badcollections.blogg.se - Specific tools for data analysis

Cohort analysis is the process of breaking a data set into groups of similar data, often broken into a customer demographic.

The goal of this maneuver is to attempt to discover hidden trends that would otherwise have been more difficult to see. Factor analysis entails taking a large data set and shrinking it to a smaller data set.Regression analysis entails analyzing the relationship between dependent variables to determine how a change in one may affect the change in another.

This information can then be used to optimize processes to increase the overall efficiency of a business or system. Data analytics techniques can reveal trends and metrics that would otherwise be lost in the mass of information. Any type of information can be subjected to data analytics techniques to get insight that can be used to improve things.

Data analytics relies on a variety of software tools ranging from spreadsheets, data visualization, and reporting tools, data mining programs, or open-source languages for the greatest data manipulation.ĭata analytics is a broad term that encompasses many diverse types of data analysis.

Various approaches to data analytics include looking at what happened (descriptive analytics), why something happened (diagnostic analytics), what is going to happen (predictive analytics), or what should be done next (prescriptive analytics).

The techniques and processes of data analytics have been automated into mechanical processes and algorithms that work over raw data for human consumption.

Data analytics help a business optimize its performance, perform more efficiently, maximize profit, or make more strategically-guided decisions.

Data analytics is the science of analyzing raw data to make conclusions about that information.