Analytics is the discovery, interpretation, and communication of meaningful patterns in data; and the process of applying those patterns towards effective decision making. In other words, analytics can be understood as the connective tissue between data and effective decision making, within an organization.
Some of the Business use cases are as follows:
Ensuring platform stability and 24*7 up-time of the IT production environment through data analytics and prompt action
- To describe, predict, and improve business performance
- Marketing mix modeling
- Call analytics,
- Speech analytics,
- Credit risk analysis,
- Fraud analytics.
Impact and Opportunities to Chartered Accountants
Going forward, Big data and analytics will be “King”, given it will help seize future opportunities to propel market growth. While Big data is the new Oil, it needs a refinery of data analytics to put Big data to productive use and transform Businesses. With new data analytics tools like Tableau, professionals who already have a strong business understanding will help in providing data intelligence to the management thereby playing a pivotal role in Business transformation.