Friday, March 1, 2013

what is analytics ?




Analytics vs. analysis

Analytics is a two-sided coin. On one side, it uses descriptive and predictive models to gain valuable knowledge from data - data analysis. On the other, analytics uses this insight to recommend action or to guide decision making - communication. Thus, analytics is not so much concerned with individual analyses or analysis steps, but with the entire methodology. There is a pronounced tendency to use the term analytics in business settings e.g. text analytics vs. the more generic text mining to emphasize this broader perspective.

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