Data Analytics Use Cases
Nowadays, there are many sector interested in Data Analytics especially Business field:
Descriptive Data Analytics:
Year-over-year pricing change
Month-over-month sales growth
The number of users or the total revenue per subscriber
Many more…
Diagnosis Data Analytics:
Explore Market Demand
Understand Customer Behavior
Improve Company Culture
Predictive Data Analytics(Example of Run a hotel):
Want to predict how many of rooms will be occupied next week?
How: identifying patterns in historical data and then + using statistics to make inference
Prescriptive Data Analytics:
Recommendation Engine
Simulation
The Data Analytics Lifecycle outlines how data is created, gathered, processed, used, and analyzed to meet corporate objectives. It provides a structured method of handling data so that it may be transformed into knowledge that can be applied to achieve organizational and project objectives:
Phase 1: Discovery
The data science team learn and investigate the problem. Develop context and understanding. Come to know about data sources needed and available for the project. The team formulates initial hypothesis that can be later tested with data.
Phase 2: Data Preparation
Finding datasource, then team start to execute, load and transform to get data into work area ( ELT ). Data preparation tasks are likely to be performed multiple times and not in predefined order. Several tools commonly used for this phase are – Hadoop, Open Refine, Excel, etc.
Phase 3: Model Planning
Team explores data to learn about relationships between variables and selects the most suitable models. Prepare data sets for training, testing, and production purposes. Several tools commonly used for this phase are – Matlab, STASTICA, SAS.
Phase 4: Model Building
Execute model with testing, training dataset. Team also considers whether its existing tools will be enough for running models or they need more robust environment for executing models. Free or Open Source Tools – Matlab , WEKA.
Phase 5: Communication Results
Remember the goal you had set for business in phase 1, Now it is time to check if those criteria are met by the tests you run in the previous phase. Communication step start with collaboration with stakeholders to determine if project result are success or failure. Team should identify key findings of analysis, estimated business value associated with result , and produces narrative to summarize and convey findings to business owner
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