What is Data Analytics all about?
Data Analytics (DA) refers to the process of examining a set of raw data in order to find patterns and trends, which allow you to more easily extract conclusions about reality.
In a successful DA project you will have a clear picture of the company’s current situation, how it has arrived to this point and where it should go, thanks to the support it provides for process optimization.
DA is similar to Business Analytics. The latter term is more focused on the business world, while the former takes a much broader view.
Data Analytics Classification
There are four types of DA, which are applied independently or together depending on what the purpose of the project is:
- Descriptive Analytics: allows you to answer questions about what happened in the past, offering better insight into the current performance;
- Diagnostic Analytics: In this instance it answers questions about why certain situations have been verified, in order to identify the elements that have improved or worsened the situation and to act on them;
- Predictive Analytics: allows you to predict the future by identifying trends and patterns;
- Prescriptive Analytics: indicates what actions should be taken, minimizing the level of uncertainty, allowing processes to be optimized. It is widely used within a company.
What’s the final scope of Data Analytics?
Data Analytics is nothing but the intersection of information technology, statistics and business. Together, these fields can help companies and organizations from a wide variety of fields. The ultimate goal of a DA project will be to optimize processes, increase efficiency, and improve performance through the discovery of trends in the investigated data.
The final step in the data analysis process is the presentation of the results. In this way, the insights provided can be shared with decision-makers. The visualization of results, through dashboards, is a key component in enabling a better understanding of the facts.
Why is this technology a key for a business?
Among the first areas where this technology has been applied on a large scale is the financial sector. However, its use and application have reached areas as diverse as healthcare and education systems, energy production, online fraud prevention, and even environmental protection.
Within a company, the application of DA can help improve a company’s economic performance, optimize processes and resource utilization, improve the effectiveness of their operations, enable the most efficient marketing campaigns, and even improve customer service. It can also be used to respond quickly and smoothly to new market trends, acting ahead of the competition.
Find out what we do and ask for more information
moltosenso provides a consulting service focused on process optimization and digital transformation through the application of ICT solutions.
Our solutions include the design and development of customized data analytics and business intelligence systems allowing the creation of monitoring dashboards designed for different levels of users.
Contact us to learn more or to simply get more information.
A member of our team will answer you as soon as possible.