Analytics is the scientific process of discovering and communicating the meaningful patterns which can be found in data. It is concerned with turning raw data into insight for making better decisions. Analytics relies on the application of statistics, computer programming, and operations research in order to quantify and gain insight to the meanings of data. It is especially useful in areas which record a lot of data or information. Analytics provides us with meaningful information within large quantities of data. Analytics leads to find the hidden patterns within the data.
Data Analytics occurs when businesses require information based on data that may or may not exist in the data warehouse and hence may not exist in existing reports. Data analytics is the result of decision-makers thinking outside of the standard operations of the business. A data analyst might create an interface and pull data from one or more transactional systems into a temporary location to then be pulled into the data warehouse. Tools such as Excel, R, Python, and SQL are commonly used to produce different views and to identify data patterns.
BI or Business Intelligence include other areas of data exploration, such as forecasting, predictive analytics, including machine learning and statistics, master data management, mobile, and embedded data visualization and database technology like No SQL. The bottom line is that BI is not simply a single type of software. It is a group of applications that are used to transform data into information that can be readily consumed by the company’s employees to monitor and execute their functions effectively.
Data visualization is the graphical and numeric depiction of the data and data aggregates, such as numbers, tables, and charts. There are 3 ways business users consume data using Data Visualization like dashboards, reports, and alerts.
- Dashboards are a single page of key metrics represented by tables, charts, gauges, colors, and numbers, and arranged and consolidated in such a way that the consumer can identify and focus areas requiring immediate attention or more investigation.
- Reports are typically a multi-column list of transactions that has taken place between certain date range, within a specific location or region, or by sales rep.
- Alerts typically prompt users to action or further investigation. They have to do with one key metric and provide a warning that an event has just taken place that exceeds a meaningful self-defined threshold.
Some of the areas where companies will find Analytics helpful are:
- Customer insights
- Fraud and Risk analysis
- Advertisement and marketing
- Enterprise decision management
- Market optimization and modeling
Wise Men provides the following Data and Analytics Services:
- Modern Analytics Platform
Modernize analytics with cloud, flexible architectures and the latest technologies. Streamline business insights from data while reducing costs.
- Data Quality
Your reports are as good as the quality of data is. Data quality is key in reporting, metric formulation, business definitions, and reconciliation of data. Wise Men helps clients to reinforce quality across data governance, master data management and technology components.
- Machine Learning
Machine Learning and Data Science can unlock the predictive power of data. Achieve cost-effective automation and process improvement through our Machine Learning SDLC.
- Business Intelligence & Visualization
Well-designed visualization enables users to retrieve valuable information.
- Support & Maintenance
We offer support and maintenance services specifically for Data & Analytics solutions. This includes SLAs, fractional support, blended offshore/onshore teams, as well as architecture and advisory services. Wise Men brings the right talent We bring the right talent, customized to your unique requirements.