0.7 What is Analytics?
Formally defined, analytics is “the analysis of data, typically large sets of business data, by the use of mathematics, statistics, and computer software.” 4
The inclusion of quantitative methods is what typically distinguishes analytics from analysis. Analysis still matters, though – note that the word is even included in the definition of analytics. The ability to sift through huge amounts of information, and to identify the “So what?” items for an audience, is an essential value-add for any modern organization.
The ability to deliver such findings using a blend of judgment, reasonable interpretation of evidence AND statistical rigor distinguishes the analytics professional from someone merely capable of ‘analysis.’ Since that combination is so highly-desired by employers, titles that include ‘analytics’ often command premium salaries in the job market.
“But I’m Not a Numbers Person. I’ve Never Been Good at Math”
You may have had a traumatic experience with a mathematics course in the past. Perhaps you are intimidated by math equations marked by a series of strange-looking Greek characters.
If you simply give up right away when you see something that looks complicated or confusing, then you can be sure that “I’m not a math person” will become a self-fulfilling prophecy. However, you can become more quantitative, and more analytical, through conscious, deliberate practice.
As you do, remember the expression, “Slow is smooth, and smooth is fast.” Avoid the natural temptation to just slam a book down in frustration when something seems difficult. Instead, when a problem frustrates you, take it apart into the smallest possible set of sub-components. Identify the parts that you understand, so that you can precisely pinpoint the spot that tripped you up. If you can find practice examples, force yourself to try them without the answer key visible, and then honestly assess your performance.
Sometimes, a concept will “click” when you encounter it in a different format. A textbook may frustrate you, but perhaps the right video narration on YouTube or Bilibili helps you to see the big picture that brings it all together. Conversely, maybe the video narrations just frustrate you further, but you find that working through the examples by hand, with a pen and paper, delivers the breakthrough that you need. Either way, you have to be willing to try different formats.
Think about how you learned English – was it by listening to a teacher or your parents? By watching television and movies? Hearing songs? Reading books? Regardless of whether you learned it natively, or you acquired it later in life, you must have done it somehow, because you just read this sentence. As for the way you did it? It was most likely a mix of all the methods mentioned earlier in this paragraph, along with others. It involved a combination of many different approaches, along with a LOT of repetition.
If you are seeking to become a more quantitative version of yourself, you should be ready and willing to apply a similarly rigorous, multifaceted approach.