The New Frontier: Data Analytics - Assignment Example

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The urgency for efficiency and precision in business dealings has prompted businesses to employ technology in all areas of operation to be on par with the…
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The New Frontier: Data Analytics
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Download file to see previous pages The explosion of data is not a new phenomenon; it extends back to the 1970s and today companies have to deal with big volumes of data. For instance, Wal-Mart is believed to handle over a million transactions of customers every hour and those transactions, estimated to be worth over 2.5 petabytes of data are imported into their databases. Further, Facebook handles over 250 million worth of photo uploads and a further 900 million objects from over 800 million active users every day. This is a huge data to analyze.
Among these advancements of technology that businesses have employed in their operations is data analytics. Data analytics is the only criterion that such big volumes of data can be handled effectively. Data analytics is the science through which raw data is examined with the purpose of drawing important inferences from that information (Duan & Xiong, 2015). Data analytics is employed in many organizations allow the companies and organizations to make better and informed business decisions, and are used to prove or disprove certain assertions and theories. It usually focuses on the inferences, deriving a conclusion based solely on the information in question. Analytics is the realization or discovery and communication of some important patterns of raw data. Analytics usually relies on a simultaneous application of computer programming, operational research and statistics to help quantify performance of data. It should be noted that data analytics employs extensive computer programming and therefore the algorithms and software used in analytics are the most current methods in computer sciences, mathematics and statistics.
Data analytics is usually extensively employed in areas of business like enterprise decision-making, market optimization, price and promotion modeling, credit risk analysis, store-keeping unit optimization and ...Download file to see next pagesRead More
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