How to read Analytics and learn from them
How to read Analytics
Analytics is reading and communicating the data patterns to explain the Data Analysis. In Analytics, data is best represented through visual display. The data patterns can be read in the following ways-
- Statistics
- Computer Programming
- Operations Research
How to learn from Analytics
Through Analytics one can understand business data as it helps to describe the current business data , predict the future business performances and thereby improve or fill the gaps in the business performances. Various kinds of Analytics can be helpful to learn as follows:-
Marketing development
Marketing these days is also based on data analytics. In marketing, One can learn from analytics in the following ways-
- It helps to find out the results of the marketing campaigns.
- It helps in decision making about investments.
- It helps in decision making about consumer targeting.
A large consumer data with respect to purchases, surveys, etc is analysed to formulate the marketing strategy of a business through Analytics techniques like demographical study, marketing mix, pricing analyses, etc.
Google Analytics is an analytics tool. It helps to keep a track of the websites .It also helps to search keywords, IP addresses, visitor activities on the site, etc. This analytical tool helps the marketer to improve his campaigns.
Thus, the above mentioned Analytics tools and techniques help to learn about the following-
- How much should be the marketing expense budget on a particular brand each
- Who is the best customer to target
- What is the most cost effective marketing strategy
- What is an ideal time to spend on marketing
Risk analytics
In this Analytics, Predictive models techniques are used. This technique helps to learn about the credit worthiness of a customer. This analytics is helpful in following circumstances:-
- In banks, to gauge a customer’s lawbreaking attitude and accordingly judge his credit worthiness to pay back.
- For scientific calculations or experiments
- In Online Payment companies to gauge the genuinity of a transaction.
- During Credit Card purchases to keep a check on the amount of the purchase adhering to ones credit limits.
Portfolio analytics
In this Analytics, the Time Series analysis technique is helpful to learn about the portfolios of the different segments of the customers (on the basis of their financial status, location, etc) of a bank or a lending financial institution. This helps them to make a decision as to how much loan shall be approved to which segment or class of people. The institution has to ensure the ratio of loan returned by the customer should match the risk in case there’s a default in the loan. On the whole, this analytics helps to maximise the overall returns and minimise the overall risks.
Security analytics
This Analytics is helpful to learn about the IT solutions that bring awareness amongst people about the security aspect of an event and the risk factors involved with it. There can be the following kinds of such solutions.
Digital analytics
This Analytics helps the marketing companies in their digital marketing work. In these techniques digital data is converted into reports and researches.