Analytics

Posted by on Jul 13, 2014 in | 0 comments

Analytics is the discovery and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance. Analytics often favors data visualization to communicate insight.

Firms may commonly apply analytics to business data, to describe, predict, and improve business performance. Specifically, arenas within analytics include enterprise decision management, retail analytics, store assortment and stock-keeping unit optimization, marketing optimization and marketing mix modeling, web analytics, sales force sizing and optimization, price and promotion modeling, predictive science, credit risk analysis, and fraud analytics. Since analytics can require extensive computation (see big data), the algorithms and software used for analytics harness the most current methods in computer science, statistics, and mathematics.

Added by Jan: When referred to in the context of inbound marketing, it’s looking at the data of one’s marketing initiatives (website visitor reports, social, PPC, etc.), analyzing the trends, and developing actionable insights to make better informed marketing decisions.

Ref: Wikipedia – Analytics

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