Full Guide to Building Your Own Analytics Framework
Last update: 13 March 2023 at 11:36 am
We must discover a means to arrange data analysis to gain insights into today’s environment, as we grapple with the data explosion.
Data and analytics frameworks are very important when we need to automate the tracking of a product’s performance. A framework provides context for measurements. It aids in the identification of a company’s core metrics as well as the many elements that influence the key metrics.
What Is a Framework?
A framework is a physical or abstract structure that is used to support or guide the construction of anything that grows the structure into something useful.
In computer systems, a framework is a layered structure that specifies the types of programs that can be developed and how they will interact.
Why Do We Need Data Analytics Frameworks
The data and analytics frameworks help you to proceed through unstructured data in an orderly manner in data analytics.
Assume you have a data-driven project with your team and begin working on it. If you don’t utilize a basic framework, there’s a significant possibility that various people will tackle the same problem in different ways.
Having several methods makes it tough to make decisions at various phases of your project, and it might be difficult to track them back. It allows you to focus your attention on what adds value first, rather than reviewing all of the data that is accessible or that has to be obtained.
Data Analytics Types
“What analytic approaches can I employ and what tools might assist me to evaluate all the data?” you might wonder as a data scientist or data analyst.
The four categories of data analytics and the toold used to aid construct analysis are:
- Descriptive analytics
- Diagnostic analytics
- Predictive Analytics
- Prescriptive Analytics
The analytical technique you choose is based on what you want to learn or learn from the data. This might include things like identifying an issue, proposing a remedy to a problem, making suggestions, or recommending future activities.
#1 Descriptive Analytics
This aids you in comprehending the present condition of things in a company. It allows you to see what is going on right now as well as what has happened in the past. This sort of analytics usually gives summary data to better understand current sales trends or customer behavior, customer profitability, previous rival activities, and so on.
Simple box plots and histogram charts with means, minimums, and maximums are examples of specific approaches. Graphing the data in quartiles or deciles for a variety of factors. Alternatively, you may compute statistical metrics such as mean, mode, standard deviation, and so on.
#2 Analytical Diagnostics
This explains why things transpired the way they did in the past. Considering hypothesis based analytics, this form of analytics aims to go further into a specific cause or hypothesis.
Diagnostic analytics digs deep into the costs of issues, whereas descriptive analytics casts a wide net to comprehend the breadth of the data.
Descriptive analytics is extremely useful for gaining a better knowledge of the present situation and creating hypotheses to predict where company challenges and opportunities could arise.
#3 Predictive Analytics
Predictive analytics, unlike descriptive or diagnostic analytics, is more forward-looking. Predictive analytics allows data visualization that may occur in the future. This sort of analysis can assist a client in answering issues such as “What are my consumers likely to do in the future?” What are my rivals’ chances of succeeding and what will the market look like in the future? What influence will the future have on my product or service?
Predictive analytics usually forecasts what could happen based on what we’ve observed so far.
#4 Prescriptive Analytics
This extends beyond making recommendations to carrying out the activities or making the judgments that are appropriate for the circumstances. It accomplishes this by considering what has occurred in the past, the current situation, and all future possibilities.
Prescriptive analytics gives answers to the issue of what activities or interventions are required to obtain the desired outcomes (what is the solution). In many cases, intervention is the best option given the circumstances. Or, given the unpredictability in the environment and the limited knowledge provided, the best feasible response.
Prescriptive analytics is effective at determining the appropriate steps to take now to address future possibilities and position a company to take advantage of future situations.
Data Analytics Frameworks Characteristics
New tools and frameworks are being put into the market to assist organizations with data management and analysis.
Even if some firms are unable to achieve their objective goals, they seek the assistance of agencies that provide cost-effective pay-per-click services. Furthermore, organizations are relying on new technology to enable big data analytics frameworks and meet all of their business needs.
The following are some essential aspects to consider while selecting a data analytics framework:
Support for a Variety of Data Types
Many entrepreneurs use a variety of data types in their data deployments. Semi-structured, structured, and unstructured data types can all be used in this data deployment. As a result, before deciding on a framework, organizations must ensure that it supports the data type for which they are striving.
NoSQL Data Should Be Supported
Businesses still use SQL today, however, some have moved on to NoSQL data or newer types of data access. The majority of them picked the option that gives speedier help and responds to their questions in a shorter amount of time. As a result, choose the choice that allows you to access data of all types in a timely and efficient manner.
Deployments in the Cloud
Entrepreneurs may use artificial intelligence to get computational resources on demand. The cloud is now being used as an analytical sandbox by the majority of organizations. Because it has been a part of business practices in recent years, allowing business owners to combine current systems in a hybrid approach as well as cloud installations.
Data Streams in Real-Time
Decision orientation data streaming can be referred to as batch processing, whereas action orientation data streaming can be regarded as an outcome of analyzing data streams. Some firms prefer one of the two options, while others require both since data analysis takes on several shapes.
Data Analysis Frameworks: The Most Effective Way to Get to Know Your Customers
In the digital world, businesses must use insightful and dynamic thinking to know their consumers. If they don’t know, they risk losing competitive advantages that might be taken by their competitors. They may utilize a data analytics framework to find insightful new ideas about exactly what their consumers want and how to provide that need.
You can certainly track user data and produce a great match for the target audience if you learn what your customers want, why they want it, and when they want it using data analytics. It also aids in the development of strong and long-term relationships with your consumers, as well as their satisfaction with your company’s service.
Conduct a Customer-Centered Analysis
If companies want to learn more about their customers, customer-centric analysis is the way to go. It’s one of the most effective strategies to get a competitive advantage. Businesses, for example, may utilize a data analytics framework to figure out why customers prefer smart gadgets and how they can expand their presence on the platform where their customers reside.
Exceptional Returns on Investment
The data analytics framework is used to collect consumer complaints so that they may be addressed later. It enables them to bridge the gap between themselves and their potential clients, as well as allow business growth in response to their needs.
Keep Ahead of the Curve
Businesses may remain ahead of the competition in this intensely competitive industry by gathering all data using data analytics frameworks. They can maintain their product or service up to date and give their consumers a good and engaging experience.
Build A Strong Foundation
Before you start building your analytics service, it’s a good idea to perform a detailed analysis of four elements that will form the basis of your deployment:
The database that will eventually power your analytics product must be scalable enough to handle the amount of data and types of analyses you’ll be providing. I recommend choosing a database with high concurrency, which means it can manage a big number of people accessing dashboards and performing queries at the same time.
If you already have an internal use case that calls for a database like this, you’re closer to delivering embedded analytics than you think.
Because your data demands may change over time, you’ll want to be sure the analytics platform you pick delivers agility and adaptability.
Resources for Software Development
Determine the technical resources you’ll need to model your data and create your embedded analytics application before you launch your product. Don’t worry if you just have a few internal resources. You will get many Professional Services teams and Partner Networks that will be available to help you augment your internal resources.
Data Product Owner
This is one of the most important things to get right before you start creating your productized analytics service. When choosing a product manager, make sure they are on board with and understand the analytics product offering’s goal.
This individual will serve as a product and customer advocate, pushing communication about your product, assisting in the selection of features, and managing the launch timetable, therefore they must have the expertise and authority needed to move the project ahead.
Businesses will find it challenging to obtain traditional analytics and intelligence solutions if they do not use these sophisticated tools and frameworks.
They can access and manage billions of documents and data in a variety of forms from different sources. Businesses that wish to handle high-quality analytics should utilize one or more frameworks, depending on their needs. It also aids them in determining the competitive battleground and staying ahead of their competitors in the race.