Data Analytics

An organisation today is swamped with a vast amount of Data with the booming of the IT industry and implementation of ERP, SCM, CRM solutions, Data Warehouses, BI Tools and the entire range of such solutions. The decision maker needs to decide on what is the relevant information that he should consider before committing the organisation’s resources. The evolution of Analysis software is encouraging audit and MIS professionals to apply data analytic techniques to support the business. It examines raw data with the purpose of drawing conclusions about that information. It seeks to allow companies and organizations to make better business decisions and to verify or disprove existing models or theories. Data analytics is distinguished from data mining by the scope, purpose and focus of the analysis. Data miners sort through huge data sets using sophisticated software to identify undiscovered patterns and establish hidden relationships. Data analytics focuses on inference, the process of deriving a conclusion based solely on what is already known by the researcher.