One of the most trending Buzz words in IT industry these days is Data Analytics.
“Analytics is the process of obtaining an optimal and realistic decision based on existing data.”
True to our eyes, it has made its place because it’s certainly –
Highly payed skill
Can be called as future of IT industry with its base in every sector we can image about. Since each business wants to improve its decision making capabilities.
Analytics is broad term, which at lower levels starts from data to derive some basic information out of it (Descriptive Analysis). Reports generated on the basis of these results(reports data) is accessed to bring out the prospective agents of business development (Predictive Analysis) and the probability* of future events based on historical raw data. Now, using the outcome of later two we can have recommendations(Prescriptive Analysis). This emerging technology enables us to make various models which recommend one or more courses of action — and showing the likely outcome of each decision.
Note * : I hope here you can clearly understand the role of probability in Predictive Analytics. It requires pure mathematics(Stats) with machine learning algorithms.
Hope you got a basic understanding of Data analytics. It just doesn’t end here. We have more classifications and examples.
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For more in-depth study please read the following –