Starting your career in Analytics

Analytics is the new buzzword in business. Analytics is the most emerging and in demand field of 21st century. Nowadays company use their collected data for growth and development of their company. So, there can be no better time than now to pursue a career in Analytics.

What is Analytics?

Analytics is using data to generate new insights and provide effective solutions to business problems. Analytics allow you to understand your company’s data and develop your marketing strategy. It also helps in understanding the effects of making a change to your marketing strategy. According to Wikipedia: “Analytics is the discovery, interpretation, and communication of meaningful patterns in data.”

Let us consider an example. Assume that you’re running a service based company and for past few weeks your company is going in loss. How would you target your audience? This is where analytics can be used. Using your past sales data, you can find out your target audience and predict your future sales .

Steps to perform Analytics.

Here are few basic steps any analytics process-

Define

Ask correct questions. Define and understand your business problem well. Define correct target for your analysis.

Measures

Collection of valid data. Avoid collecting data with null values or invalid data. Improve your data quality regularly.

Analyze

Analyze your data. Visualisation facilitates better and effective understanding. Understand where problem actually lies.

Improve

Once you understand your problem, implement your solutions. Optimize your solutions.

Control

Help your company with improved information and proposed solutions.

Types of Analytics

There are four types of analytics.

Descriptive Analytics

Descriptive analytics sums up a current information to get a data of what has occurred previously or is going on in present.

Diagnostic Analytics

Diagnostic analytics focuses on recent developments as to "how" and "why," concentrating on past execution to figure out which factors impact business patterns.

Predictive Analytics

Predictive Analytics gauges the chance of future occasions utilizing factual models and machine learning strategies. It is used to predict that what is likely to happen in near future.

Prescriptive Analytics

Prescriptive Analytics is a statistical technique used to create suggestions and settle on choices dependent on the computational discoveries of algorithmic models. It is used to provide best decision at give time. It gives solution to all our business problems.