What does “data analytics” entail as a practice in business? 🔊
Data analytics entails the practice of examining and interpreting data to inform business decisions. It involves collecting large volumes of data, processing it using statistical methods, and deriving actionable insights from it. Businesses rely on analytics to identify trends, understand customer behaviors, and optimize operations. Techniques such as predictive analytics are employed to forecast future outcomes, while descriptive analytics helps in understanding past performance. By leveraging data analytics, companies can make informed choices that drive growth and enhance competitive advantage.
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