If you thought these words were interchangeable, then you\u2019d be wrong. Yet, one comes across incorrect\u00a0usage of these terms every day. As part of the Analytics community however, you are expected to know the fine difference. So let\u2019s get going.<\/p>\n
The etymology of \u2018Analysis\u2019<\/strong><\/p>\n The word \u2018analysis<\/strong>\u2019 is derived from the Greek word \u2018analusis<\/em><\/strong>\u2019 <\/em>meaning \u2018breaking up\u2019<\/em><\/strong>. In other words, analysis is the process of breaking up a complex problem for a better understanding.<\/p>\n You may\u00a0be surprised to know that the technique of analysis was used\u00a0 as long ago as the 4th century B.C., in mathematics and logic. Today, it is used casually to \u2018analyse\u2019 relationship break-ups to the more serious market analysis prior to\u00a0starting a venture.<\/p>\n Application\u00a0<\/strong><\/p>\n Analysis is applied across all\u00a0fields. In business,<\/strong> a problem is identified and broken down into components for better perceptions and problem resolution.\u00a0 In chemistry<\/strong>, you have qualitative analysis<\/em> when you identify\u00a0the elements of a chemical compound, and quantitative analysis<\/em> to find the proportion of each element. The chemical processes are further broken down to examine \/ analyse<\/em> chemical reactions and processes. In GIS (or geospatial), <\/strong>analysis assumes another dimension. Software tools are applied to data with\u00a0a geographical aspect, for processing information and deriving spatial (spatial analysis<\/em>) or behavioural (network analysis)<\/em> meaning. Stock market<\/strong> analysis is on the other hand, market evaluation for prediction of future trends. While fundamental analysis<\/em> looks at the company details to assess internal variables, technical analysis<\/em> looks at external factors, market trends, historical patterns and so on, with the help of tools \/technical aids.<\/p>\n Now moving over to Analytics<\/strong>\u2026.<\/p>\n The etymology of \u2018Analytics\u2019<\/strong><\/p>\n \u2018Analytics\u2019 has its origin in the Greek word \u1f00nalytik\u00e1<\/em><\/strong>,\u00a0meaning the \u201cscience of analysis\u201d<\/strong>. In other words, analytics refers to the\u00a0standardised and emperically established\u00a0principles governing the various forms of analysis.<\/p>\n What maybe the other differences?<\/p>\n Analysis vs. Analytics<\/strong><\/p>\n Application (Analytics)<\/strong><\/p>\n Businesses <\/strong>apply analytics to improve sales, decide pricing, predict demand or suggest solutions, and much more. Manufacturers<\/strong> use historical and real-time date (descriptive analytics<\/em>) to diagnose problems within a product or processes (diagnostic analytics<\/em>). \u00a0Predictions are made and better solutions prescribed (predictive \/ prescriptive analytics<\/em>).\u00a0 Insurance companies<\/strong> use location analytics<\/em> for risk assessment, territory analysis, and decisions based on spatial contexts.<\/p>\n Thus we see how analysis and analytics are two separate terms. Analysis is what most entrepreneurs, economists or sociologists do. Analytics is what Quants, actuaries, data scientists and analytics\u00a0professionals do.<\/p>\n So the next time around, pause for a moment before you use the word\u00a0analysis or analytics!<\/p>\n","protected":false},"excerpt":{"rendered":" Analysis or Analytics? If you thought these words were interchangeable, then you\u2019d be wrong. There is a fundamental difference between the two words. Be it the etymology, the application or the processes involved, analytics certainly differs from analysis. It is the very complexity and scientific base of the methodologies and tools used which define analytics and designate your chosen career as an analytics professional.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[654,232,310,655],"class_list":["post-6042","post","type-post","status-publish","format-standard","hentry","category-data-analytics","tag-analysis-or-analytics","tag-analysis-vs-analytics","tag-application","tag-etymology"],"yoast_head":"\n\n