Thalasar Ventures

Over the years, it has been observed that data analytics (DA) can help a business in making informed decisions. Allegedly, this science can be used to determine the feasibility as well as the relevance of the models that a business is using at present. Furthermore, it can help a business in deriving some of the important conclusions. In the wake of these benefits, this science was bound to get popular, and cause a stir. However, there are some businesses that are yet to give it a shot, and benefit from it. Perhaps the following points would help them in understanding the importance of DA, and overcoming their own apprehensions:

• Purpose – First things first; the sole purpose of DA is to enable a business to examine its raw data; believe it or not but examination can help the business in deriving some relevant conclusions. Needless to say, these conclusions can form the basis of some major changes that might have been in the pipeline for a long time.

• Outcome – Unlike data mining, DA does not revolve around the identification of undiscovered patterns and hidden relationships; rather, it focuses on the derivation of a conclusion. Allegedly, DA comes to the rescue of those businesses that have already sorted the data, and are looking forward to inference. Furthermore, unlike its counterpart, DA relies on the information which is already accessible to the researcher.

• Uses –Data analytics (DA) can be used for several purposes by any business; in fact, many banks and credit companies have succeeded in using this science to prevent fraudulent activities. Allegedly, DA enables these entities to analyze the withdrawal and spending patterns of their customers, thereby yielding the desired results.

• Benefits – Apart from analyzing the spending patterns, DA can also be used for examining the website traffic. This characteristic has certainly put it in the good books of those who are into online marketing; supposedly, it allows them to understand the navigation patterns, and identify the prospective customers. Some of the other benefits include but are not limited to:

a) Derivation of conclusion
b) Determination of the viability of existing business models

• Relevance – Some experts claim that the organizations engaged in data mining do not need to focus on DA. Perhaps they fail to realize that the two (read: DA and mining) can be combined to derive the maximum benefits. If a company succeeds in gathering the requisite information through mining, it can use the same information to derive conclusions, and expand its horizons.

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