Is Data Analysis different from Data Analytics?
Data Analysis and data analytics are often treated as interchangeable terms, but they hold slightly different meanings. Data analysis is the overarching Data Analyst practice that encompasses the use of data analytics tools and techniques to achieve business objectives.
Data Analysis: Analysis is really a heuristic activity, where scanning through all the data the analyst gains some insight. Looking at a single data set, say the one on machine reliability, I might be able to say that certain machines are expensive to purchase but have fewer general operational faults leading to less downtime and lower maintenance costs. There are other cheaper machines that are more costly in the long run. The farmer might not have enough working capital to afford the expensive machine and they would have to decide whether to purchase the cheaper machine and incurr the additional maintenance costs and risk the downtime or to borrow money with the interest payment, to afford the expensive machine.
Data Analytics: Analytics is about applying a mechanical or algorithmic process to derive the insights for example running through various data sets looking for meaningful correlations between them. Looking at the weather data and pest data we see that there is a high correlation of a certain type of fungus when the humidity level reaches a certain point. The future weather projections for the next few months (during planting season) predict a low humidity level and therefore lowered risk of that fungus. For the farmer this might mean being able to plant a certain type of strawberry, higher yeild, higher market price and not needing to purchase a certain fungicide.
Data analysis is a broader term that refers to the process of compiling and analysing data in order to present findings to management to help inform business decision making. Data analytics is a subcomponent of data analysis that involves the use of technical tools and data analysis techniques.
Thinklayer, continually, manages to provide high quality big data and analytics services to organizations all around the world , helping them implement these solutions in an efficient manner to turn the Big Data challenges into solutions, faster and at low risk.
Data Analysis is a process of analyzing raw data and turning that into information. Information is meaningful data, when you find the hidden pattern in your data and use this to predict, forecast, or make a better informed decision based on your analyzed data.
Data Analytics usually these days are referred to the tools that will provide different kind of analysis (dashboard, report, visualization) for business like Tableau, Lumira, etc.