Analytics

Analytics is the discovery and communication of meaningful patterns in data so that users can gain insight upon which they can take action – “Actionable Insight

As per the above definition, analytics is an amalgam of  two critical concepts; 
Discovery - analytics uses descriptive and predictive models to gain valuable knowledge and incite from data; 
Communication - using this knowledge or insight to recommend action or to guide decision making e.g. via a  dashboard. 

Thus the term analytics is not so much concerned with individual analyses or analysis steps but about a complete methodology; discovery and communication being inseparable. The objective of analytics is to impart actionable insight to the intended user. 

But what are actionable insights?

Actionable Insight” indicates that analytics is concerned with identifying the potential for practical action rather than theoretical description or mere reporting. It implies that the conclusion of the analytics process may lead a rational person to determining a course of action according to the information imparted.

 



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