Analytics refers to the systematic process of collecting, processing, and interpreting data to uncover patterns, correlations, and insights that can aid in decision-making and problem-solving. Employed across various fields including business, healthcare, sports, and public policy, analytics utilizes statistical, computational, and mathematical techniques to transform raw data into actionable information. Depending on the objectives, analytics can be descriptive, prescriptive, or predictive. Descriptive analytics focuses on summarizing past data to understand what has happened, while predictive analytics aims to forecast future events based on historical data. Prescriptive analytics goes a step further to recommend specific actions that can achieve desired outcomes. With the proliferation of big data and advances in computing power, analytics has become increasingly sophisticated, incorporating machine learning algorithms, real-time processing, and data visualization tools to handle complex and large-scale data sets. When executed effectively, analytics can provide a competitive advantage, improve operational efficiency, and enable more informed decisions.
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Published: June 20, 2023, 12:02 p.m.
The industrial world is on the cusp of a major transformation driven by emerging digital technologies. The convergence of Internet of Things (IoT), cloud computing, big data analytics and … Read More
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