DATA ANALYTICS- Central for Business Reinvention.
Importance of Data Analytics in Business
Dr. Moonis Shakeel, Faculty, Jaypee Business School
In line with the changing scenario in which the businesses are now operating and how they are operating, given the fact that we are now living in an era of information technology, companies are adopting new technologies to bolster their businesses. One of them is Big Data Analytics, Big data analytics is the process of examining big data to uncover hidden patterns, unknown correlations and other useful information that can be used to make better decisions. With big data analytics, data scientists and others can analyze huge volumes of data that conventional analytics and business intelligence solutions can't touch.
Also the explosion of data production, storage capabilities, communications technologies, computational power, and supporting infrastructure, data science/analytics is now recognized as a highly-critical growth area with impact across many sectors including science, government, finance, health care, manufacturing, advertising, retail, and others. Thus, data science technologies are being leveraged to drive crucial decision making.
Data science/analytics can be defined as a set of applications, practices, skills and technologies designed for investigating and analyzing business performance in order to achieve more strategic decision making and structuring in the future. With organizations acquiring vast amounts of data at an unprecedented pace, the demand for professionals with strong business analytics skills has never been greater. Today's leading companies recognize that employees with a good understanding of general business, coupled with strong exposure to analytics techniques and database management tools, are critical to the enterprise's long term success. Business analytics makes extensive use of data, statistical and quantitative analysis, explanatory and predictive modelling, and fact-based management to drive decision-making. Analytics may be used as input for human decisions or may drive fully automated decisions.
Some application areas include market basket analysis, consumer behaviour, social network and sentiment analysis, recommendation systems, fraud and crime detection, healthcare delivery, healthcare fraud, health sciences (e.g. genomics), supply chain, finance, cyber security, libraries and network security. Companies like Wal-Mart, HP, Deloitte Consulting, and Chevron, all of whom are heavy users of data analytics, have expressed an interest in hiring to meet this need.
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