Analysis vs Analytics

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The Business Intelligence Analyst Course 2022

The skills you need to become a BI Analyst - Statistics, Database theory, SQL, Tableau – Everything is included

20:02:46 of on-demand video • Updated April 2022

  • Become an expert in Statistics, SQL, Tableau, and problem solving
  • Boost your resume with in-demand skills
  • Gather, organize, analyze and visualize data
  • Use data for improved business decision-making
  • Present information in the form of metrics, KPIs, reports, and dashboards
  • Perform quantitative and qualitative business analysis
  • Analyze current and historical data
  • Discover how to find trends, market conditions, and research competitor positioning
  • Understand the fundamentals of database theory
  • Use SQL to create, design, and manipulate SQL databases
  • Extract data from a database writing your own queries
  • Create powerful professional visualizations in Tableau
  • Combine SQL and Tableau to visualize data from the source
  • Solve real-world business analysis tasks in SQL and Tableau
English [Auto] And. All right, so let's discuss the not so obvious differences between the terms, analysis and analytics due to the similarity of the words. Some people believe they share the same meaning and thus use them interchangeably. Technically, this isn't correct. There is, in fact, a distinct difference between the two. And the reason for one, often being used instead of the other, is the lack of a transparent understanding of both. So let's clear this up, shall we? First, we will start with analysis. Consider the following. You have a huge data set containing data of various types. Instead of tackling the entire data and running the risk of becoming overwhelmed. You separate it into easier to digest chunks and study them individually and examine how they relate to other parts. And that's analysis in a nutshell. One important thing to remember, however, is that you perform analyses on things that have already happened in the past, such as using an analysis to explain how a story ended the way it did. Or how there was a decrease in sales last summer. All this means that we do analyses to explain how and or why something happened. Great. Now this leads us nicely onto the definition of analytics. As you have probably guessed, analytics generally refers to the future. Instead of explaining past events, it explores potential future ones. Analytics is essentially the application of logical and computational reasoning to the component parts obtained in an analysis. And in doing this, you are looking for patterns and exploring what you could do with them in the future. Here, analytics branches off into two areas qualitative analytics. This is using your intuition and experience in conjunction with the analysis to plan your next business move. And Quantitative Analytics. This is applying formulas and algorithms to numbers you have gathered from your analysis. Here are a couple of examples. Say you are an owner of an online clothing store. You are ahead of the competition and have a great understanding of what your customers needs and wants are. You've performed a very detailed analysis from women's clothing articles and feel sure about which fashion trends to follow. You may use this intuition to decide on which styles of clothing to start selling. This would be qualitative analytics, but you might not know when to introduce the new collection. In that case, relying on past sales data and user experience data, you could predict in which month it would be best to do that. This is an example of using quantitative analytics. Fantastic. To backtrack a little. You can combine these areas with analyses. Also, you could perform qualitative analysis to explain how or why a story ended the way it did. And you can perform quantitative analysis working with past data to explain how sales decreased last summer. Perfect. Now that we have cleared up the differences between analysis and analytics, it shouldn't be too difficult to see how terms such as data analysis, data analytics, business analysis and business analytics can have their unique meanings, too. More of this will be explained in the next video, which aims to simplify these as well as many more with a fantastic diagram. So let's move on.