Learn how Master Data Management (MDM) can transform your business strategies and drive operational efficiency. Unlock the power of data-driven...
What is data analytics and how does it work? Understanding Data Analytics: Definition, and Working Process
Learn what data analytics is, why it's important, and how it works to learn how your organization can make better data-driven decisions.
We’re generating data all the time. Every day we generate large amounts of data when we use the phone or the laptop, for example, to check messages or the mail. All the information that we generate as users can be essential for an organization or a company to make better decisions based on the data collected. That is why many organizations are working hard to transform terabytes of information into concrete actions with data analytics.
What is data analytics?
Data analytics is a process that involves various techniques and tools to analyze large volumes of data to make informed decisions in all kinds of industries, whether for business opportunities, or in the field of health, or finance, among others. In a data-driven world, those who can effectively analyze and leverage data are better positioned for success. Studies have shown and our experience has witnessed that companies who make decisions based on data are more profitable, have more satisfied customers, and have much higher levels of innovation. Good data analytics not only helps organizations make informed decisions, but also gain a competitive advantage, improve operations, and discover new opportunities or insights within their data. Efficiency, innovation, and cost reduction are three development opportunities that data analytics gives organizations to improve their processes. From there comes its importance and how fundamental it is to know how to read the data.
How data analytics works
Here we introduce you to the different techniques and tools that can be used to perform data analytics depending on the information to be analyzed.
To begin the data analytics process, it is essential to collect as much relevant data as possible in order to process that information. The information can be structured or unstructured and can be found in spreadsheets, in databases, it can even be information that comes from social networks. This part of the process is called Data Collection.
Before analyzing the collected data, a cleanup job is performed to ensure that the data does not contain errors or inconsistent information. This step called Data Cleaning ensures that the information is ready before performing an analysis.
Data Analysis Techniques
There are many ways to analyze information depending on its origin. For this, there are different Data Analysis Techniques such as machine learning, statistical analysis, and multivariate calculus, among others. The analysis techniques are specific to each type of business question being asked.
One way to relate the processed data is with visualization techniques. This is important to draw conclusions in a more graphic and simplified way. This part of the process is called EDA (Exploratory Data Analysis), where Data Visualization is key, because it allows you to present information efficiently with charts and plots. Good visualization tools depend on the right data platforms to support them.
Data Analysis Objectives
There are different ways to draw conclusions from analyzed data: in a Descriptive way, in a Prescriptive way, and in a Predictive way. The Descriptive way helps to understand with historical data what had happened, while the Prescriptive way helps to analyze and conclude how it is possible to achieve an objective. The Predictive way builds models to forecast a specific scenario that will serve as the basis for making big decisions for a business, for example.
Business Intelligence (BI) helps organizations make better decisions based on data. BI generates dashboards and reports based on business analytics, data mining, data visualization, data tools, and infrastructure. The most popular tools for Business Intelligence and Data Visualization are Tableau and Power BI.
If your organization or company needs a strategy based on data, to ensure the security, privacy, and compliance of the data or to monetize solutions, we are dedicated to helping you unleash the power of data-driven decision-making. Our team of experts specializes in formulating data strategies that align with your business objectives and drive growth. Our team Empowers your Businesses to Harness, Manage, and Amplify Value from Data.
In today's rapidly evolving digital landscape, navigating the complexities of data analytics can be daunting. However, you don't have to face these challenges alone. At ACL, we specialize in providing tailored solutions that address your unique data analytics needs. Our team of experts is dedicated to helping you unlock the full potential of your data, transforming it into actionable insights that drive growth and innovation. Whether you're just starting out or looking to refine your existing strategies, ACL is here to guide you every step of the way. We invite you to follow us for the latest updates, insights, and best practices in the realm of data analytics. If you're ready to take your data-driven decisions to the next level, don't hesitate to reach out. Contact us today and discover how ACL can be your trusted partner in navigating the world of data analytics
Transform your business with our data services solutions here.