Satinder Singh Madhok

Advantages of data analysis

In the recent world of growing technology and trends, something which has evolved enormously is the field of data and analytics. Data is termed as the new fuel which has the ability to drive the whole world. You can imagine data analysis very relatable to your real life. It is somehow similar to making decisions on a particular subject. 

Whenever there is a time in your life when you have to make a new decision, what do you do? You try to think of all the possible and relatable scenario of your past, analyse the results and then come to a conclusion of what you should do. When you already know from your past experience that what things will lead to what, you can make a good decision.

Data analysis also deals in the similar fashion. It is collecting the raw facts and figures along with all the useful information which are relative about a subject and then using different tools and algorithms to make a proper analysis based on that. 

Now the question arises why data analysis is so important and what are its advantages? If you see in the perspective of a business firm, data analysis plays an extremely important role to make more informed and better decisions. With the help of data analysis, a large record of data can be processed all together for last many years. 

Drawing the conclusion based on that the entire strategy and planning for the new term can be devised for more profit of the organisation.

Data analysis also helps in a great deal to establish good customer relationship by understanding their requirements in a better way. It helps to mitigate the losses occurred due to any less productive decisions taken in the past and derive great ways of solving issues. 

Also if there is a sudden change in the market conditions, it allows the business to adjust and hold the flexibility within itself so that it is not impacted in a negative way. Apart from the field of business, data analysis has been a boon for various respective domains like medical science for analysis of various diseases, drawing patterns and yielding better results.

Data analysis provides its features to devise preventive measures and awareness about any kind of possible risk scenarios. It helps to safeguard the future in a great way. There is a lot of data flowing over the web and it is of no use if we can not use it for some good purpose. 

A small example of how data is made into a productive use can be understood through the shopping websites. You would have noticed that if you even search for a dress over some shopping website, you will keep getting numerous suggestions of related articles every time you are surfing over the net.

This is possible only because these websites have algorithms working in the background to keep a record of the pages you visit and showcase your interest.

Therefore, in short you can understand that data analysis is very useful in today’s life in multiple fields and domains because there is no definite way to predict future but with the tool of analytics, we can find a mid way to solve various problems, explore different new options and make better decisions for ensuring the overall growth.

What is data mining?

According to Satinder Singh Madhok in the modern world of ever increasing technology and research, there has been a lot of talking and discussion going on about data. You all must have been part of some conversations around in your office or if you like to read content, you are definitely a part of this revolution which data has brought. 

So first of all lets try to understand what data in its most general terms means and then we will look into a even greater part of it which is referred to data mining. Satinder Madhok says, data is anything which has some facts and figures. In a small world, you can anything a data or a part of data. 

For instance a piece of writing is data, any object has some specific attributes which defines it is data, your shopping list is data. Similarly anything which contains some information about something can be called as data.

Everyday a huge quantity of data is produced around the world. If you take internet as the means to access data, certainly there is an infinite data present about any tiny thing on the internet which you aspire to get. Now you have clarity about one thing that data is present everywhere but now the second step to dig out is what is the use of this enormous data and how can be access it efficiently.

Let us try to understand this with a very small example. You all do a lot of online shopping over online marketing websites like Flipkart or Amazon. Now suppose there is a festive season and you are looking for some nice traditional dresses of red colour. In the website of Amazon, there is a pretty huge collection of outfits present. 

How do you exclusively pick out what you want? So here is the thing. There is an option to search and filter out your kind of choice. First of all, you will go into the traditional dresses section. Then as you want something of red colour, you will filter out selective dresses which are in the colour of your choice. 

                                                                                                                 

Now you may have some budget in mind and then you can order something which you like and which is in your budget. So this whole process of selection is what we call as data mining. This is like taking out the useful data from a huge chunk of data. You can compare it like digging of gold from the earth. 

There are many things which the earth contains but the miners take out the most precious gold and leave the rest as it is. Data is also the same thing. There is a lot present on the web but you need to pick the one which has got importance to you by mining the data.

There is proper mechanism according to which the entire process of data mining works. There are different algorithms written which works on the background to help retrieve the most useful piece of relevant information the user is searching to get. 

There is a knowledge base which keeps on getting updated for the set of data which is requested actively. If the data which the user is searching for is present already in the knowledge base , he will be able to retrieve it quickly. 

There are data warehouses which are maintained for all kinds of data in groups. All of this helps for fast retrieval and access of data to make the mining of data more proficient and easy. This world is moving towards analytics and data mining is certainly the core of it.

How Data Science Is Transforming The World According To Satinder Singh Madhok

Satinder Singh Madhok are the residents of an ever-growing world where the technological advancements are at their peak. Something brand new which we are aware of today is the popular development in the field of data science. There is huge market change seen and everyone is discussing the same but do we all actually understand the underlying concept of this data science? First of all, let's break this terminology and see what we get. What is data in the most basic sense which we all can understand? Well, data is simply some facts and figures which describes something. Let's say for an instance, there is a pen. The data of this pen maybe it is color, it's brand, its shape, and its capacity. Similarly, there are some data related to every single thing which exists on this planet. In the most general terms, data science is the study of these data in order to produce some better and relatable results which can be useful indeed.

Satinder Pal Singh Madhok say that data is flowing like water everywhere. Every day around 2.5 exabytes of data is produced all around. The value of this data is so much that is beyond imagination. And before Satinder see how data becomes so useful, lets first understand where the data is produced and secondly, how your data reaches various different places for utilization? Today you use different websites over the internet for a number of reasons considerably for online shopping, studies or simply browsing things of your interest. You must have noticed that if you visit some online shopping site say Amazon and searched for a particular kind of dress, the ads of the similar dresses will keep popping up whenever you browse through any other website as well. This is because of the algorithms functioning behind the hood and keeping an eye on everything you do and henceforth, collecting your data.

The same happens with the social media websites as they too serve one of the greatest sources of providing data. What you like wearing, what places you wish to travel, what is your favorite food, what are your hobbies, each and every detail can be gathered about you over the internet and suggestions will keep coming to you with respect to your interests. Someday if you start to search for how to get a loan for higher education, you will out of the blue start receiving calls from different banks offering you with benefits and discounts on loan. These are all due to the data science running behind. Now why this data is so important? Data is the basis of everything going on in this world. It is with the proper analysis of this data that the huge companies come to know what the market demands. What kind of products and services will bring a revolution in the market if launched?

All of these predictions are based on market data. They target each individual differently so as to provide them with their kind of customization's. This can be very similar to an example where you need to gift your best friend something on his birthday. You will very well know what exactly to get for him simply because you know him so well. In the same fashion data science also works. As it can draw a very good analogy using artificial intelligence and machine learning and keep you happy showing you things which you like. This has created a wide range of differences in the market and people are however spending more being lured. However, not just in the marketing world but in every other field like medical science, data science plays a huge role. It is with the study of medical records of a patient that his treatment and diagnosis is designed.

Therefore, data science has not left a single stone unturned and sooner it is going to establish its role in the rest of the industries in the world.