Data analytics is the process of examining data sets to extract information that may be hidden from the casual user and draw conclusions about the impact of that information. Data analytics can range from the simplest of business intelligence, to online analytical processing, all the way up to very advanced analytics.
Data Analytics at the Forefront of Business Decision Making
Business intelligence (BI) and data analytics are front and center for every successful company. In fact, with the growing use cases of the IoT, predictive analytics, and machine learning, data analytics often makes the difference between success and failure. Besides predictive analytics based on historical data, real-time analytics has become very critical for companies that depend on real-time data from sensors, social media, the Web, and other sources, to operate their day-to-day business.
Retail businesses might focus on the behavioural analysis of customers, but if they are expanding overseas, they might consider cloud based analytics will be more important. However, a telecommunications company that is providing advanced digital home customer support might focus on prescriptive analytics. Whichever form it takes, data analytics is essential for success across a wide range of industries.