Living in the technical era where the technical advancements are heightened by the day, data analytics are something that can’t and shouldn’t be ignored. The key to survive this race is the right interpretation of the data that is available to the businesses and organizations.
Keeping an eye on the overwhelming amount of data can be a handful. There are five fundamental points that are essential when it comes to data analytics.
- It means the arithmetic mean. Or, generally known as the average. Advantage of mean is that it is easy to calculate and is quick.
- Standard deviation.
Another statistical term, that means the measure of data spread around the mean. A high value of standard deviations means that data spreads largely from the mean and vice a versa. It is useful for determination of data points’ dispersion.
- Regression is known to model various relationships between explanatory variables and dependent variables. It is used to determine the current trends.
- Sample size determination.
A sample helps to determine the right amount of data needed for analysis. With the help of standard deviations and proportions, you can define the size accurately.
- Hypothesis testing.
Hypothesis testing is also known as t testing. It is done to check the credibility of population or data set.
After knowing the fundamentals that are essential for data analysis, let’s start from scratch. Lets know 9 interesting things about data before learning about data analytics in depth.
- We all know that every second a lot of data is created. By the year 2020, it is believed that about 1.7 megabytes of information, brand new, created every second. Talk about data getting bigger! It is also estimated that by that time, to accumulated data of the information universe will be about 44 trillion gigabytes.
- Did you know we create new data in every single second that passes? Right now, for the research of this article is have contributed some data. Statistics say that we perform about 40000 queries on Google alone! That makes about 3.5 searches a day and about 1.2 trillion searches a year.
- It has been seen that Facebook generates quite a lot of data. On an average, 31.25 millions messages are sent and about 2.77 millions of videos are viewed in a minute. In just a minute!
- It is also expected that by the year 2020, one third of the existing data, at least, will be passed through cloud. Cloud is a network of servers those are connected by internet. Cloud is a vast concept and is not certainly a myth. Google, on a daily basis, uses cloud computing to answer a query. It uses about 1000 computers just to generate search results in 0.2 seconds.
- The data wizards have said that if healthcare integrates big data, then it will save about $1000 per every child, woman, and man.
- It is known that The White House has invested about $200 million in projects dealing with big data. When it comes to a typical Fortune 1000 company, if they increase their data accessibility by 10%, the net income can increase at least $65 million excluding the original income.
- Not just the big fish, but retailers who invest it all in big data, can increase their operating margins and profits by 60%. It is clearly evident that big data is a boon. Not just for one organization, but, for all of them.
- As mentioned above, photos and videos generate a lot of data. Did you know that in YouTube about 300 hours of videos are uploaded by the minute? Not just that, about 1 trillion photos are taken now and then and about billions of them are shared online.
- An open source computing software, Hadoop is expanding its market. It is calculated that by the end of 2020, the compounded annual growth rate of 58% is forecasted and it will surpass $1 billion.
It can be seen that data was, is and will be increasing along with growth in businesses. Every business, in one or another form will be using data analytics. So are you ready for the big step?