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Lately, businesses seem to have woken up to the fact that data analytics (DA) can help them in determining the relevance of their existing models, and making informed decisions. Perhaps this explains why it is becoming increasingly popular; however, contrary to popular belief, it is yet to cause a stir. It is high time that a lot more businesses are made to unleash the potential of this science which can do wonders for their day-to-day operations. This can be done by increasing awareness, and clarifying the doubts, if any. The answers to the following questions would supposedly do the same, and clear the air once and for all:

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What is it?

DA is a science; one that can help a business in examining raw data, and drawing conclusions from the same.

Is it the same as data mining?

Contrary to popular belief, data analytics is not the same as data mining; the former lays emphasis on inference while on the other hand, the latter focuses on sorting of data. Furthermore, unlike its counterpart, DA does not help a business in identifying undiscovered patterns. As a matter of fact, DA is all about deriving a conclusion; by and large, this derivation is done on the basis of the information that is already known to the researcher.

What purpose does it serve?

The prime purpose of this science is to analyze the data stored in a data warehouse, and derive some relevant conclusions which can be of some help to a business; however, DA serves more than one purpose. To begin with, it can be used for analyzing the website traffic and navigation patterns, and can help an online business in identifying the prospects. Believe it or not, even some of the banks and credit card companies have been using it to their advantage. Supposedly, these entities use DA to analyze the withdrawal and spending patterns, thereby doing their bit in preventing the fraudulent activities.

How has it changed the scenario?

Earlier, the businesses had no option but to pile up the information in a data warehouse; however, this often led to a cumbersome situation, wherein the businesses had to carry out a time-consuming process for finding out the answers to their queries. DA has made it possible for every business to examine its data, and draw up a conclusion in a timely manner. Furthermore, the businesses do not have to settle for less anymore; they can determine the Extra resources efficiency of their existing systems or models, and phase out the redundant ones.

Big Data is a term used to describe the massive amounts of data, whether structured or unstructured, that floods a business on a daily basis. This data is important for these businesses only when analyzed for a specific purpose.

It can be the foundation on which big decisions and strategies are made. Every stakeholder, big business owner, and academician will agree that big data has turned out to be a major game-changer in most of the modern industries.

It can be used for:

• New product development and optimized offerings.

• Finding the root causes of failures and defects in the system and that too in real-time.

• Detecting the fraudulent practices that are affecting the company before it's too late to react.

• Recalculating the risks associated with different strategies.

Big Data analytics is an integral part of every major industry. Let's take a look at how these industries use this deluge of data:

1. Education - Educators armed with data-driven insights can make a significant change in the system. Things like identifying students at-risk, tracking of progress of students and teachers can be done with analyzing big data. This can also help the teachers in evaluating the students in an improved manner.

2. Government - Governments always sit on piles of data but now with the analytics they can manage resources, prevent criminal activities, control population, and run agencies in a much better-optimized way.

3. Banking - Banking sector is perhaps making the most of this advantage of big data. Big banks, retail traders and hedge funds use it for sentiment measurement, predictive analytics, and high-frequency trading. They also rely heavily on it for anti-money laundering, KYC and fraud mitigation.

4. Manufacturing - Insight from Big Data can help the manufacturers in boosting quality and output. It can also help them to optimally use their resources in order to minimize the waste. It makes the companies capable of making much more flexible decisions which were not possible before.

5. Healthcare - Managing large amounts of data with the strict regulations and also providing speedy services has been made possible with the help of this. Information like patient records, prescription information, and treatment plans can be used to improve patient care.

This is not the end of the list, as there are many other industries which use the big data to improve their business. In the modern times, if a company misses the opportunities that it offers then they will also miss the next big innovation or discovery.