Analytics: What it is and why it matters
From faster decisions to higher profits, analytics can do a lot for your organization.
Let’s talk about analytics for a second. At its core, it is the discovery and sharing of meaningful patterns in data.
But the real story isn’t how it’s defined – it’s how analytics can define your organization: faster decisions, less uncertainty, higher revenues.
What is analytics?
Analytics is an encompassing and multidimensional field that uses mathematics, statistics, predictive modeling and machine-learning techniques to find meaningful patterns and knowledge in recorded data.
Today, we add powerful computers to the mix for storing increasing amounts of data and running sophisticated software algorithms – producing the fast insights needed to make fact-based decisions. By putting the science of numbers, data and analytical discovery to work, we can find out if what we think or believe is really true. And produce answers to questions we never thought to ask. That’s the power of analytics.
Why is analytics important?
Analysis of data can uncover correlations and patterns. There’s less need to rely on guesses or intuition. And it can help answer the following types of questions:
- What happened?
- How or why did it happen?
- What’s happening now?
- What is likely to happen next?
With faster and more powerful computers, opportunity abounds for the use of analytics and big data. Whether it’s determining credit risk, developing new medicines, finding more efficient ways to deliver products and services, preventing fraud, uncovering cyberthreats or retaining the most valuable customers, analytics can help you understand your organization – and the world around it.
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