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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 decision-
making. 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
 Cost Reduction
 Faster and Better Decision-Making
 New Products/Services
 Industry Knowledge
 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.