Data Analytics-How it is making waves in 2020

Data Science and Data Analytics are two buzz words of the year. The career outlook is rosy, even for entry-level job candidates. Organizations around the world are seeking specialists who can translate data into actionable reports that inform mission-critical decision-making. This process is essential to the growth of businesses in the market.

What is Data Analytics?

Data Analytics is simply the science of examining raw data to conclude that information.

Data Analytics involves applying an algorithmic or mechanical process to derive insights and, for example, running through several data sets to look for meaningful correlations between each other.

It is used in several industries to allow organizations and companies to make better decisions as well as verify and disprove existing theories or models. The focus of Data Analytics lies in inference, which is the process of deriving conclusions that are solely based on what the researcher already knows.

Now, let us move to applications of Data Analytics

Wondering How Data Analytics is Applied in real Life?

Below are the various areas where data analytics applications have been employed:

Digital Advertisement

Data analytics has revolutionized digital advertising, as well. Most of the digital advertisement sources such as social media ads, website and banner ads nowadays use data analytics using data algorithms. It is one of the reasons why digital advertisements are getting more CTRs than traditional advertising techniques

The target of digital advertising nowadays is focused on the analysis of the past behavior of the user.

Internet/Web Search

When one mentions the word ‘search’, the first thing that comes to the mind is ‘Google’. In fact, Google to some point can be used in place of ‘search on the internet’ by saying ‘Google it’. Well, apart from Google, there are several other search engines such as Bing, Yahoo, Duckduckgo, AOL, Ask, etc. Each of these search engines is as a result of data science applications because they use algorithms to deliver the best results for any search query directed at them in just a split second. In respect to this, Google is known to process over 20 petabytes of data daily. Of course, without analytics and data science, this feat wouldn’t have been possible.

Fraud and Risk Detection

One of the first data analytics applications may have been in the discovery of fraud. Many organizations were struggling under debt, and they wanted a solution to this problem. They already had enough customer data in their hands, and so, they applied data analytics. They used ‘divide and conquer’ policy with the data, analyzing recent expenditure, profiles, and any other important information to understand any probability of a customer defaulting. Eventually, it led to lower risks and fraud

Fast internet allocation

While it might seem that allocating fast internet in every area makes a city ‘Smart’, in reality, it is more important to engage in smart allocation. This smart allocation would mean understanding how bandwidth is being used in specific areas and for the right cause. For example, using applications of data analysis, a community can draw the attention of high-tech industries and in such cases, higher bandwidth will be required in such areas.

Proper use of data would have a positive impact on business and even the society in general.

If you want to build a career in Data Analytics, take up the Data Analytics Course today.