I don’t even know if the flair is correct. I’m an artist and I failed pretty much every mathematical subject in school. I tried to understand what Data Analytics is but I couldn’t.
Please please ELI5
I don’t even know if the flair is correct. I’m an artist and I failed pretty much every mathematical subject in school. I tried to understand what Data Analytics is but I couldn’t.
Please please ELI5
Comments
It’s a structured way to organize, manipulate and analyze sets of data. It’s a pretty broad term, that encompasses everything from asking the right question to solve a problem, collecting the right data to answer it, cleaning the data, doing appropriate operations to analyze it and infer some conclusions. Let’s say you sell widgets and want to know if your customers will abandon you if you increase the price by 10%; you look into sales data you had from the previous X times you made price changes, eliminate other effects like seasonality and competitive actions, and see what happened when you increased the price 5%, 15% and 20%. Now you can model the sensitivity of sales to price increase. You conclude that Y number of customers will leave you, but that the remainder will pay 10% which will improve your total profit etc.
Imagine you have 100 paintings by an artist. that is data.
Now you are trying to figure out what the artist’s favorite media, subject matter, or color are by looking at the paintings. that is data analytics.
But data analytcs usually uses much more data, and not always about people.