A Comprehensive Guide To Data Analytics

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A Comprehensive Guide To Data Analytics
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Data Analytics

• The process of analyzing raw data to make
  informed decision which is generated by business
  is known as data analytics.
• By utilizing data analytics, it can help a
  business or organization to optimize its
  performance.
• The data analytics techniques can be subjected
  into any type of information to get insights
  which can be used to improve things.
• Data analytics techniques and processes have been
  turned into physical methods and algorithms that
  operate on raw data for human consumption.
• Companies can help reduce costs by identifying
  more efficient ways of doing business and storing
  vast amounts of data by incorporating data
  analytics into their business strategy.

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What Can Data Analytics Do?

• There are many ways in which data analytics can
  help business
• Increase Customer Delight Data analytics can
  help us understand our customer needs reach out
  them in an infinite number of ways to make them
  happy. This can be done by customize offers
  identifying customer buying trends to make them
  happy.
• Mitigate Risk Fraud Data analytics can send an
  automatic alerts if there is any threat to the
  system by enabling fraudulent activity. With this
  technique organizations can improve fraud risk
  management processes.
• Enhance Product Design This could be linked to
  the weather, political climate, festival seasons,
  and even demand for similar products when
  determining price strategy.
• Improve Operational Efficiency Huge amount of
  data is being generated within an organization
  running analytics on these can greatly enhance
  productivity profitability

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Is Data Analytics Difficult?
There are many benefits to data analytics,
however there are many steps to effective data
analytics which need to be done for right for
organization to benefit from it. Increase
Customer Delight Though Large volumes of data
generated today, only suitable data can provide
the right insights to achieve business goals
Processing It The data collected will be in
raw format. To make this data readable it needs
to be cleaned, processed and to be
stored. Scalability Due to scalability issues,
organizations are frequently unable to
operationalize successful tests. Data integration
issues, poorly goals, data silos, and a lack of
long-term planning can all contribute to
failure. Tech Generation Gap While companies
are interested in implementing real-time data
analytics, their technology may be outdated and
only allow batch processing. Because the data is
dated by the time the processing is completed,
the insights gained may be worthless.
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Data Analytics in the Workplace
Many industries can benefit from data analytics.
Among the most common applications are
Understanding Customer Behavior Improving
customer conversion rates is one of the success
to business growth. Data analytics helps by
providing data driven insights that can help
understand customer needs and improve products
and services. Customer Profiling Businesses
must understand their customers, including where
they come from and what products they are
interested in, in order to enable upselling and
cross-selling. Predictive Maintenance In a
manufacturing environment, capital expenditures
include equipment and machinery. IoT-based
equipment helps analyze machine health and
arrange maintenance to avoid unscheduled
downtimes that can affect production. Inventory
Management Businesses can enhance inventory
management and waste reduction by reducing
wastage and using just-in-time manufacturing.
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How is Business Transformed by Data Analytics?

• Increased productivity through the identification
  of places where efficiency can be increased
• Making informed decisions based on data rather
  blindly
• Identifying possible opportunities and market
  needs to create new income streams
• Improving service and product capabilities to
  improve competition
• Better awareness of customer expectations to
  better respond to their needs
• Risk and fraud mitigation by early detection of
  threats and quick response, as well as assuring
  security

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Thank You
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