In today’s technology world, a large volume of raw data is generated every day. There are many advantages for these data, but you cannot access the benefits of them without the proper use of data analytics tools and processes. While raw data has a lot of potentials, companies need this technology for better growth of their businesses. So, what is the definition of data analytics?
What is Data Analytics?
Data analytics refer to the process of examining datasets to conclude the information they contain. The techniques of it enable you to take raw data and uncover patterns to extract valuable insights.
Today, many techniques use specialized systems and software that integrate with machine learning algorithms, automation and many more.
Besides, data scientist and analysts use these techniques in their research and businesses also use it to inform their decisions.
Uses of Data Analysis
- help companies better understand their customers
- evaluate their ad campaigns
- personalize content
- create content strategies
- develop products
Ultimately, businesses can use data analytics to boost their business performance and improve their bottom line.
Types of Data Collected
The data they use for businesses may include historical data or new information they collect for a particular purpose. They may also collect data first-hand from their customers and site visitors or purchase it from other organizations. Basically, there are three types of data which are first-party data, second-party data and third-party data. First-party data is the data a company collects from its own customers, second-party data is data obtained from a known organization, while third-party data is aggregated data a company buys from a marketplace. The data a company uses may include information such as the audience’s demographics, interests, behaviours and more.
This technology is nothing new. Nowadays, with the advanced analytics technologies available, you can get much deeper data insights more quickly. The insights analyzed by big data and modern technologies are more accurate and detailed.
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