Data Analytics - UnKnown from the Known

What is this mystery around Data?

We often hear terminalogies such as Data Science, Data mining, Big Data, Data sets and others. For a layman, these are jargons which confuses them very often!

There is nothing to be bogged down by these jargons as long as we know, with the development of Information technology and modern day communications, Data had become one of the biggest asset of the present day world.

The use of data for commercial or business purposes had phenomenally grown in the current decade. Large amount of data avaialble with a company can be used for productive purposes, make better decision making and can be monetized by them. This is simple logic behind the Data revolution.

Analytics, Analysis

Analysis Vs. Analytics:

For the purposes of our understanding, we need to understand the simple difference between Data Analysis and Data Analytics. Data analysis exists for a long time & from the invention of modern day computing, but may be on a lesserscale & size.

Data analysis refers to interpretation based on the past data available, or can be called empirical data. But Data analytics looks into the Future. Since, it is looking at the future, the importance had grown bigger and better in today's world.

The ultimate need of business is - Does the data drives the right decisions?

  • Relevant articles for your further reading below;

Big Data:

Here it is highly contexual to understand, What is big data? Going beyond the text books, Data which are too large or complex, which can't be handled through conventional data processing systems or methods is big data.

  • For example, In India the mobile users data and their traansactional habits over mobile phones are Big data.

  • For an e-commerce company, their millions of users data and their buying preferences over the e-commerce site is big data.

As we know, any data gives us Trends and Patterns. In case of a large voluminous data chunks, it requires complex data processing systems and applications to handle it, for productive purposes.

Big data technology
Data science, data mining, technology

What is Data Science?

Given the importance of Data in the current decade, which will grow further in the near future, the study .of data had become an independent subject called Data science.

Since the importance is growing, this requires professionals who specializes in the area of data science, develop applications, develop new models are all the needs of the industry. One of the pioneering company in the area of Big data related solutions is IBM.

https://www.ibm.com/in-en/it-infrastructure/solutions/big-data

How Data Analytics can drive key decisions into the future?

  • Based on mobile users data and their subscription plans, a consumer product company can sense the user's affluence and devise an appropriate selling strategy.

  • Income Tax department can use banking transactions data of savings deposit holders and can estimate/assess the potential income of assessees.

  • Reliance Jio can use their mobile users data for their other businesses - Jio Mart, Reliance Retail and potentially sell their products and offerings through Jio platforms. This strategy will save them huge advertising costs and also enable to pitch high value products to Jio Customers.

technology, robots, robotics, Machine learning