Essay About Data Analytics And Use Of Statistics

How Data Analytics Is Revolutionising the World?
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How data analytics is revolutionising the WORLD?Everyday huge amount of random data is generated across the world through different sources and each data can be sorted, and used for research, innovation and even policy making. But how can this huge amount of data be studied and synthesized so that it could be useful? How can data analytics help in this? Why today data analytics is so important in every field? And most important of all what is Data Analytics?Data Analytics[1] is basically a process to examine data sets in such a way that we could draw conclusion about the information they contain, increasing with the aid of specialised system software and tools. Years back when we were building our societies and exploring our world we struggled to interpret the given data. Analytics is being used every day in various fields to plan things and decision making. interpret all the information available to us. This could be seen in the during the 1850’s when London suffered an outrage of cholera, which was first believed to be an airborne disease and we were defenceless against that, until the physician Dr. John Snow used the collected data to examine that the real cause of cholera lied beneath the ground in the underground water which helped him change the history[2].  According to George Lee, Chief Investment Officer of Goldman Sachs’ Investment Banking Division, “more than 90% of the world’s data has been created in the last five years”. Every day we generate petabytes of data from mouse clicks on a website to taps on our smart phones from taking photos to making videos and sending texts. This raw data is used by multiple private and government organisations to build insight using the help of data analytics. Businesses across the globe collect data on consumer preferences, purchases and trends. Below are few examples of how data analytics has been used successfully ion various sectors:EntertainmentMovie producers and film financiers are increasing and turning to analytics to help and guide them in creation of screenplay. A professor named Vinny Bruzzese — “the reigning mad scientist of Hollywood,” in the words of one studio customer — has started to aggressively pitch a service he calls script evaluation. For as much as $20,000 per script, Mr. Bruzzese and a team of analysts compare the story structure and genre of a draft script with those of released movies, looking for clues to box-office success. His company, Worldwide Motion Picture Group, also digs into an extensive database of focus group results for similar films and surveys 1,500 potential moviegoers[3].

SportsAnalytics is playing a key role in professional sports. The use of statistics have been long part of the game for Major League Baseball[4] in US . Which is shown in the 2011 Hollywood movie ‘Moneyball’.The film is based on Michael Lewiss 2003 nonfiction book of the same name, an account of the Oakland Athletics baseball teams 2002 season and their general manager Billy Beanes attempts to assemble a competitive team. In the film, Beane (Brad Pitt) and assistant GM Peter Brand (Jonah Hill), faced with the franchises limited budget for players, build a team of undervalued talent by taking a sophisticated sabermetric[5] approach towards scouting and analyzing players. HealthcareHealthcare analytics is a booming industry in the United State. And the global Health care analytics is a growing industry in the United States, expected to grow to more than $18.7 billion by 2020. The industry focuses on the areas of clinical analysis, financial analysis, supply chain analysis, as well as, fraud and HR analysis[6]. With data analytics coming into picture there are many potential benefits rising from healthcare analytics as in better care conditions and facilities, improving patient wellness, improved decision making, lowering of administrative costs, reduction in the number of frauds and abuses.IT Disaster RecoveryDisaster recovery may seem a bit odd when we talk about analytics, but in the coming time analytics will play a huge amount role in enhancing data recovery and improving risk management. So firms have started to optimize their disaster recovery strategy, as analytics becoming more and more critical to the business processes they need to keep up there disaster recovery strategy.Real Estate InvestingNow a day the big time real estate investors gain insights and project future trends using big data. With the help of big data, they look into the market trends and needs/wants of future tenets. Similarly, with the help of predictive analysis investors determine future values. Real estate data can also identify the best prospective tenants, enabling investors to adjust marketing strategies.