Today, data is at the heart of everything. However, simply having large amounts of data without technology to help you use it to derive meaningful results is insufficient. Data analytics has numerous applications, ranging from personalizing customer interactions to predicting future health needs to develop the next big entertainment platform. Let us first understand what is data analytics and why is it important for those who pursue data analytics courses.
What is Data Analytics?
The answer to “what is data analytics?” is quite simple. It is the process of analyzing large amounts of raw data to derive useful and actionable information. Data analytics is a type of business intelligence that aids in the resolution of specific issues and problems.
An e-commerce company, for example, can use data analytics to track customer behavior and use the insights to improve the overall experience. Data analytics tools aid in the analysis of past trends and the prediction of future trends, allowing for better and more informed decisions that are not based on guesswork. In most cases, data analytics entails the following steps.
- Identifying the source of the problem
- A collection of raw data sets that may be useful in resolving the issue
- Cleaning the data, including duplicate records, in preparation for analysis
- Analyzing data with data analytics tools
- Interpreting the data, identifying trends, and improving the outcomes
Data analytics is of four different types:
- Descriptive analytics: This high-level analysis aims to analyze historical data using data mining and data aggregation.
- Diagnostic analytics: This type of research focuses on the “why.” Diagnostic analysis, for example, can assist in determining the cause of a company’s unexpected reduction in customers.
- Predictive analytics: As the name implies, this aids in forecasting future outcomes. This is accomplished through data-driven, actionable insights that organizations can utilize to plan for the future.
- Prescriptive analytics: This type of analysis aids in the comprehension of how projected outcomes can be applied. Algorithms, machine learning, and computational modeling processes are all used in this sort of analytics.
Why is data analytics important?
Most experts agree that data analytics is critical for modern businesses since it helps them become more competitive. Data analytics – using data analysts – and data science activities are undertaken by companies for a variety of reasons. The following are some of the most frequent things you can accomplish with data analytics:
- Improve your understanding of your customers
Most businesses have access to demographics, order history, customer service interactions, social media, order history, survey replies, and other information about their customers. Employing data analysts to analyze this data can assist businesses in forming a more complete picture of each client as well as a broader picture of their entire consumer base. It may also identify changes to better satisfy client wants or reach out to new buyer groups.
- Streamline your business processes
Many processes in your company can be measured, including order taking, fulfillment, supply chain management, customer support, IT operations, and more. And anything that can be measured is something that can be improved. Data analytics can assist you in tracking progress toward key performance indicators (KPIs) and identifying bottlenecks that are currently delaying your business.
- Identify unique opportunities
The subject of whitespace analytics is one of the more interesting areas of data analytics. This method aids organizations in identifying commercial opportunities that they may not be aware of. It can assist you in identifying new customers, products, and partnerships to pursue in order to boost revenue and profitability.
- Increase your marketing effectiveness
Marketing is one of the areas of a company where data analytics has had the most impact. Because so much marketing is done online, marketing teams have access to a plethora of data that may help them figure out which prospects are most likely to become customers, which customers are most likely to buy again, and which customers are most likely to defect to a rival and much more. They frequently employ data visualization to assist in data mining for business insight.
- Better decision making
Humans are constantly tempted to make decisions based on emotions, which are frequently based on assumptions that may or may not be true. Data analytics acts as a significant check on this inclination, allowing business leaders to assess if their gut reactions are likely to succeed or not. In a broad sense, data analytics may assist firms in making better decisions throughout their entire organization.
Following are the certified data analytics courses you can opt for to enhance your career:
Business Analytics
The Indian Institute of Management, Calcutta (IIM Calcutta Senior) Management Programme in Business Analytics would prepare senior management professionals to use business analytics for customer-centric value creation and better business transformation. By taking the course, participants will learn how to link the strategic components of business analytics with applicable technology-oriented operational features to gain actionable insights that will help them improve productivity and business growth.
Data Analytics for Business Strategy: Essential Tools and Applications
Data Analytics for Business Strategy: Essential Tools and Applications from IIM Kozhikode will give you the tools you need to use data analytics to solve real-world challenges and improve day-to-day business decisions. You’ll discover how data analytics may be used in marketing, product development, retail and sales, customer research and insights, and digital marketing. You will graduate with a data-driven analytical approach that will assist you in solving crucial business challenges and advancing your career.
Business Analytics & Optimization
Emeritus is offering a five-month Certificate Program in Business Analytics and Optimisation in collaboration with the Indian Institute of Technology Delhi (IIT Delhi) to help professionals upskill and acquire industry-ready skills. By enrolling in this programme, you will get the ability to use analytics and business intelligence to help your company develop and transform.
Data analytics will continue to grow and will require professionals with diverse resumes to enter the field. If you want to learn more about data analytics or get into the nitty-gritty of what is data analytics, Emeritus’ data analytics courses will help you understand these concepts in-depth and comprehensively, allowing you to advance your career in data analytics.