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The Importance of Data Analytics in Business

by Linda D. Yelverton

The term Data Analytics is often used to refer to the method of collecting and analyzing data on an ever-changing medium. It is also sometimes referred to as Data Mining or Data Collection. As a way of communicating what is meant by this, it is often referred to as Data Science.

Data Analytics

Data that we collect, process, and use every day is generally categorized in four areas of use: business, government, medical, and social. We can take data collected in one of these areas and apply it to another.

For example, a business might be able to collect information about the current trends in the economy or marketing that can then be applied to the overall business. Another business might collect data about the everyday use of some product or service that can then be applied to the customers.

You see, all of our observations are very similar to the normal human brain because we use the same mechanisms that allow us to function. We can easily use this same method to be able to process and analyze new data.

What is so great about Data Analytics is that it is a method that is easy to learn and implement. Everything you need to learn is basically a matter of changing your mindset. The initial investment is low because there are some things that you can buy from the store or online.

Data Analytics is not just about “collecting” data and thinking about what you need to do with it later. You have to learn how to really understand the patterns of data and how to make sense of it.

Data analytics is also very much applicable to those who have already achieved great success in their careers. Just by mastering the basics of the concept, you can immediately begin applying it to your own business.

The most important part ofData Analytics is that it enables you to find what the whole purpose of the data collection was. In other words, you can immediately make changes if you were being led to do something that you didn’t want to do.

The use of Data Analytics can be quite different for different industries. For example, if you are collecting a Data Analytics survey about your sales figures, you might ask your existing customers about how they feel about the product, how they bought it, and how they rate their own sales.

You might also conduct interviews with staff members who have only recently joined the company and ask them questions like: “How has your company changed since you came?” Or “How have your sales been since you’ve joined?”

The real value of Data Analytics lies in the actual results. You can see the difference when you compare your sales figures with those of a previous year.

The internet is a good place to start to learn about Data Analytics. If you want to know more about Data Science, I have written a free e-book that you can get from my website.

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