Data Analytics is the process of examining data sets in order to draw conclusion about the information that they contain, with the help of Software systems.
Data Analysis helps organizations in making more informed decisions. Data analytics encapsulates various applications ranging from Business Intelligence (BI), reporting and online analytical processing (OLAP) to various other forms of advanced analytics.
Data Analytics applications can help businesses in the following ways
- Increase revenue
- Improve operational efficiency
- Optimize marketing campaigns
- Optimize customer service efforts
- Respond more quickly to emerging marketing trends
- Gain a competitive edge over rivals
- Boost business performance
Depending upon the particular application the analysed data can consist of either historical records or new information that has been processed for real-time analytics uses. Also, it can come from a mix of internal systems and external data sources.