What is analytics?
Like any buzzword, analytics can often be overused and hard to define from an exact source. According to the Oxford Dictionary, the textbook definition of analytics is “the systematic computational analysis of data or statistics, in order to describe, predict, and improve business performance”. Gartner defines it more broadly as “statistical and mathematical data analysis that clusters, segments, scores, and predicts what scenarios are most likely to happen.”
Analytics is commonly known to branch out into four pillars or areas: descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.
In essence, analytics is the act of extracting meaningful and actionable insights from data by using a set of techniques and tools paired with domain knowledge. Raw data, however large it may be, will not be a silver bullet in your quest for insights in marketing. Neither will advanced techniques and a lack of domain...
