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Analytics

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Analytics is the discovery and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance.

Analytics often favors data visualization to communicate insight.

Specifically, areas within analytics include predictive analytics, enterprise decision management, retail analytics, store assortment and stock-keeping unit optimization, marketing optimization and marketing mix modeling, web analytics, sales force sizing and optimization,

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Analytics
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Overview

  • Software analytics is the process of collecting information about the way a piece of software is used and produced.
  • Security analytics refers to information technology (IT) solutions that gather and analyze security events to bring situational awareness and enable IT staff to understand and analyze events that pose the greatest risk. Solutions in this area include Security information and event management solutions and user behavior analytics solutions.
  • Digital analytics is a set of business and technical activities that define, create, collect, verify or transform digital data into reporting, research, analyses, recommendations, optimizations, predictions, and automations
  • Predictive models in the banking industry are developed to bring certainty across the risk scores for individual customers. Credit scores are built to predict individual’s delinquency behaviour and widely used to evaluate the credit worthiness of each applicant. Furthermore, risk analyses are carried out in the scientific world and the insurance industry
  • Business analytics (BA) refers to the skills, technologies, practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning.
  • Prescriptive analytics is the third and final phase of business analytics (BA) which includes descriptive, predictive and prescriptive analytics.
    Prescriptive analytics automatically synthesizes big data, multiple disciplines of mathematical sciences and computational sciences, and business rules, to make predictions and then suggests decision options to take advantage of the predictions.
  • Web analytics is the measurement, collection, analysis and reporting of web data for purposes of understanding and optimizing web usage.

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Analytics