In descriptive analytics, data aggregation, and data mining techniques are used to collect and review the historical data of a business to gauge the past performance. The most common example of descriptive analytics is the reports that a user gets from Google Analytics tools. A web server’s summarized performance reports may help the user analyze […]
What Is PMML and Why Is It Important?
You may not be an analytics expert and you may find terms like PMML integration somewhat daunting. But, in reality, the concept is not complex, and the value is outstanding. So, what is PMML integration? PMML stands for “predictive model markup language.” It is an interchange format that provides a method by which analytical applications and […]
The Role of Quantum Computing in Data Science
Quantum computing is on the cusp of turning the data science world upside down, offering a level of processing power we’ve only dreamed of until now. This new frontier has an incredible potential to reshape the way we approach data analysis, predictive modeling, and solving the kind of complex problems that have always been a tough […]
Unveiling the Power of Dark Data in Strategic Decision-Making
If you’ve never heard of dark data, you’re not alone. Setting aside the ominous name, dark data isn’t something that is inherently bad – although, in practice, it usually does end up this way. Dark data is usually unstructured data, though it can also be semi-structured or structured data that a business collects and stores but […]
Data Literacy 101
From social media to online shopping, data is generated and collected at an unprecedented rate. In the current data-powered society, it is crucial to be able to understand and interpret all types of data. Data literacy – the ability to read, analyze, and communicate with data – is crucial to use the power of data. […]
What Is a Data Management Platform?
A Data Management platform (DMP) is a tool where all your data can be collated and stored. Given the vast amounts of data we generate these days, it has become a much-needed business requirement. Data Management platforms collate all your marketing, audience, and competitor data so that data analysis teams always have a reference point in place. […]
Data Science vs. Decision Science: A New Era Dawns
Data Science vs. Decision Science: Basic Descriptions In Data Science, a variety of advanced technologies like data mining, statistics, predictive analytics, AI, and machine learning are used in conjunction to deliver solutions for business problems. In Decision Science, analyzed data is “interpreted” to arrive at business decisions that meet specific objectives. So while Data Science […]
Data Management Platform vs. Customer Data Platform
A Data Management Platform (DMP) is a storage location for all types of data – all the way from contact lists to transactional data. The data stored in a DMP is analyzed for business insights and customer intelligence. DMPs generally collate data from various business systems, such as ecommerce sites, social sites, or a CRM. […]
Data Warehouse vs. Data Lake Technology: Different Approaches to Managing Data
Solving business problems using big data depends upon the approach taken. For example, if an organization only knows data warehouses, then challenges will be framed to fit using a data warehouse. As Abraham Maslow, a prominent psychologist eloquently said “I suppose it is tempting, if the only tool you have is a hammer, to treat […]
What Is the Karl Pearson Correlation and How Is It Useful for Enterprise Analysis?
Click to learn more about Kartik Patel. This article explains the Karl Pearson Correlation method of analysis, and how it can be applied in business. Correlation is a statistical measure that indicates the extent to which two variables fluctuate together. A positive correlation indicates the extent to which those variables increase or decrease in parallel. A […]