Why Data Matters?

The short answer is that it is too hard to see beyond our own experiences and our interpretations of those experiences to see what is really true.

One of the most profound reasons that change in education is difficult is that everyone has gone through school and thinks back to his or her good and bad experiences as models for what should or should not be done. These memories form the basis of their opinions and a surprising number of people are unwilling to think that their opinions might be wrong even if shown to be false by good research studies. “Cigarettes won’t hurt me. In my family my father and uncle both smoked for over 70 years and just died of old age.” “Stomach ulcers are caused by stress.” Research studies have overturned these beliefs. To a large degree, these same sorts of long-time personal prejudices still determine how people think that mathematics should be learned.

What is Big Data?

Big Data refers to datasets whose size is beyond the ability of typical database software tools to capture, curate, manage, and analyze. This definition is subjective and incorporates a moving definition of how big a dataset needs to be in order to be considered big data – i.e., big data is not defined in terms of being larger than a certain number of terabytes. It is assumed that, as technology advances over time, the size of datasets that qualify as big data will also increase. Also the definition varies from sector to sector, depending on what kinds of software tools are commonly available and what sizes of datasets are common in a particular industry. Big data in many sectors today will range from a few dozen terabytes to multiple petabytes.

What is Business Analytics?

Business analytics involves finding insights into business decisions by applying statistical analysis on the organisation’s data. It uses statistical tools and techniques to methodologically explore previous business data to provide newer insights about the business performance and further facilitate future business planning. Business analytics has now become a common word and is applicable to all industries and functions including IT, Finance, Insurance, HR, Operations and Marketing.

Basic domains within analytics

  • Retail sales analytics
  • Financial services analytics
  • Risk & Credit analytics
  • Talent analytics
  • Marketing analytics
  • Behavioural analytics
  • Cohort Analysis
  • Collections analytics
  • Fraud analytics
  • Pricing analytics
  • Telecommunications
  • Supply Chain analytics
  • Transportation analytics
  • Text Analytics and Social Media Analytics