Analytics combines knowledge and data to provide business insight into their clients’ practices and operations. Analytics is the systematic empirical analysis of statistics or data. It’s used for the discovery, identification, and communication of useful patterns in data. It also involves applying statistical concepts towards efficient decision making.
HR analytics (human resource department analytics) refers to the process of discovering people’s talent, skills, potentials, work processes, and other qualities that could be useful for the organization. Through this process, organizations could identify hidden talents among existing assets and take advantage of them for enhanced performance and development. Business analytics (which is a subset of human resource department analytics) involves analyzing the activities, processes, and people within an organization to identify the drivers of productivity growth. This helps in improving efficiency, quality, reliability, and operational impact.
There are two main types of analytics: predictive analytics and data analytics. Predictive analytics deals with past and current data; it attempts to forecast future trends by collecting and comparing historical information. Data-based analytics on the other hand, deal with the analysis of large and complex sets of data, especially unstructured data. Data analytics may apply theoretical models or statistical techniques to predict patterns from large sets of historical data and then use that knowledge to generate predictions about future data. Examples include Bayesian models, greedy and negative binomial models, Kuznets and logistic regression, and neural networks. Some popular predictive analytics techniques include neural-network, decision trees, adversarial models, principal components analysis, and greedy algorithms.
Both data analytics and predictive analytics are important for the development of highly technical product features. Data analytics focuses on the extraction of critical functional features from large amounts of unstructured data, while predictive analytics apply sophisticated techniques and algorithms to find such fundamental structures. Both techniques help in the discovery of new ideas and technologies by finding patterns from large and often unimportant data sets. The methods used in these two analytics are often compared, and the results of their algorithms are usually shown together.
Data analysis is the foundation of a successful Analytics process. A data analyst analyzes a business’s data to provide knowledge that can improve business performance. Analysis of the data involves logical and physical processes like the extraction of relevant data, processing it according to established rules, and providing information that is useful to the business. At a minimum, a data analyst should be capable of representing the data models and dimensions in a clear and consistent manner.
Data mining is a method of combining previously collected data sets into new and relevant ones. The data sets may be from a variety of sources, including historical surveys, financial reports, real estate property assets, user profiles, and other sources of unstructured data. In this process, the analyst looks for patterns and correlations from the previously collected data sets to identify opportunities. This type of analytics can provide business intelligence by discovering relationships that were previously not suspected.
Business intelligence is the use of information technology to help businesses achieve and sustain strategic objectives. This includes the creation and management of strategic decision frameworks, information systems, customer relationship management, and other technology solutions. Business intelligence helps managers gather and manage data and utilize it to make strategic decisions. It can also help businesses develop and implement strategies, test the effects of these strategies, and make adjustments if necessary. Data analytics helps managers determine which strategies are more suitable for a particular business environment.
Web analytics, on the other hand, refers to the collection and analysis of web-based data to make predictions about future outcomes. This may include the forecast of traffic and user demographics. The analysis of unstructured data can be used to generate predictions and to understand users’ behaviors. Web analytics can forecast a number of outcomes, but this type of analytics is more related to the prediction of outcomes in unstructured data rather than in a business environment that make use of known outcomes.