R & Python
Although software like Excel and BI tools have been designed with the utmost effort to consider the most application scenarios of data analysis, they are essentially customized. If the software doesn’t design a feature, or develop a button for a feature, chances are that you won’t be able to complete your work with them. The programming language is different for this. It is very powerful and flexible. You can write code to do anything you want. For example, R and Python are the indispensable tools for data scientists. From a professional perspective, they are definitely powerful than Excel and BI tools. So what are the application scenarios that R and Python can realize, while it is difficult for Excel and BI tools to achieve? 1) Professional statistical analysis In terms of R language, it is best at statistical analysis, such as normal distribution, using algorithm to classify clusters, and regression analysis. This kind of analysis is like using data as an experiment. It can help us answer the following questions. For example, the distribution of data is a normal distribution, a triangular distribution or other types of distribution? What is the discrete situation? Is it within the statistical controllable range we want to achieve? What is the magnitude of the effect of different parameters on the results? And there is also hypothetical simulation analysis. If a certain parameter changes, how much impact will it bring? 2) Individual predictive analysis For example, we want to predict the behavior of a consumer. How long will he stay in our store? How much will he spend? We can find out his personal credit status and make a loan amount based on his online consumption record. Or we can push different items based on his browsing history on the web page. This also involves the current popular concepts of machine learning and artificial intelligence.Towards Data Science
Explore Data & Analytics Statistics
- 60 percent of businesses believe it is harder to source talent for data and analytics positions than for any other roles
- 90 percent of IT professionals plan to increase spending on BI tools.
- More than 30 percent of businesses say big data and analytics have fundamentally changed business practices in their research and development departments
- Customer/social analysis is considered the second most important big data analytics use case, followed by predictive maintenance.
- In a survey of approximately 700 business professionals, only 15% said their organization is currently very effective in delivering a relevant and reliable customer experience. In the same survey, only 3% of respondents said they are able to act on all of the customer data they collect; 21% say they can act on very little of it.
- In 2025, the IoT data analyzed and used to change business processes will be as much as all of the data created in 2020.
- 70 percent of investment professionals use “alternative data” or plan to do so in the next year.
- The big data industry will be worth an estimated $77 billion by 2023.
- The worldwide big data market is projected to grow from $42 billion in 2018 to $103 billion in 2027.
- Data warehouse optimization is considered the most important big data analytics use case, and is considered critical or very important by 70 percent of businesses.
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