Data Analytics involves examining, cleaning, transforming, and modeling data to discover useful information, inform conclusions, and support decision-making. It combines techniques from statistics, computer science, and domain knowledge to analyze structured or unstructured data and extract meaningful insights.
Key components of data analytics include:
- Data Collection: Gathering raw data from various sources like databases, surveys, logs, or real-time sensors.
- Data Cleaning: Removing or correcting inaccuracies, inconsistencies, and missing values to prepare the data for analysis.
- Data Transformation: Structuring the data into a usable format, often through processes like normalization, aggregation, or feature engineering.
- Data Analysis: Using statistical methods, machine learning algorithms, and visualization tools to uncover patterns, trends, or correlations in the data.
- Data Interpretation: Converting the results into actionable insights that can inform business strategies or solve specific problems.
Applications of data analytics span across industries such as finance, healthcare, marketing, and manufacturing, helping organizations improve efficiency, predict future trends, and make data-driven decisions.
Tools commonly used in data analytics include Python, R, SQL, Excel, Tableau, and Power BI.