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Data analytics is the process of collecting and analyzing lots of customer data to draw conclusions about behavior patterns, personal interests and purchasing trends. Analytics accelerate decision-making, improve business processes, enhance user engagement, reduce costs, and drive growth and profitability. Data analytics spans the analytics landscape, from the most basic descriptive and diagnostic analytics to advanced analytics like predictive, prescriptive and data sciences.
Data analytics tools help businesses anticipate the needs of their customers, optimize their experience and deliver hyper-personalized services. They help mitigate fraud and risk, and inform decision-makers on the direction to take products and services to best meet the future needs of their customers. They pinpoint areas of the business that need improvement, so that tool or process changes can be made to address those issues. Data analytics inform, save time and reduce costs.