What is Data Analytics? Write down three ways that data analytics is impacting business today.

What is Data Analytics?

Data Analytics mainly helps you to take rapid and better decision based on data.

Data as a collection of facts, observations or other information related to a particular question or problem.

Data can be structured or unstructured. Structured data is information with a high degree of organization that could be included in databases or spreadsheets and is easily searchable by simple search engine algorithms.

Unstructured data is the opposite and is usually text heavy though it may contain video, data or numbers and facts as well. Think of an open field text box that allows you to provide additional comments on a survey.Adding to the complexity Data can also come from a variety of internal and external sources for organizations.

Analytics is the science of examining raw data in order to draw conclusions about the information.

It’s an exciting field, and is dramatically impacting how organizations in many industries are making decisions. The availability of huge volumes of structured and unstructured data sets, combined with advanced computing capabilities. Low cost storage and powerful visualization technology is enabling organizations to gain from market research and social media, to the network of physical objects we call the internet of things. The world we live in today is creating a constant and ever-increasing stream of data. For most organizations, the data they can access is increasing at a rate of 40%each year which creates significant challenges in the way data is captured and secured, organized, analyzed and reported.

 Three ways that data analytics is impacting business today:

Let’s quickly touch on three ways that data analytics is impacting business today.

First, data is enabling new products and services, creating markets that didn’t previously exist and bringing new capabilities to existing markets.Wearables, such as your Fitbit or Apple watch are some examples of new products.

Second, it is disrupting existing markets with innovative upstarts unseating traditionally secure businesses, think of Uber.

Third, data and analytics is driving increased efficiency. For example,retailers have the ability to automate and optimize their supply chain.

In short data is providing the organizations the ability to identify growth opportunities, drive innovation, operate more efficiently, and manage risk in new ways.