What is Analytics and how to utilise it?

What is Analytics?

Analytics is the science of examining raw data in order to draw conclusions about the information embedded in the data. Analytics help companies make more informed business decisions by helping them to discover trends in their data. It can also help companies to prove or disprove existing business theories.

How to utilise analytics

Let’s take an example from E-commerce. Online retailers can examine their website traffic data to determine when customers are more likely to buy a product, based on the customers previous purchase history and how they navigate the website.

Advanced analytics has already been changing entire industries for over a decade, and is a key factor for how most new entrants disrupt established markets and beat their incumbents – whether selling books, renting movies, borrowing money or even building a professional sports team

– Jim Hare, research director at Gartner.

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