Data exploitation
Data mining allows us to understand and take advantage of the information that data provides. Whether in business or other contexts, it is a powerful tool for evidence-based decision making.
Data analysis is a process of inspecting, cleaning, transforming and modeling data with the objective of discovering useful information, informing conclusion and supporting decision making.
From the data models, the objective should be to have the ability to find possible scenarios that help us make the best decisions.
Identify opportunities, risks and areas for improvement
Data analytics becomes a discipline that will help us to understand the data.
- Descriptive analytics: This is the most basic form of analysis. It focuses on answering the question “What happened?”. Uses historical data to identify trends and patterns.
- Diagnostic analysis: It goes one step further and seeks to answer “Why did it happen?”. This analysis attempts to find cause and effect relationships between the data.
- Predictive analytics: This analytics asks “What is likely to happen?”. It is based on descriptive and diagnostic analytical findings to forecast future trends.
- Prescriptive analytics: This is the most advanced and answers the question “What actions should be taken? It not only predicts future events, but also recommends specific actions to take advantage of the predictions.
Business Intelligence
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Big Data
Big Data can improve decision making, reduce costs, generate competitive advantage, innovation and enhance customer experience.