Data Analytics Tools to Solve Business Problems

Information is the state of facts or figures with significant worth because of their relation to real world events. In other words, information is true and accurate information. Information can be collected from the past or present by different methods or sources. Information can also be created artificially through the process of scientific methods.

Information, as a simple concept, is organized, processed and structured information. It gives context to data and allows effective decision making. For instance, a particular customer’s sale in a certain restaurant is statistical data or information about demand in that industry; if the business can identify which food is the most popular, it becomes factual data about the demand. Statistics without data do not provide much useful information, while the very same statistical information with data does provide important information. For instance, without information about population size, we would not know how many people lived in a certain town, or how many cars were sold in a certain year.

The main idea of science is that data science, or the utilising the available data to solve problems. In business, this data is used to create trends and formulate business plans and operations. The problem of information availability has always been there, but it has become much more prevalent because of scientific methods and the internet. Data analytics tools help us find the answers without need for biases and human interpretation. Without data science, problems are much harder to solve, but thanks to the rise of data analytics tools, problems and issues can now be easily solved.