A BEGINNER’S GUIDE TO UNDERSTANDING & LEVERAGING DATA FOR BUSINESS INSIGHTS
INTRODUCTION
Data Analytics is a powerful tool for businesses to gain insights into their operations and customers. In this presentation, we’ll explore the basics of data analytics and how it can be leveraged for business growth.
Data Analytics is the process of examining data to extract insights and draw conclusions. It involves using statistical and computational methods to analyze data sets, and can be used to identify patterns, trends, and relationships. Data Analytics is used in a wide variety of industries, including finance, healthcare, and retail.
Radix Analytics
TYPES OF DATA ANALYTICS
There are three main types of Data Analytics: Descriptive, Predictive, and Prescriptive. Descriptive Analytics focuses on summarizing past data to gain insights into what has happened. Predictive Analytics uses statistical models to make predictions about future events.
Prescriptive Analytics uses data and algorithms to recommend actions to optimize outcomes.
DATA COLLECTION
To perform Data Analytics, you need data. There are many ways to collect data, including surveys, web analytics, and social media monitoring. It’s important to collect high-quality data that is relevant to your business goals.
Data should be organized and stored in a way that makes it easy to analyze.
CHALLENGES OF DATA ANALYTICS
While Data Analytics can be incredibly useful, it also presents several challenges. These include data quality issues, privacy concerns, and data overload. It’s important to address these challenges to ensure that your data analysis is accurate and effective.
CONCLUSION
Data Analytics is a powerful tool for businesses looking to gain insights into their operations and customers. By understanding the basics of data analytics and addressing its challenges, businesses can leverage data to drive growth and success.
Thanks!