Data Analytics with Digitization

Title: Data Analytics with Digitization

Name: Jayaprakash K Salian

Institute: Indian Institute of Management Raipur

DATA ANALYTICS                                                    DIGITIZATION

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Data analytics and digitization go hand in hand together. The present world is moving to digitized process with advanced technology but for this to be complete we need processed data which can be achieved using data analytics. So to understand each other’s co-relation first let us understand data analytics and digitization as separate entity

Data is the most important source for any process to contemplate any decision but this data has to be processed to be available has valid information. Data analytics can be defined as the process of analysing the data sets to draw conclusion from information obtained after processing, which can be exponentially increased using many data analytics tool. Data Analytics can be classified broadly into two types which are exploratory data analytics (aiming to find pattern and relationship in data) and confirmatory data analytics (applying statistical technique to determine validity on any hypothesis).

Every moment the world is moving towards digital era. Digital has become a humanoid disrupting value chains and compelling every organization to redesign their business model. So digitization is a process of converting data into digital format which then are divided into discrete unit of data which can be used to address separately. This enabled organization to address Customer managed relationship at lower cost and enabling to attain higher profitability

Digitization with more processed data can achieve greater usability and profitability for an organization which can be obtained through well deigned tools and techniques of data analytics. First let us consider few industry which has used data analytics with digitization to attain customer expectation and provide more optimized user experience (UX) depending on every user. Let us consider e-commerce market giants like amazon and Flipkart which solely runs its user platforms using digitization with data analytics. For example a user buys or searches a product this is stored is their data base. So next time when user comes it platform would suggest you some recommendation based on your previous data. Similarly you would have seen recommended buying when you are about to buy a product which relate previous customer buying data. Basically this dynamic nature of platform is through digitization and data analytics. Similarly this same thing used in your browsing as well like when you browse for a YouTube video with your account logged in, you could see next time as soon as you open the link you could get videos based on your previous search result.