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Analytics
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Analytics is the process of collecting, processing, analyzing, and interpreting data to gain insights and make informed decisions. It involves using statistical and computational techniques to uncover patterns, trends, and relationships within datasets, with the goal of understanding past performance, predicting future outcomes, and optimizing processes. Analytics encompasses various types, including descriptive analytics, which focuses on summarizing historical data; predictive analytics, which uses statistical models to forecast future trends; and prescriptive analytics, which recommends actions to achieve desired outcomes. The field of analytics has evolved significantly with the advent of big data, advanced analytics tools, and machine learning algorithms, enabling organizations to extract valuable insights from large and complex datasets to drive business growth and innovation.
References: - https://en.wikipedia.org/wiki/Analytics
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- Snippet from Wikipedia: Analytics
Analytics is the systematic computational analysis of data or statistics. It is used for the discovery, interpretation, and communication of meaningful patterns in data, which also falls under and directly relates to the umbrella term, data science. Analytics also entails applying data patterns toward effective decision-making. It can be valuable in areas rich with recorded information; analytics relies on the simultaneous application of statistics, computer programming, and operations research to quantify performance.
Organizations may apply analytics to business data to describe, predict, and improve business performance. Specifically, areas within analytics include descriptive analytics, diagnostic analytics, predictive analytics, prescriptive analytics, and cognitive analytics. Analytics may apply to a variety of fields such as marketing, management, finance, online systems, information security, and software services. Since analytics can require extensive computation (see big data), the algorithms and software used for analytics harness the most current methods in computer science, statistics, and mathematics. According to International Data Corporation, global spending on big data and business analytics (BDA) solutions is estimated to reach $215.7 billion in 2021. As per Gartner, the overall analytic platforms software market grew by $25.5 billion in 2020.
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