Unit 7

• Data v.s Information?

  Data is the raw, unorganized facts that need to be processed

  Information is a group of data that collectively carries a logical meaning.

  Data does not depend on info but info depends on data
• What is data analytics?


  The science of analyzing raw data in order to make conclusions about that information, to enhance productivity and business gain
• Examples of data analytics?

  ...

  • Fraud management reports
  • Live tracking report
  • Sales report
  • Future target and goals report
  • Google analytics report
• Needs for data analytics?

  ...

  • Gather hidden insights
  • Generate reports
  • Perform market analysis
  • Improve business requirement
• Gather hidden insights?

  Hidden insights from data are gathered and then analyzed with respect to business requirements
• Generate reports?


  Reports are generated from the data and are passed on to respective teams and individuals to deal with further actions for a high rise in business
• Perform market analysis?

  Used to understand the strength and weaknesses of competitors
• Improve business requirements?


  Analysis of data allows improving business to customer requirements and experience
• Tools available for data analytics?

  ...

  • R programming
  • Python
  • Tableau public
  • QlikView
  • SAS
  • Open/GoogleRefine
• What is a data analyst?

  Someone who can analyze data through the use of various tools and techniques and gathering the required insights
• What skills do a data analyst require?

  ...

  
  

  • Machine learning
  • Data visualization
  • Hidden insights discovery
  • Reports generating
  • Data collection and cleaning
• What is big data?

  Large volumes of data that cannot be easily managed or analyzed using traditional methods
• What is big data analytics?

  Analysis of large and complex data sets to uncover patterns, trends, and insights
• Types of big data analytics?

  ...

  • Descriptive
  • Diagnostic
  • Predictive
  • Prescriptive
• Descriptive?

  Allows organizations to learn from past behaviours, and help them in understanding how they might influence future outcomes

  
  

  What has happened?
• Diagnostic?


  It provides deeper analysis to the questions: "why did this happen?"
• Predictive?


  Uses historical data, and customer insights, to predict future events

  What will happen if...?
• Prescriptive?


  Uses AI to understand the impact of future decisions and uses those scenarios to determine the best outcome
• Uses of big data analytics?

  ...

  • Boost customer acquisition and retention
  • Solve advertiser problems and offer marketing insights
  • Risk management
  • Driver of innovation and product development
  • Supply chain management