Data is becoming increasingly crucial for success in the digital economy. You might ask, why do organizations rely so much on data? Well, a majority of organizations rely on data for multiple processes, from product management and fraud detection to HR, finance, and manufacturing. Data analytics allow users to use pre-made reports to track performance metrics on demand. Research shows that 94% of organizations believe that data and analytics solutions are critical for growth. Not a surprising statistic since it offers several benefits, including an increase in productivity and efficiency, faster and more effective decision making, and financial gains!
Before we dive into the ins and outs of data analytics, it is important to understand the two terms, namely ‘data science’ and ‘data analytics. Data science lays emphasis on finding meaningful correlations between large datasets, while data analytics is a branch of data science designed to uncover specifics of extracted insights.