We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What is Data Analytics?

By Christy Bieber
Updated May 16, 2024
Our promise to you
SmartCapitalMind is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At SmartCapitalMind, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject-matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

Data analytics refers to the process of reviewing large amounts of raw or unorganized data to formulate conclusions from the data. It is used frequently in business to generate plans of action or to identify patterns and trends in business and to help companies better understand customer behavior. It is also used by economists and academic professionals in many disciplines to help formulate, support or disprove theories.

In many situations, large amounts of data are collected to be studied. For example, economists may receive thousands of survey responses or may look through endless amounts of government and census data on huge segments of the population. Other academics may also receive numerous large bodies of unorganized information; for example, a scientist studying a potential cure for cancer may receive the test results of hundreds, or even thousands or millions, of patients. In business, data may also be collected in the form of sales data, customer receipts, transactions or other types of information.

All of this data provides information and likely contains patterns and trends that can help shape and govern behavior. To use the information, however, the data must be organized, analyzed and understood. Data analytics refers to the process of organizing and analyzing all of that data.

Just as there are many different types and sources for data, there are many different methods of analytics. Some data must be organized manually and hand coded. Other large databases of information can be sifted through using specialized computer programs which make the process of data analytics streamlined and simple.

The process and procedure of data analytics depends not only on how the data is organized but also on what a person is looking for. For example, an economist may look through data to find patterns of buying or spending that explain behavior. A business may look through data to identify weaknesses in the customer supply chain or problems with a given employee.

Each business generally develops its own methods of data analytics that permit it to solve the problems the given company has. A health insurance company, for example, may have a database of millions of claims paid. Employees in charge of data analysis would be responsible for generating and running algorithms to detect potential abnormalities. The computer program and algorithms could thus be run to identify areas in which false claims may have been paid out that should be investigated.

SmartCapitalMind is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Discussion Comments
SmartCapitalMind, in your inbox

Our latest articles, guides, and more, delivered daily.

SmartCapitalMind, in your inbox

Our latest articles, guides, and more, delivered daily.