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Blog: What is Data Analytics?

20/10/16

Analytics is often used as a very broad concept, but is best described as the science of data analysis focused on generating insights which can be used by organisations to making better business decisions.

Analytics is supported by a set of data driven technologies and techniques, based on machine learning and statistical fundaments that target the improvement of organisations processes, solve and avoid business issues.

Difficulties with retention of customers, struggling to obtain new customers and improve your profits?  How to better know your customers? How to cross-sell and up-sell products?  All these questions can be answered with the application of Analytics, using techniques like clustering, segmentation, prediction, market basket analysis, etc.

Analytics techniques have existed for many years, so what is happening now in the world that is driving the significant advancements of Analytics?

  • New applications:

Internet of Things: The IoT is the interconnection of system devices (sensors and machines) through a network that allows gathering high volumes and diversity of data to be analysed and leveraged.

This innovation is taking place in both consumer-focused and business-to-business  industries and is making possible a broad range of new opportunities in home automation, connected car, smart city, smart retail, precision agriculture.

Developing of Big Data:  Big Data has created immense new opportunities to benefit from analytics. Big Data supports storing and processing large volumes of fast moving data from different data sources that can be analysed to gain insights that were never possible before.  Different types of analytics approaches allow us to analyse numbers, text, photos and even voice and video sequences.

  •  Going from Prediction to Prescription:

The trend in analytics goes beyond prediction models by also suggesting actions to be taken based on these predictions, prescriptions? 

This type of technologies had led to the development of analytical microservices that are embedded into processes.  Traditional analytics is often thought of as a package of capabilities, but increasingly, one specific analytical technique -- an analytical microservice -- is embedded into systems and processes, often through APIs.

  • Insight Driven Organisations:

Analytics is not restricted to be used within traditional areas, but is now being integrated into most areas and process of an organisation.  Business leaders are beginning to take steps towards the insight-driven organisation (IDO), which goes beyond the selective use of insights to fuel decision-making in individual parts of the business. It deploys a tight combination of strategy, people, processes and data to drive competitive advantage and improve operations.

Analytics has become a game changer in all aspects of life, with applications already developed in various areas as business, healthcare, sports and government.  It is hard to think of any aspect of life that will not be affected by Analytics. Advances in information technology and a complete ‘datafication’ of our world now mean we have or in the very near future will have data and insights on everything. This gives us unprecedented opportunities that will transform all industries and knowledge areas.

The Data Management & Analytics practice of Capita IT Professional Services has available a set of resources that leverage technologies and processes to deliver analytics solutions that can originate transformations and real business improvement for our clients.

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