analyses. The former is a simple visual inspection of the data before diving into modeling (predictive analytics, simulations, regression analysis, etc.) The latter refers to more complex statistical analyses and machine learning techniques to uncover deeper insights. These techniques include clustering, classification, neural networks, and more.
Traditional data analytics deals with structured, small-scale data — a few numbers that fit neatly into relational databases. For instance, it wouldn't be too hard to accomplish with organized spreadsheets and tables. The datasets are measured in megabytes or gigabytes. Analytics primarily focuses on historical data to inform current decisions.
Meanwhile, big data deals with unstructured and semi-structured data pouring in from websites, mobile devices, sensors, and social platforms. Plus, the data tackled is often recorded in real-time. As such, Big Data does not follow a predefined data model. It requires advanced tools and technologies to efficiently process it.
This brings us to a great point - effective data analytics always starts by identifying business needs, questions or problems that require insights. Clarifying the goal upfront keeps the project focused and impactful.
The organization needs help forecasting next quarter's sales pipeline based on market conditions. Or predicting which customers are most likely to churn. Or pinpointing strengths and weaknesses across product lines.
This planning phase also involves identifying what data will be needed to achieve the objective. That includes relevant data sources and methods of data collection. For example, to reduce churn, a business may need data on customer transactions, behaviors, and feedback. Identifying goals and needs might seem tedious, but it prevents wasting resources exploring dead-ends.
The data analytics process can be broken down in stages.
The 5 main stages of the data analytics process:
Let us look at these five stages in greater detail.
Big data refers to extremely large, diverse sets of data that grow fast and come in various formats. It's data that's too big and complex for traditional data processing tools to handle. Some key traits of big data are the "3 V's" - high volume, velocity, and variety. Here are some examples of big data that fit these traits:
Big data analytics then focuses on cost-effectively extracting impactful insights from those diverse data assets. Due to the sheer amount of data points and the complexity of the relationship between them, big data analytics relies on innovative techniques like machine learning algorithms, predictive analytics, data mining, AI (Artificial Intelligence) and more. These techniques use powerful computing to complete analysis.
So, what does this have to do with analytics? Well, hidden within big data is valuable insight waiting to be discovered. And organizations need analytics to make sense of it. They apply analytical techniques specifically designed for big data, such as cluster analysis, regression analysis and cohort analysis.
Big data has been a game changer for data analytics. It has vastly expanded the possibilities of what can be analyzed and the depth of insights that can be uncovered.
5 notable contributions big data has contributed to the field of data analytics:
In data analytics, a model is a mathematical representation designed to help explain or forecast the behavior of some real-world phenomenon. Models quantify relationships between variables that have been observed historically through data analysis.
Once created, models can predict outcomes given different inputs. For example, predictive models can estimate future sales figures based on past sales data and marketing drivers. Another example is a clustering model used for customer segmentation. It groups customers with similar characteristics or behaviors together.
Models provide a structured way to extract insights and make decisions from these massive datasets. With big data, models can be trained on much larger and diverse datasets, leading to more accurate insights.
The 6 common ways to use Big Data analytics models:
Big data and data analytics are intricately linked. Big data provides the raw material - huge, diverse, and fast-growing datasets. Data analytics provides the means to extract value from that raw material. It is the process of examining big data to uncover hidden patterns, unknown correlations, and valuable insights.
The expansion of big data (driven by technologies like IoT, mobile, social media) has necessitated more real-time, scalable analytics capabilities. And expanding analytics capacities like cloud computing have enabled organizations to extract maximum value from ever-growing data assets.
You can think of big data as input and data analytics as the transformation process that turns it into an output of actionable intelligence. Big data on its own is just a massive collection of data points. Analytics is needed to make sense of it and derive meaningful knowledge.
Forward-thinking organizations use both big data and data analytics in tandem to make smarter decisions. They recognize that the real value lies in a combination of both. The approach usually involves a few key steps.
First, they put in place the proper infrastructure to collect and store large volumes of data from diverse sources. This could include data lakes or cloud-based big data platforms. The goal is to create a centralized repository that analytics tools can easily access.
Next, they apply big data analytics techniques to explore the data and surface insights. Here is where data scientists and analysts come in the picture. They use tools like data mining, statistical modeling, and machine learning, looking for things that traditional methods would overlook.
Finally, they use data visualization to translate the analytical findings into easy-to-understand reports and dashboards. This allows decision-makers across the organization to leverage data-driven insights in their day-to-day work.
Data-driven decisions offer significant advantages, such as reduced bias, increased consistency, superior monitoring, and stronger stakeholder alignment.
With big data, this interconnection becomes even more potent. The granular, real-time nature of big data means analytics can surface insights faster and decisions can be more responsive. Think of real-time pricing decisions based on big data analytics of supply and demand signals. Data and analytics have become the engines that powers agile decision-making.
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Distributed servers like Hadoop clusters enable parallel big data processing for faster insights. Cloud servers readily scale to handle fluctuating workloads and fast hardware accelerates machine learning.
First, assess your data volume, velocity, and variety. Then, optimize CPU cores, memory, and storage to match workloads. GPU (Graphics Processing Units) and networking speed also matter.
The main challenge is poor data quality making analysis unreliable. There are also technical complexities that arise from integrating different data sources, which often result from a lack of skilled analysts. Finally, data storage needs and high-security risks are challenges as well.
That depends on the industry it is being used in, but it usually revolves around things like customer behavior analysis, fraud detection, predictive maintenance, and supply chain optimization. In healthcare, it is used to improve patient outcomes and reduce costs. In finance, it helps detect fraudulent transactions.
The skills to learn for a career in big data are statistical analysis, machine learning, SQL/Python programming, visualization to present insights, and communicating analytical findings clearly to guide business decisions.
Affordable cloud-based tools now allow small companies to leverage analytics for optimizing marketing, customer experiences, operational efficiency—things once only possible for large enterprises.
Ethical concerns around big data are plentiful. Companies must ensure strong privacy protections and security controls and eliminate bias in data collection and analysis. Transparency on data usage and consent is also important. Finally, always evaluate the potential of unintended consequences of analytics-based decisions.
Expect continued fast growth as data volumes expand. Advances in AI and machine learning will automate more analytics tasks and make predictions more accurate.
Big data provides the vast training data sets machine learning algorithms need. Meanwhile, analytics uses machine learning techniques to uncover patterns. AI technologies like deep learning can now analyze complex unstructured data.
Both involve data analysis. However, Business intelligence looks at past performance through descriptive statistics on structured data. Big data analytics focuses more on predicting future outcomes by applying advanced modeling techniques to unstructured and semi-structured datasets.
Data visualization takes complex analytical findings and big data outputs and transforms them into charts, graphs, and dashboards. These are easy for business leaders to digest. Visualization allows decision-makers to grasp insights and trends quickly without statistical knowledge. It facilitates data-driven decision-making.
The process starts by establishing formal data governance standards upfront that define policies, data formatting rules, lineage tracking, etc. Then, they must assign cross-functional data responsibilities. Profiling data regularly helps to identify and fix quality issues.
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