Analytics is the discovery, interpretation, and communication of meaningful patterns in data. It also entails applying data patterns towards effective decision making. In other words, analytics can be understood as the connection between data and effective decision making within an organization.
analytics can be understood as the connection between data and effective decision making within an organization. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance.
Organizations may apply analytics to business data to describe, predict, and improve business performance. Specifically, areas within analytics include predictive analytics, prescriptive analytics, enterprise decision management, descriptive analytics, cognitive analytics, Big Data Analytics, retail analytics, supply chain analytics, store assortment and stock-keeping unit optimization, marketing optimization and marketing mix modeling, web analytics, call analytics, speech analytics, sales force sizing and optimization, price and promotion modeling, predictive science, graph analytics, credit risk analysis, and fraud analytics.