Data Analysis elective starts in EISB. We will explore with our students the data science while they will have the opportunity to study about data, the way companies gather them and the ways they analyze them. At the end we will see how this analysis affects companies decision-making.
What is Data Science?
Data Science is the area of study which involves extracting insights from vast amounts of data by the use of various scientific methods, algorithms, and processes. It helps you to discover hidden patterns from the raw data. The term Data Science has emerged because of the evolution of mathematical statistics, data analysis, and big data
Data Science is an interdisciplinary field that allows you to extract knowledge from structured or unstructured data. Also enables you to translate a business problem into a research project and then translate it back into a practical solution.
What is Data Analysis?
Data analysis is defined as a process of cleaning, transforming, and modeling data to discover useful information for business decision-making. The purpose of Data Analysis is to extract useful information from data and taking the decision based upon the data analysis.
A simple example of Data analysis is whenever we take any decision in our day-to-day life is by thinking about what happened last time or what will happen by choosing that particular decision. This is nothing but analyzing our past or future and making decisions based on it. For that, we gather memories of our past or dreams of our future. So that is nothing but data analysis. Now same thing analyst does for business purposes, is called Data Analysis.
Why is data analysis important?
Every organization makes attempts to gather data, for instance, by monitoring its competitors’ performance, sales figures, and buying trends etc. in an effort to be more competitive. However, nobody can understand customers’ behaviors and competitors’ performance without the skills to analyze all that data.
Data analysis, therefore, is a necessity for making well-informed and efficient decisions. Data analysis is what helps organizations determine their positions in the market relative to competitors. It is what helps us identify the potential risks that need to be avoided and the opportunities that must be grabbed in order to grow.
It is, in fact, data analysis that enables us to gauge the satisfaction level of the customers and their needs in order to come up with new products and services that provide greater satisfaction to them. Therefore, it is an understatement to say that data analysis is important for the success of businesses.