Scribd
Upload
82 views

Data Analytics Key Notes

This document discusses several use cases for data analytics including banking, transportation, healthcare, and e-commerce. It also discusses how data mining analyzes large amounts of data to find patterns and make predictions. The process of data analytics involves determining data requirements, collecting data, organizing data, cleaning data, and then modeling and evaluating the data. Key steps in data mining include business understanding, data exploration, data preparation, data modeling, and data evaluation.

Uploaded by

tim
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
82 views

Data Analytics Key Notes

This document discusses several use cases for data analytics including banking, transportation, healthcare, and e-commerce. It also discusses how data mining analyzes large amounts of data to find patterns and make predictions. The process of data analytics involves determining data requirements, collecting data, organizing data, cleaning data, and then modeling and evaluating the data. Key steps in data mining include business understanding, data exploration, data preparation, data modeling, and data evaluation.

Uploaded by

tim
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 5

Some popular use cases for data analytics are

In banking, data analytics is heavily utilized for analyzing


anomalous transaction and customer details. Banks also use data
analytics to analyze loan defaulters and credit scores for their
customers in order to minimize losses and prevent frauds.
Companies like Uber and Ola are heavily dependent on data
analytics to optimize routes and fare for their customers. They use
an analytical platform that analyzes the best route and calculates
percentage rise and drop in taxi fares based on several
parameters.
With the help of data analytics, hospitals and healthcare centres
are able to predict early onset of chronic diseases. They are able to
predict diseases that might occur in the future and help the
patients to take early action that would help them to reduce
medical expenditure.
Companies like Google are using data analytics to provide search
results to users based on their preferences and search history.
Furthermore, companies like Airbnb use search analytics to
provide the best accommodation to its customers. Companies like
Amazon are making use of the search analytics to provide
personalised recommendations to its users.
How to Get a Better Analysis?
In order to have a great analysis, it is necessary to ask the right
question, gather the right data to address it, and design the right
analysis to answer the question. Only after careful analysis, we
can define it as correct. So, let’s discuss this in detail.

Data Mining
Data mining also called data or knowledge discovery means
analyzing data from different perspectives and summarizing it
into useful information – information that we can use to make
important decisions. It is the technique of exploring, analyzing,
and detecting patterns in large amounts of data.

In today’s world, data mining is used in several sectors


like Retail, Sales Analytics, Financial, Communication, Marketing
Organizations, etc. For example – a marketer may want to find
who responded and who did not to a promotion. In
prediction, the idea is to predict the value of a continuous (ie
non-discrete) variable; for example, a marketer may be
interested in finding who will respond to a promotion.
Process of data analytics

The process involved in data analysis involves several different


steps:

1. The first step is to determine the data requirements or how


the data is grouped. Data may be separated by age,
demographic, income, or gender. Data values may be
numerical or be divided by category.
2. The second step in data analytics is the process of
collecting it. This can be done through a variety of sources
such as computers, online sources, cameras,
environmental sources, or through personnel.
3. Once the data is collected, it must be organized so it can
be analyzed. Organization may take place on a
spreadsheet or other form of software that can take
statistical data.
4. The data is then cleaned up before analysis. This means it
is scrubbed and checked to ensure there is no duplication
or error, and that it is not incomplete. This step helps
correct any errors before it goes on to a data analyst to be
analyzed.

1. Business Understanding
Whenever any requirement occurs, firstly we need to determine
the business objective, assess the situation, determine data mining
goals and then produce the project plan as per the
requirement. Business objectives are defined in this phase.
2. Data Exploration
For the further process, we need to gather initial data,
describe and explore data and lastly verify data quality to
ensure it contains the data we require. Data collected from the
various sources is described in terms of its application and the
need for the project in this phase. This is also known as data
exploration. This is necessary to verify the quality of data
collected.

3. Data Preparation
From the data collected in the last step, we need to select data
as per the need, clean it, construct it to get useful information
and then integrate it all. Finally, we need to format the data to
get the appropriate data. Data is selected, cleaned, and
integrated into the format finalized for the analysis in this
phase.

4. Data Modeling
After gathering the data, we perform data modeling on it. For
this, we need to select a modeling technique, generate test design,
build a model and assess the model built. The data model is build
to analyze relationships between various selected objects in
the data. Test cases are built for assessing the model and
model is tested and implemented on the data in this phase.
Descriptive Modeling: It uncovers shared similarities or groupings in
historical data to determine reasons behind success or failure, such as
categorizing customers by product preferences or sentiment.
Predictive Modeling: This modeling goes deeper to classify events in
the future or estimate unknown outcomes – for example, using credit
scoring to determine an individual's likelihood of repaying a loan.
Predictive modeling also helps uncover insights for things like
customer churn, campaign response or credit defaults.

5. Data Evaluation
Here, we evaluate the results from the last step, review the
scope of error, and determine the next steps to perform. We
evaluate the results of the test cases and review the scope of
errors in this phase.

You might also like