Explain the concept of data analytics. What are the various tools of data analytics?
Data analytics is a subset of business intelligence (BI) functionality that encompasses a wide range of mathematical, statistical, and modeling techniques with the purpose of extracting knowledge from data. Data analytics is used at all levels within the BI framework, including queries and reporting, monitoring and alerting, and data visualization. Hence, data analytics is a "shared" service that is crucial to what BI adds to an organization. Data analytics represents what business managers really want from BI: the ability to extract actionable business insight from current events and foresee future problems or opportunities. Data analytics tools can be grouped into two separate (but closely related and often overlapping) areas:
• Explanatory analytics focuses on discovering and explaining data characteristics and relationships based on existing data. Explanatory analytics uses statistical tools to formulate hypotheses, test them, and answer the how and why of such relationships.
• Predictive analytics focuses on predicting future data outcomes with a high degree of accuracy. Predictive analytics uses sophisticated statistical tools to help the end user create advanced models that answer questions about future data occurrences.
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