The science of data analytics is to understand patterns, trends and actionable information from big data sets. While the word business intelligence is often used interchangeably, distinguishing the terms is helpful. Consider business intelligence as the ways that businesses use information to enhance their management and its tasks. Data analytics includes improving your methods of making sense of that information before you act on it. Furthermore, you can slice and dice the data to obtain ideas that enable you to take advantage of this information to offer you and your organization a competitive advantage.
In Business to Consumer Applications, data analytics is required. Organizations gather information from clients, companies, economy and practical experience that they have collected. After collection, data is processed and classified according to the necessity and analysis is performed to study patterns of acquisition and so on.
The concept is to create sense of the information you have, evaluate it and share better opportunities for your company in the near future, and how you’re going to do it is with the analytics ideas.
As the world becomes smarter and smarter, data becomes the key to competitive advantage, meaning how well data can be leveraged, analytics applied and new methods implemented will progressively drive a company’s ability to compete. Indeed, according to the International Institute for Analytics, companies that use data will see growth advantages over rivals that do not use data by 2020.
So, it’s evident that data is now a main business asset, and the way businesses functions will revolutionize across most sectors and industries. Every company, regardless of size, now requires being a data company If this data is not analyzed, it will be lost, whereas if correctly analyzed, this data can assist us find information that can bring about a change in the patterns of how company is already operating. Imagine that there is a source of unleashed information collected that exists but you have not yet jumped in to get the hold on it. Your company can take advantage of it competitively and do wonders with that data.