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Tuesday, 15 September 2015 09:20

Google Analytics Importance

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Analytics:

Analytics can be simply defined as process of breaking of a problem into simple parts using influences based on data to derive the decisions. Analytics is not a tool or technology, rather it is a way of thinking and acting (or) Use of Statistical and Quantitative techniques on large volume of data to discover the meaningful patterns and rules. Analytics helps in business be proactive rather than retro spective. If you want to make a thousands of recommendations in a minute then human mind is not possible to do that. For that we need process to understand the data. This is where Analytics comes into picture. 

Analytics are two types

  • Descriptive Analytics: Charts, tables, dashboards, OLAP will come under Descriptive Analytics
  • Predictive Analytics: Which helps the future to be predicted. Ex: Decision Trees, Regression and Neural Network

What is google analytics?

Free service offered by google for website statistics like daily, monthly, yearly of web visits and also track and reports the website traffic. Google launched this service in November 2005 after acquiring Urchin Software.

Why Analytics becoming popular: Analytics becoming popular since last decade. There are 3 main reasons behind the phenomenal shift in business towards analytics is rely on data over intuition.

 

Analytics

1) There is lot more data now then to use to be. 1.3 Trillions of data is produced in 2010 and it is going to be double in 18 months and double again after 18 months and so on. In recent study by IBM suggested that 90% of the world data has been generated since 2 years. Now we will talk about big retailer like WALMART, who has 9100 stores across the world. Each store has 10,000 to 100,000 SKU and each store will do over 1.1 million transaction every hour. TESCO is another retailer known for his analytical work. They have over 34 million club card customers which means they have 34 million people who have subscribed for their loyalty card. This means TESCO is collecting the data 34 million people which have been shopping in their stores. Now moving from retail to telecom i.e. 'AIRTEL' one of the largest telecom companies in the world has based on 260 million subscribers. They handle over 8 billion calls every day.  Not just telecom even in e-retailing AMAZON.COM can handle over 11 million transactions in a busy day. 'FLIPKART' which is newer and younger in e-retailing is also handling 11,000 transactions a day. 'VISA' which is a largest credit card around the world handles a over 105 million transactions a day. Google is processing 1 million of GB of data every hour. FACEBOOK is sharing 31 billion pieces of content every month. Google database has 300 trillion entries. Google process millions of GB data every hour and all of that data goes to database. This shows that how data is increasing in the coming days.  

2) Why analytical becoming popular now a days is not only is more data being produced but lot more data being collected & stored now. Storage cost is gone down drastically since last 2 decades. In 1990 the cost of the storing one GB of data is '9000 dollars'. In 2010 this comes around near 8 cents. Cost has gone down more than 100,000 times in last 20 years. This is what really fuel the growth in 'Analytics'. The business is to store the large amount of data at very reasonable cost. So we seen 2 reasons that is more data being produced now than ever before and second reason is that data also being stored and produced. We have analytical tools that have become very user friendly and deals with large amount of data applying complex statistical tools and techniques to draw insights and establishing them to make better decisions on fly.

3) In fact in circular fashion we gone in to where more data being produced, more data being stored more data being analysed by businesses using better tools and better statistical techniques and all of this factors are leading to better predictions being made. Better predictions means better results and hence popularity of analytics in business increases. So this is reason why analytics being popular now a days then ever before, more data being produced , stored and more data being analysed using better tools. All of this leading to better predictions being made which means that the confidence in predictions through analysis being increasing which means that adoption of analytics is increasing in business.

Analytics Technology: 

In this we can talk about most widely used tools in analytics and we can talk about organizations that uses the Analytics. There are 1000 of companies are using analytics tools in the market. There are free and paid tools are available in the market. There are tools to design for specific task, there are tools that are designed whole variety of different tasks. Depending upon your requirement you need to choose the right tool.

  • SAS is the widely used analytical tool in the market but their products are very expensive. BASE SAS is the widely used analytical tool and it has SAS programming while Enterprise Miner is a GUI based but it is not popular as compared with SAS.
  • IBM has made lot of acquisition in analytical space and they brought over COGNOS which is a Business Intelligence Tool. It recently bought SPSS which has good analytic tools in the market. So common SPSS product is fairly popular in acedemia, while SPSS Clementive which is popular in corporate sector.

 

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