Lesson 1.1 Understanding Data Analytics
Data Analytics refers to the systematic process of examining datasets to identify patterns, extract insights, and support decision-making. Organizations generate large amounts of data through transactions, customer interactions, applications, and sensors. Analytics helps convert this data into actionable information.
Why Data Analytics is Important
- Helps organizations understand business performance
- Supports strategic planning and forecasting
- Identifies inefficiencies and areas of improvement
- Enables personalized customer experiences
- Reduces operational risks
Where Data Analytics Is Used
- E-commerce: Identifying best-selling products, analyzing customer behaviour
- Finance: Fraud detection, credit scoring
- Healthcare: Predicting disease risk, optimizing patient flow
- Supply Chain: Inventory optimization, demand forecasting