What is Data Analytics?

Dr. Wang asked us to write 200-300 words on what we think Data Analytics means. Data analytics is extracting valuable business strategy from data – about customers, competitors, etc. Business that are able to harness the power of raw data will have a definite edge over other companies. Data analytics is seeing trends in data that can guide business decisions and plans. Data analytics is learning about your customers and competitors by studying the data and learning how to approach the customers and outsmart the competitors. Data used in analytics is sometimes obtained through the regular business functions. Smart businesses save this data and analyze it. Businesses that do not think long term delete or sell that data to others. The example Dr. Wang gave in class of the grocery store chain selling the data they obtain through loyalty card programs to a company which then sells it back to them is an example of a short-sighted company. They have the data on their own customers! It is highly valuable data, and they should analyze it.