Analytics is the scientific process of discovering and communicating the meaningful patterns which can be found in data. It is concerned with turning raw data into insight for making better decisions. Analytics relies on the application of statistics, computer programming, and operations research in order to quantify and gain insight to the meanings of data. It is especially useful in areas which record a lot of data or information.
Analytics provides us with meaningful information within large quantities of data. Analytics leads to find the hidden patterns within the data.
Some of the areas where companies will fine Analytics helpful are:
- Customer insights
- Fraud and Risk analysis
- Advertisement and marketing
- Enterprise decision management
- Market optimization and modeling