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Let’s understand in detail the benefits of data analytics in business.
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An excellent way to save energy and monitor power consumption would be through IoT and Analytics platform. With an IoT Solution it is possible to monitor every power consuming hardware. Once the data is gathered it can be processed in an analytics solution to provide real time alerts, predictive alerts and an overview of energy consumption. You could read a detailed explanation of such an energy management system here:https://www.gowitek.com/analytics/case-studies/energy-management-system
The activity of collecting and analyzing previous data in order to predict future results is known as predictive analytics. Multiple data are combined to connect the dots across various departments, business processes, and data kinds. However, just combining different data sets does not always predict future behavior. To find trends in huge data, predictive analytics uses statistical approaches like as data modelling, machine learning, and even artificial intelligence.
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Choosing the correct graph type is essential for effectively communicating data to others. Different types of graphs are better suited for displaying different types of data, and selecting the right one can make a significant difference in how well the information is understood.
This is why understanding the 4 C's of data type is so important.
Change: When you want to show how a particular variable changes over time, a line graph is often the best choice. Line graphs are particularly effective when the data points are continuous, such as stock prices or temperature changes. They allow you to easily see trends and fluctuations over time.
Comparison: When you want to compare data across different categories, a bar or column graph is usually the best choice. Bar graphs allow you to quickly compare values and identify trends, such as which product is the most popular or which sales region is performing the best.
Correlation: When you want to show the relationship between two variables, a scatter plot is often the best choice. Scatter plots are particularly useful when you have a large dataset and want to identify any patterns or correlations between the variables.
Composition: When you want to show how different parts contribute to a whole, a donut chart is often the best choice. Donut charts allow you to quickly see the relative proportions of different categories and see how each category contributes to the total.
By understanding the 4 C's of data type, you can choose the most appropriate graph type to effectively communicate your data to your audience. This can help ensure that your message is clear, easy to understand, and impactful.
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In this blog the major differences between Analysis and Analytics have been explained. Analysis and Analytics sound like Siamese twins. In a way, they are conjoined yet very dissimilar!
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Encompassing Artificial Intelligence techniques such as Machine Learning, Computer Vision, Natural Language Processing and many more, Vee Technologies has emerged as an Artificial intelligence development company offering elite solutions to global clients who seek technology assistance.
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