The purpose of data analytics is to generate meaningful information from data in order to make better informed decisions and identify problems and solutions. In retail companies, it can help to better understand customers, identify problems, and come up with solutions based on solid data rather than speculation.
The important thing with data is that on its own, it is just numbers. It’s how you interpret the data and how well you can tell the story of the information that will drive impact and outcomes for the businesses who need it.
Every industry now is incorporating some sort of data analytics. Here are some examples:
Fashion – predicting the next popular styles and trends Banking – finding out what customers need and how to make their banking experience better Technology – generating instructions on the best route to work based on traffic data Cancer research – scientists will analyse test results to see if medications work to treat illnesses Many more!
- Breaking down large and complex tasks into smaller and simpler tasks
- Interpreting tables and numbers
- Finding patterns
- Decision-making
Typical learning pathways in school are Mathematics and Science. In university, there are subjects like:
- Statistics and actuarial
- Business studies
- Analytical subjects
- Computer science
- Mathematics