The Department of Revenue recently took measures to boost revenue and hit targets for the next two months. With the help of data analytics they met to talk strategy and streamline the functions necessary to reach the goal. This interesting news came to our attention by Financial Express in their article, “Revenue Secretary steps up action against tax evaders; taps into data analytics to boost revenue.”
This is another example of how beneficial real-time data analytics can be, regardless of the project. Sometimes mistaken and interchanged with data science, data analytics approaches the value of data in a different way.
Data analytics is a broad field. There are four primary types of data analytics: descriptive, diagnostic, predictive and prescriptive analytics. Each type has a different goal and a different place in the data analysis process. These are also the primary data analytics applications in business.
Data analysts exist at the intersection of information technology, statistics and business. They combine these fields in order to help businesses and organizations succeed.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.