How important Analytics are in our lives right now? Let me explain first what it means:
Analytics is the use of data, statistical analysis, explanatory and predictive models to gain insights on complex issues.
What? My nose just bled.
To better explain Analytics, here’s a story: Martha went to the nearest department store because there’s a sale event. Within a couple of hours, Martha is out, happy and with all the discounts she got using her Rewards/Loyalty Card resulting to three bags full of items she bought. What Martha didn’t know was that the shopping store — aside from making her shopping experience happy — gathered all the information it needs to know exactly what Martha did inside the store. Aside from her name, birthday, address, and gender, which the store already got when she signed up for the Loyalty Card. The store also got the exact time she purchased the items and the brands that she bought including the number of pieces she got from the same brand and the competing brands including the total amount of items Martha paid from the sale and whether she used her credit card, her debit card, or whether she paid it all in cash.
Imagine the details the store got from Martha every time she goes into the store, buys something, and slides her card at the store’s cash register. Now, imagine how many Marthas, Cynthias, Marias, Hannas, and even Michaels, Berts, Harrys, and Juans who have the card and start checking out the cash register: That’s data! An important ingredient to Analytics.
At a certain time, the store gathers all the details and processes it. The processing follows a model where it follows an objective. The objective is set by decision-makers of the company. Example of objectives would be: Who is going to my store? How many females versus males? What time of the day do they come to buy from me? What items do they like buying in this season? Things like that.
From these objectives, people analyze data to gain insights or awareness that forms into information that could now be used to solve challenges and problems.
Now this whole process is called Analytics. So in essence, Analytics cannot exist without data and data cannot be gathered if you don’t have a system that can even start gathering those details and then yes, you need a place where you can store all of these materials in one place, which you can use later to analyze according to an objective you want achieved.
You probably didn’t know those facts until I told you so and probably feel a bit violated by companies who gather information from your actions without your permission, however, they’re not prying into your lives but rather just gathering data so information can be formed and so companies can allocate more budget for things that will not just create profit for some but rather advantage to meet your needs (the society, in general!) or wants in the future.
Without data, we wouldn’t know that Cancer is a leading illness in the world today. Through data, governments and institutions can resource more money for projects that can address problems and help solve lingering social challenges. Information through Analytics makes government proactive to meet demands of its peoples or in business terms, its intended market.
Data used for the wrong purpose, can lead to destruction as well and so people who read data should understand the value of mining the details of information and determine how this can be destructive or constructive for the purpose improving lives of people.
I discovered, studied, understood, and appreciated Analytics while studying the Digital Marketing Certification course at the International Institute of Digital Marketing (Ateneo-IMMAP program) and attending BLINK Seminars organized by Fiera de Manila. I invite you to be a Digital Marketer and join us for the 7th Internet and Mobile Marketing Summit this coming 29th August at the Power Plant Mall, Rockwell City in Makati. To Register, click here.
(My name is Kristoffer Atienza, I graduated as an artist and I will remain an artist that creates for the purpose of building a community that is safe and one that will help one another. I will achieve this through data and this is my resolve to achieve this through information I gather from Blink Seminars and IMMAP Summits.)