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Definition - What does Analytics mean?
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 leads us to find the hidden patterns in the world around us, from consumer behaviors,
athlete and team performance, to finding connections between activities and diseases. This can
change how we look at the world, and usually for the better. Sometimes we think that a process
is already working at its best, but sometimes data tells us otherwise, so analytics helps us to
improve our world.
In the world of business, organizations would usually apply analytics in order to describe, predict
and then improve the business performance of the company. Specifically it would help in the
following areas:
Web analytics
Fraud analysis
Risk analysis
Advertisement and marketing
Enterprise decision management
Market optimization
Market modeling
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Related Terms
Predictive Analytics
Business Analytics (BA)
Customer Analytics
Data Analytics
Big Data
Big Data Analytics
Behavioral Analytics
Advanced Analytics
Business Continuity Plan (BCP)
Data Modeling
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