Data Analytics Course in Hyderabad
MAIN REASONS WHY WE USE DATA ANALYTICS
In the world of digital media, companies and organizations have to keep track of many things which may affect them. The new trends, the taste and preferences, the growing demand- everything is very relevant for the company to be in the market. For this, companies do some studies in the form of surveys or samples and get to know their customers.
Data analytics is a process to form some conclusions or establish a report by studying the data which is arrived at by certain systems and software. It is analyzing data which means to review and check whatever you have collected. To analyze data, one has to collect the information by various means like studies through surveys or qualitative means or use various software to get the details and then store it as a raw format and then use the same in converted statistics for further processing.
The data which is collected here is in the raw form which is converted into information useful for the company. There are various techniques used to collect the information. There are various algorithms which have to be followed for the processing.
Data analytics is not just a process today, it is a field of interest. It is a job profile now for the people who have the knowledge of the same. The person who performs data analytics is known as a data analyst who presents figures and numbers to his superiors.
Different types of techniques for data analysis
There are generally two techniques which are widely used:
- Qualitative techniques: These are the techniques which use quality as its research. It is based on observation to gather information which is not based on numbers. It involves symbols, features, and details rather than the data which includes statistics. An example can be through observing children. Suppose we want to see the behavior of kids when they watch aggressive cartoons. We would have them sit and watch and we will observe them without asking anything and record their behavior. This way we can get the data.
- Quantitative techniques: These are the techniques which are expressed in the form of numbers which are countable. We have to collect quantitative data from various surveys, focus groups, questionnaires, tests, experiments and so on. Mainly, this technique is only used to collect data for analysis. For example, if we had to see what the amount of people who watch womens cricket, we can make a questionnaire and forward or upload it to the social sites and people can fill out their responses according to their views or habits. It is measurable.
Why use data analytics?
Data analytics is used by various businesses to gain several kinds of advantages through knowing their customers. Data analytics is used for the following reasons:
- Predict the customer behaviors: Data analytics is used as a tool to predict the customer behavior and various trends like demand and supply.
- Decision-making: To make certain decisions or to conclude certain things, there must be various data to form a decision. You cannot introduce chocolates where people dont usually spend money on it. So, data analytics helps decisions to be made regarding various trends.
- Business efficiency: When we know what a customer needs and produce the product or the services accordingly, then the efficiency of the business increases.