Unit 7 : Innovation through Analytics Flashcards
What is data?
- Is raw, unorganized facts that need to be processed
What is called as when data is processed, organized, structured or presented in a given context to make it useful
- Information
What is the characteristics of data?
- Simple and seemingly random
- Useless until it is organized
How does organization benefit from the data collected? ( 2 )
- The data being generated from large-scale enterprises
- The data generated from an individual
What is data analytics mean?
- Analyzing raw data in order to make conclusions about that information, to enhance productivity and business gain
What does extracted data needed to analyze different behavioral patterns ? ( 2 )
- Clean
- Categorized
- Tools used vary according to the organization or individual
- Processes of data analytics have been automated into mechanical processes and algoithms that work over raw data for human consumption
List out the examples of data analytics ( 4 )
- Fraud Management Report
- Live Tracking Report
- Sales Report and Future Target
- Google Analytics Report
Where is fraud management report generally used in?
1.Banking
- Find the fraud transactions, hacking, unauthorized access to the account and so on
Where is live tracking report generally used in?
- Transport Sectors ( Meru , Ola, Uber )
- Track the vehicles, customers’s requests, payment management, emergency alert and to find the daily needs and revenues and so on
Where is sales report and future target generally used in?
- All sectors to analyze their sales, revenues, and needs of customers
- And also used to determine the future target and so on
What can we get from google analytics report ?
- User visit counts, location, device
List out the 4 main factors which signify the need for Data Analytics
- Gather Hidden Insights
- Generate Reports
- Perform Market Analysis
- Improve Business Requirement
Explain more on gather hidden insights
- Hidden insights from data are gathered and then analyzed with respect to business requirements
Explain more on generate reports?
- Reports are generated from the data and passes on to the respective teams and individuals to deal with further actions for a high rise in business
Explain more on perform market analysis
- Market Analysis can be performed to understand the strengths and the weaknesses of competitiors
Explain more on improve business requirement
- Alaysis of data allows improving business to customer requirements and experience
Who can analyze data by applying various tool and techniques and gathering the required insights?
- Data Analyst
What does data analysts translate numbers into?
- Plain English