Definition - What does Analytics mean?
Analytics is the scientific process of discovering and communicating the meaningful patterns which can be found in data.
It is concerned with turning raw data into insight for making better decisions. Analytics relies on the application of statistics, computer programming, and operations research in order to quantify and gain insight to the meanings of data. It is especially useful in areas which record a lot of data or information.
Techopedia explains Analytics
Analytics provides us with meaningful information which may otherwise be hidden from us within large quantities of data. It is something that any leader, manager or just about anyone can make use of especially in today’s data-driven word. Information has long been considered as a great weapon, and analytics is the forge that creates it. Analytics changes everything, not just in the world of business, but also in science, sports, health care and just about any field where vast amounts of data are collected.
Analytics leads us to find the hidden patterns in the world around us, from consumer behaviors, athlete and team performance, to finding connections between activities and diseases. This can change how we look at the world, and usually for the better. Sometimes we think that a process is already working at its best, but sometimes data tells us otherwise, so analytics helps us to improve our world.
In the world of business, organizations would usually apply analytics in order to describe, predict and then improve the business performance of the company. Specifically it would help in the following areas:
- Web analytics
- Fraud analysis
- Risk analysis
- Advertisement and marketing
- Enterprise decision management
- Market optimization
- Market modeling