Analytics is the system of applying certain methods and techniques to understand the performance of data, generally in an organization or industry. The application of analytics can be used to uncover and interpret relevant patterns of data, which can be later used to make better decisions. Analytics relies on good data as part of its usefulness, as well as the aspects of statistics, computer programming, and operations research to quantify performance.
Analytics exists in business when companies use statistics and software processes in assessing how a particular product, service, or project measures up in scope. Businesses perform analytics to pinpoint strengths, identify challenges or weaknesses that may exist, and pull out key data points to help make decisions regarding future growth for the organization.
Learning analytics is a key skill that helps you solve problems to existing challenges. When you use analytics tools to research data patterns, you use methods of analyzing performance characteristics that are essential to a business organization. This is important in today's world of big data. Understanding analytics can make you a valuable asset when assessing areas rich with recorded information, performance indicators, and target goals.
Analytics is found in a wide range of careers, including business analyst, budget analyst, financial controller, data scientist, and operations researcher. Individuals who move into these and other careers in data analytics often work with raw data and algorithms through mechanical processes to make assumptions and theories. Essentially, with knowledge of analytics, you can move into a job that requires a familiarity with numeric relationships, data structures, and trends and metrics relevant to an organization.
When you take online courses in analytics, you can gain a new understanding of key concepts like data analysis and visualization, mathematical optimization, regression analysis, predictive modeling, and other areas focused on business analytics.
Taking online courses about analytics can help you achieve basic data literacy to help you make more informed decisions in any area you work in, like finance, operations, or marketing. As you branch out, you may advance your analytics understanding to include how to extract and manipulate data points, how to use different statistical analysis methods to break down the data, and how to eventually interpret and present your findings.