What is Data Analytics? It is the process of cleaning and processing data to gain valuable insights from it. Nowadays, this is done using software like Microsoft’s Power BI, Tableau, Python and R. Data mining is a similar term that refers to the processes used to detect and analyze patterns in data through Machine learning, Artificial intelligence and statistical methods.
Data analytics is becoming increasingly important to businesses everywhere, as it uses the raw data gained from an organization to make better business decisions. Sales data can be analyzed to see which product or service is making a loss. Product recommendations can be offered to customers based on analysis of their purchases, cart, wishlist or simply their product browsing habits. Banks can detect suspicious activity using Machine learning and send alert mails or SMS to customers so that they can take action. Social media platforms like Facebook and Whatsapp use Machine learning to detect fake news and block fake accounts, which is a major issue at the moment. Retailers can analyze their sales data and make predictions on what their sales and profitability will be, a few years from now. Logistics companies can see the top 10 affected shipments and for what reasons. Factories can use their data to make their machines and processes more efficient. Thus, data analysis is useful for companies in every sector.