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Data analytics process of analyzing raw data to find trend and answer questions. It has broad scope across field. This process includes many techniques and goals that shift from industry to industry.

The data analytic process has components that help variety of initiative. By combining these components, successful data analytics initiative help answer business question related to historical trend, future prediction and decision-making.

What is the Role of Data Analytics?

Data analysts work at intersection of information technology, statistic and business. They combine these field to help businesses and organization succeed. A significant goal for data analyst is to increase efficiency and improve performance by discovering pattern in data.

Types of Data Analytics

There are four major types of data analytic:

  • Predictive (forecasting)
  • Descriptive (business intelligence and data mining)
  • Prescriptive (optimization and simulation)
  • Diagnostic analytics

Future Scope of Data Analytic

1. Retail

To study sales pattern, consumer behavior, and inventory management, data analytic applied in retail sector. Data analytics use by retailer to make data-driven decision regarding what product to stock, how to price them, and how to organize their store best.

2. Healthcare

Data analytics use to evaluate patient data, spot trend in patient health, and create individualized treatment program. Data analytic used by healthcare companies to enhance patient outcome and lower healthcare expenditures.

3. Finance

In finance, data analytics used to evaluate investment data, spot trends in financial markets, and make wise investment decisions. Financial institutions use it to lower risk and boost performance of investment portfolio.

4. Marketing

By analyzing customer data, spotting trend in consumer behavior, and creating customize marketing strategies, data analytics used in marketing. Data analytics can used by marketer to boost efficiency of campaigns and their overall impact.

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