Analytics is the process of collecting, processing and analyzing data & insights it creates. Then taking business decisions from this data.
The word “analytics” comes from the Greek word “analuein,” which means “to unravel” or “to analyze.” The word was later adapted into Latin as “analytica,” and then into English as “analytics.”
This provides the right lens to think about it, analytica is the science of analysis. And data helps provide the mechanism for analysis.
These days many companies are adding a Chief Data and Analytics Officer, to help uncover insights, collect data at scale and ensure it helps deliver on strategic objectives.
The rapid growth of companies like SnowFlake, show the need for companies to collect and organize their data in a timely manner.
The most popular ‘Analytics’ used colloquially and practically is Google Analytics. A web analytics tool, that over 45 million different websites use. It would be the analytics that most people would have used or are aware of.
There is a common misnomer between measurement and analytics. Many measurement systems are called Analytics, despite them not providing analytics. Something to be aware of.
Marketing analytics really has been the driving force behind adoption of analytics. Because it helps unlock performance.
However analytics is used in many other use cases
- Competitive analytics
- Risk Analytics
- Security Analytics
- People Analytics
- Portfolio Analytics
Read more on Wikipedias Analytics entry.