Data analytics is the act of examining, processing, and analysing data in order to spot patterns and trends that offer insightful information and help create efficiencies that support decision-making.
Given statement is True.
What Is Data Analytics?
- A modern data analytics approach enables businesses and systems to take decisions based on automated, real-time analytics, ensuring quick and significant results.
- The data analytics process is composed of several stages and steps. It may be necessary to go back and rework an earlier step in order to apply lessons from a later phase, making the process more circular than linear.
- Data analytics comes in many different forms. They are:
- What happened? can be determined using descriptive analytics. (How much did we sell in the previous week?)
- Answers the question "Why did this happen?" through diagnostic analytics. (Why did our sales improve last week compared to the week before?)
- What Will Happen? is answered by predictive analytics. What do you anticipate the holiday season to bring for same-store sales?
- Analytics that provides "prescriptive" advice: What should I do? (Based on our projections, we suggest delivering more of a specific product to avoid a stockout.)
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