What An IT Manager Needs To Know About Analytics

The digital landscape is expanding at an exponential rate with more data being collected every second, every day, every week. But what is the significance of all of this data?

The prime aim of any analytical tool is to analyze data and extract actionable information that you can use to increase the results or performance. With so many different tools out there, it might be difficult to know what to use and when. You can master all the tools and techniques with the help of analytics courses online. Here are some important aspects of analytics tools that every IT manager needs to know:

1. Visual Analytics

The simplest way to analyze data is to create a visual or graph and have a look at it to spot trends or patterns. Especially useful when trying to make sense out of huge volumes of data, these combine analytics with visualization and human interaction.

2. Correlation Analytics

Is there a relationship between two distinct variables and how strong is it? It is a statistical technique and useful when you want to test your assumption regarding the relationship of the variables in a business scenario.

3. Scenario Analysis

When confused what course of action to pursue, try this approach. This process enables you to analyze a variety of possible future events by considering alternative possible outcomes.

4. Predictive Analytics

Collect data at uniformly spaced intervals and try to extract a meaningful trend out of it. Use it when you want to assess changes over time and predict events based on what happened in the past.

5. Data Mining

Explore large sets of data to find commercially relevant insights, patterns or relationships between variables to improve business performance.

6. Sentiment Analytics

This seeks to extract subjective opinion or sentiment from a text, audio or video data. Use it when you want to understand the stakeholder’s opinion regarding a particular scenario or overall context.

7. Cohort Analysis

This allows you to study the behavior of a group of people over time. It can be really useful to know about customer behavior or other stakeholders like employees and more

8. Image Analytics

Facial recognition used for security is a type of image analysis. Extracting information and insights from photos, medical images or graphics is what it’s all about.

9. Voice Analytics

It is the process of acquiring information from audio conversations. This form of analytics can help to analyze the emotional content as well as the actual words or phrases being used.

10.Linear Programming

This is a method of identifying the best outcome based on a set of constraints. Using a linear mathematical model helps you solve problems with minimizing and maximizing conditions. Based on several constraints like time, raw materials, resources you can know the best combination that will direct you to maximum profit.

These are the key analytical tools that all businesses need to know about. Learn about all these tools with the help of data analytics courses and become an expert.