Data Analytics - A brief Introduction
Updated: Jan 25, 2021
“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.”
Data speaks volumes. If you want to hear the voice of data, you should listen. Look for clues. Look for patterns. If you are a newbie, you can easily get lost in data. I have gotten lost many a times. Searching for something out of curiosity. A wild expedition in the big data forest! You will find a lot of things Indeed. Not all explorations end in vain. But the billion dollar question is do you have all the time in the world to go on a wild exploration of a dataset? lol. Not at all.
How do you mine data effectively? How do you know what to search and where to search for it? You need to equip yourself with a few things before you come to face with data. In order to focus, Keep your focus around five main things listed below.
Get your answers for the above by asking the right questions.
1. What is the objective of the research? What are the business problems faced by the client?
2. Why is this research done?
3. Where should I search for answers?(dataset perspective. Which dataset/(s) will help?)
4. When did the issue happen?(for eg., when did the sales go down? or when did the anomaly occur?, etc.,)
5. How can this problem be solved?( Pathway or plan to achieve the solution)
Knowing the answers to the above will greatly help you when you step in for data analysis. You know exactly what you are looking for and where to look. These questions and the plan will help you keep focused on the issue at hand and save one from getting lost in data.
Having the business perspective at hand is not sufficient. Its only a part in the big picture. There are lot of other pieces that you need to put together in order to solve the puzzle. To start analyzing data, you need statistics. She is your friend. With Statistics, you will be able to describe the data and gain insights from the data. The branch of Statistics that helps you in describing the data is called Descriptive Statistics and the branch of Statistics that helps you with gaining insights out of it is called the Inferential Statistics.
In the next blog post, I will talk about descriptive statistics and its measures in detail.
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