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Data analytics refers to understanding compiled data and using that knowledge to drive actions. It reveals the trends and outliers within the data, which might be otherwise challenging to note. Converting raw data into information that helps guide difficult decisions is at the core of data analytics.
Businesses use data analytics to make more informed decisions and predict circumstances to help them plan. Uncovering opportunities that are visible only through an analytical lens is a big part of data analytics. Analytics allows companies to decipher trends, patterns, and relationships within data to explain, predict and react to a market phenomenon.
It is not a one-time task, rather a continuous process. Businesses must pay attention to analytics and plan to adopt it as a regular business function. The company has to collect, clean, and analyze data on a routine and a support role to functions that cannot do so. Many companies turn to analytics when they face a problem and think the solution lies within their data. However, once businesses start appreciating the potential analytics has to solve problems, they start using it to make strategic and regular business decisions.