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What Is Analytics

December 21, 2010

What is Analytics?

Wikipedia defines ‘Analytics’ as “the process of obtaining an optimal or realistic decision based on existing data.” (http://en.wikipedia.org/wiki/Analytics)

However, the question remains; what does this really mean to a person looking to make a difference in the performance of their business? In the not-too-distant past, business leaders relied on intellect, intuition and observation to understand and decide issues in their business.  As companies grew and information became increasingly abundant, it became impossible to rely on these old methods and demanded a different approach.

The result is an evolving art known today as ‘Analytics’.  While data continues to accumulate in corporate data stores, complex mathematical algorithms and statistics look for relationships in the data that for the most part are not obvious.  The intent of this analysis is to gain a detailed understanding of, “if you do this then that should happen”.  The “that should happen” can be either positive or negative for an organization.  Both are valuable, either from knowing what to avoid or what to do more.

Applied Math x Data = Better Decisions = More Money (Analytics Simplified)


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