In this technology-driven world, where we are informed about transformations on a daily basis, these transformations are all occurring in the field of ‘Data’. The incredible amount of information being created every second is as valuable as gold and it will undoubtedly continue to rule the future. One such domain that leverages the use of data is Data Analytics.
SO, WHAT IS DATA ANALYTICS?
Data Analytics is an approach that is used to predict results by monitoring and modeling data collected from careful analysis. It is the study where the outcomes result in the enhanced performance of business operations.
Due to rapid advancements in the business sector, organizations have been relying on technologies to enable the decide on strategic plans, which may lead their path to growth. Keeping in mind such demands, researchers have developed this field of Analytics- a comprehensive algorithm based on predictions and conclusions derived from the data. As data is a limitless entity- with tonnes of it being generated each day, data analytics remains a practice that will grow exponentially in the future ahead. That’s the reason why most of the companies recruit the candidates who’re having the knowledge of Data Analytics.
THE 4D PROCESS OF DATA ANALYTICS
Let’s take a look at the extensive process of this ingenious technology
Once we have defined the requirements, data is collected keeping in mind the outline specified in the first phase. There are several mechanisms which can be employed to gather data. The analysts can opt for research, interviews, documentation or any other specified format. The aim is clear: collect data from all information sources and fulfill the requirements as defined.
Data collected from different sources is in its raw form and must be converted into a suitable format to conduct the analysis. The data must be organized to generate it into a structured format. We can organize the data in the form of rows and columns for effective interpretation.
After the aforementioned steps, the data is processed and structured. There might be some underlying errors or redundancies or inadequate information. For instance, while entering the collected information in a tabular format, human errors in the form of misspelled words can have an entirely different meaning from the original data. Thus, thorough identification, checking and inspection must be undertaken to evade any conflicting data.
After the 4D’s of the Analytical process defined above, the data is analyzed through various techniques such as exploratory data analysis, data visualization as well as descriptive statistics. In the final step, data modeling makes use of novel algorithmic models to generate quantitative results.
THE FUTURE AS A DATA ANALYST
What would the scenario be if Data Analytics hadn’t come into the picture?
A simple answer- Failure! The rate at which organizations would face inescapable negative outcomes would be tenfold.
Harnessing value from data and generating insights is the key to the bright future of business. Individuals possessing such skills are in high demand and are seen as a valuable asset. If you are good with numbers, possess logical and cognitive thinking, can make inferences from figures and generate insights, you can undoubtedly have a great career as a Data Analyst.
Analytics is an emerging field showing bits of development at a tremendous rate. Its potential is yet to be truly discovered, but one thing is certain, it will assume an essential role in the trailblazing transformations of the future!
Reference Reading-Simple Linear Regression