Components of Data Science
Data Analysis, the coined term for the Analysis of Data, is like a quizzical Activity.
It breaks out the Macro Picture of Data into a Micro Picture and rules out the complications created by Humans.
With Data Analysis, contemplating the whole Data Structure becomes really easy for the Analysts and helps them to gain deeper and significant insights.
The Role and significance of Data Analysis come into play when you want to Put together an Assessment for your Business. You want to conduct Risk Analysis, classify market dynamics, measure the effectiveness of business processes and evaluate your product performance etc.
Taking a look over the historical data uncovers insights of what is working in favor, what did not work and more importantly what is expected out of a product and service. Data Analysis is a savvy approach to data exploration and laying out conclusions based on the evaluations. It Uncovers and unfolds multiple micro views which helps to dig deeper into the insights.
Major Benefits of Data Analysis
- Data Visualization: It helps you to identify new or Unusual patterns and grasp difficult Concepts without wasting efforts and energy in Complex Analysis
- Efficient Marketing Actions: You get to know and study the Market. The analysis of insights from this help you invest in the best and Effective Marketing Actions
- High Conversion Rate: With Data Analysis you already know the Competitive edge of the Market. You have an idea of which Marketing Technique or Campaign will work for the Customers. Hence, this results in greater conversion of sales
- Effective Decision Making: You get to analyze data, it showing the relevant information in real time using graphs and other resources. This Agile feature of Data Analysis promotes and shares the Data with the entire Team, making the work more organized and Bringing Flexibility in Decision Making
- Mobility to analyze Data: You get a system that offers data analysis mobility. Now, analyze your Data from anywhere and anytime
“Today, every discussion about changes in technology, business, and society begins with data. In its exponentially increasing volume, velocity and variety, data are becoming a new natural resource.”
―ARVIND SHETTY, PRODUCT MANAGER, DIRECTOR, IBM ANALYTICS
Data analytics (DA) is the Technique to data analysis. It examines the data sets and draws conclusions from the information it contains, increasingly it aids for specialized systems and software.
Data analytics is the technology also referred to as a technique, extensively used in commercial industries. It enables the organizations in making more-informed business decisions which can be later verified, approved or disapproved by the scientists and researchers in making scientific models, theories and hypotheses.
Here, large Data Sets are collected, organized and the analysis is done to discover what does the Customer Prefer and what are the Market Trends.
Major Benefits of Data Analytics
- Reach customer profile: Companies can use big data to classify customer profile, Crack the Customer Code to easily identify purchase patterns
- Re-develop products: Big data allows the businesses to Re-develop products by studying and analyzing how people react to their products and brand
- Risk Analysis: It allows Big data analytics to stay safe as it understands and evaluates various trends and changes that are continually happening in the business
- Cost effective: One of the Major Benefits of Data Analytics is that, Big Data allows and Identifies the Most Economical Methods required to run the Business
“Without big data analytics, companies are blind and deaf, wandering out onto the Web like deer on a freeway.”
―Geoffrey Moore, Author of Crossing the Chasm & Inside the Tornado
How does a Company turn its Raw Data into a useful and informative one? The answer is Data Mining. Data Mining is the Process which helps companies in turning raw data into useful and informative one. It is an advanced type of Data Analytics. Data Mining uses a software which looks for patterns in large batches of data.
When you’re having a Large Chunk of Customer Data, you’ve already accumulated a Gold Mine. You just need to use this Data and Gain the Useful insights from it.
It helps the Organizations to study, analyze and come up with more Effective Marketing Strategies for their Customers.
Major Benefits of Data Mining:
- Builds Customer relations: It helps you in enhancing the quality of customer relations by ensuring and giving them the best quality of Products
- Profitability: It Increases your profitability
- Insights from Research: Gets you better insights for your research
- Identifies Fraud: It is useful in identifying fraud and improves the risk management
- Identifies Trends: Gets the latest data and information of purchase trends in the industry
“Signals always point to something. In this sense, a signal is not a thing but a relationship. Data becomes useful knowledge of something that matters when it builds a bridge between a question and an answer. This connection is the signal.”
― Stephen Few, Signal: Understanding What Matters in a World of Noise
Data Science is the Future of Artificial Intelligence (AI). It deals with the unstructured as well as the structured data. Data Science involves data cleansing, preparation, and analysis of the Data.
It is a perfect blend of mathematics, programming, problem-solving, statistics, problem-solving and capturing data in ingenious ways, the ability to look at things differently, and then aligning the data.
You can call it a Composition of Techniques used while trying to extract insights and information from data.
Major Benefits of Data Science:
- Optimizes the customer experience: Understand and anticipate your customers’ needs by optimizing the customer experience and developing longstanding relationships
- Delivering relevant products: Effectively Collating the Data and Combining it with Analytics helps the Companies to stay competitive during the change in Technology or the shift in demand
- Personalization of Services: Companies need to be extremely responsive to cope with the volatility created by customers engaging via digital technologies React in real time and make the customers feel personally valued using advanced analytics. With Big data you get to interact with the Customer based on their personality. Personalized Services are the Key to Customers’ hearts
- Optimizing and improving operational efficiency: It is achieved by using Advanced analytics for designing and controlling the process, and optimizing business operations as per the Customer’s Preference
- Data Management: It helps in analyzing Efficient data and advanced analytics optimizes the level of fraud prevention and overall organizational security
“I think of data science as more like a practice than a job. Think of the scientific method, where you have to have a problem statement, generate a hypothesis, collect data, analyze data and then communicate the results and take action…. If you just use the scientific method as a way to approach data-intensive projects, I think you’re more apt to be successful with your outcome.”
―Bob Hayes, Ph.D, Chief Research Officer at Appuri
Big Data refers to a massive, high-volume volume of data Structured or Unstructured. Big Data is the backbone to a business running on day-to-day basis. It is a processing that enables enhanced insight, decision making, and process automation analyzing insights which leads to better decisions and strategic business moves.
Big Data is an asset to the Organization as it is a blend of high-variety of information. Hence, Big Data demands cost-effective and innovative forms of information.
Big data is a process which works when traditional approaches like data mining and handling techniques fail to uncover the insights and meaning of the underlying data.
Major Benefits of Big Data:
- Cost Effective: Big Data Tools like Hadoop and Cloud-Based Analytics are cost advantages to businesses if you’ve massive amounts of data to store. These tools identify more efficient ways of doing business.
- Time Reduction Hadoop and in-memory analytics can easily identify new sources of data which leads to Time Reduction in analyzing the businesses and helps you make quick decisions based on the learnings.
- Identifying Trends: Know the trends of customer needs and what satisfies them through analytics resulting in New Product Development. It creates products as per the wants of customers.
- Analyze big data: With this you can Understand the market conditions and produce products according to this assessment. With this, you’ll be able to get ahead of your competitors.
- Controls the online reputation: Big data tools can do sentiment analysis. It will help you get feedback about what people are talking about your company. This lets you monitor, improve and Control the online reputation of your Business
“With too little data, you won’t be able to make any conclusions that you trust.
With loads of data you will find relationships that aren’t real… Big data isn’t about bits, it’s about talent.”
– Douglas Merrill, American technologist and fintech entrepreneur
Machine learning is an application or a Subset of artificial intelligence (AI). It lends statistical capabilities to the computers with the Blessing to automatically “learn” without being explicitly programmed. Machine learning is a Technique of data analysis which automates analytical model building. It is the basis for the most exciting careers in data analysis today.
Machine learning contributes towards the computer programs that can access data and use it as a Progressive learning process.
Machine Learning will help you learn the models and methods that can be applied in the real-world situations.
Major Benefits of Machine Learning:
- Works in dynamic environments: It is Used as multi-dimensional and multi-variety data which is Compatible in dynamic environments
- Easy Automation: It easily automates the Processes of Tasks in a business Organization
- Simplifying Product Marketing: Simplifies the Marketing of Consumer Products and Assists in Accurate Sales Forecasts as it can do Massive Data Consumption using the Unlimited Sources. Interpret Customer Behaviors using the Rapid Analysis and Prediction
- Accurate Medical Predictions: It even facilitates Accurate Medical Predictions and Diagnoses
- Time-Intensive Documentation: Simplifies the Time-Intensive Documentation using Data Entry
- Precise Financial Rule: Brings improvement in the Precision of Financial Rules and Models
- Efficient Predictive Maintenance: It takes place by avoiding unexpected Failures in the Manufacturing Industry
“People worry that computers will get too smart and take over the world, but the real problem is that they’re too stupid and they’ve already taken over the world.”
― Pedro Domingos, The Master Algorithm: How the Quest for the Ultimate Learning Machine Will Remake Our World