310251:
Data Science and Big Data Analytics
Unit VI: Data Visualization and Hadoop
Data Visualization
Human – Machine Interface
Data Visualization
Data Visualization <- Data storytelling
It is the ability to effectively communicate insights from a
dataset using narratives and visualizations. It can be used to put
data insights into context for and inspire action from your
audience.
Data storytelling can be used internally (for instance, to
communicate the need for product improvements based on user
data) or externally (for instance, to create a compelling case for
Data Story telling
Three key components to data storytelling:
• Data: Thorough analysis of accurate, complete data serves as the foundation of your
data story. Analyzing data using descriptive, diagnostic, predictive,
and prescriptive analysis can enable you to understand its full picture.
• Narrative: A verbal or written narrative, also called a storyline, is used to communicate
insights gleaned from data, the context surrounding it, and actions you recommend and
aim to inspire in your audience.
• Visualizations: Visual representations of your data and narrative can be useful for
communicating its story clearly and memorably. These can be charts, graphs, diagrams,
pictures, or videos.
Data Science in Business
• In business, data science is used to collect, organize, and maintain data
• Algorithms make large-scale analysis possible.
• When designed correctly and tested thoroughly, algorithms can catch information
or trends that humans miss.
• They can also significantly speed up the processes of gathering and analyzing data.
Data Science in Business
• Gain customer insights: Data about your customers can reveal details about their habits, demographics,
preferences, and aspirations. A foundational understanding of data science can help you make sense of and
leverage it to improve user experiences and inform retargeting efforts.
• Increase security: You can also use data science to increase your business’s security and protect sensitive
information. For example, machine-learning algorithms can detect bank fraud faster and with greater accuracy
than humans, simply because of the sheer volume of data generated every day.
• Inform internal finances: Your organization’s financial team can utilize data science to create reports, generate
forecasts, and analyze financial trends. Data on a company’s cash flows, assets, and debts is constantly
gathered, which financial analysts use to manually or algorithmically detect trends in financial growth or
decline.
• Streamline manufacturing: Manufacturing machines gather data from production processes at high volumes.
In cases where the volume of data collected is too high for a human to manually analyze it, an algorithm can be
written to clean, sort, and interpret it quickly and accurately to gather insights that drive cost-saving
improvements.
• Predict future market trends: Collecting and analyzing data on a larger scale can enable you to identify
emerging trends in your market. By staying up to date on the behaviors of your target market, you can make
business decisions that allow you to get ahead of the curve.
Data Analytics in Business
The main goal of business analytics is to extract meaningful insights from data that an organization can use to
inform its strategy and, ultimately, reach its objectives.
Business analytics can be used for:
• Budgeting and forecasting: By assessing a company’s historical revenue, sales, and costs data alongside
its goals for future growth, an analyst can identify the budget and investments required to make those
goals a reality.
• Risk management: By understanding the likelihood of certain business risks occurring—and their
associated expenses—an analyst can make cost-effective recommendations to help mitigate them.
• Marketing and sales: By understanding key metrics, such as lead-to-customer conversion rate, a
marketing analyst can identify the number of leads their efforts must generate to fill the sales pipeline.
• Product development (or research and development): By understanding how customers reacted to
product features in the past, an analyst can help guide product development, design, and user
experience in the future.