Data analysis is the process of procuring raw data and processing it in a way to make the data available during the decision making processes. It can be interpreted as the process of ETL.
E stands for Extraction, which means obtaining and gathering raw data from various data sources. This procured data is very detailed and limitless, and so it needs to be manipulated to make it useful. T stands for Transformation, as in the step where the raw data is converted into an appropriate form to interpret in an efficient and accessible way to enhance and better the decision-making process. And lastly, L stands for Loading. In this process, the transformed data is uploaded into the data warehouses where it is effectively available to the users anytime they want to access it.
Data analytics helps in simplifying our lives on all scales. The use of data analytics is no longer restricted to big companies with deep pockets. It is now widespread, and companies are capitalizing on this technology in several ways. The day-to-day decisions that are made are all based on data. Simple choices that we make or activity that we perform ranging from what to watch on an online streaming platform to how to travel to what to eat, we rely on data for every decision that we make.
Data analytics is what our future is potentially going to evolve for us. We receive the data, ponder upon it, and then make the ultimate decision that is a measured and statistically more reliable decision. The raw data that is manipulated and shaped into useful data with the help of data analytics helps in improving our decision-making process. The most advantage of Data Analytics is taken by the corporate companies and industries who can efficiently identify and eradicate the wastage that is produced when they are conducting their business processes. This is how we are leading towards a digital future where our goal is to automate a majority of processes and systems.
There used to be a time where our systems could only display data that had been collected by us, but the recent advancements have made it very easy for the system not only to collect and process the data but also to predict future outcomes. These outcomes help us in analyzing and understanding what actions to take, to give us a favorable result. Every organization utilizes this high-quality data to meet its patrons’ needs, curate an effective business operation, and increase the accuracy of decision making. This helps in analyzing clients much better and improves the services catered to them. It increases the flexibility of the system that helps in cost reduction.
Data Analytics is changing the present as much as the future with the rapid introduction of technological tools like Artificial Intelligence, Machine Learning, and Business intelligence.
Data Analytics is leading us towards the time of the autonomous decision-making process, times when all the information would be given to us beforehand allowing the system to make the best possible decision. This will allow us to analyze the risk in primary stages and eradicate them and decide the ultimatums without wasting resources.
Data Analysis has progressed a lot over the past decade. It has already improved the functioning and operations of many companies and industries and will continue to do so. Companies who can make the best use out of this particular technology will obtain the best results.