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Chief analytics officer (CAO) is a job title for the senior manager responsible for the analysis of data within an organization, such as a listed company or an educational institution. The CAO often reports to the chief executive officer .
The role of manager for data processing was not elevated to that of senior management prior to the 1980s. As organizations have recognized the importance of information technology as well as business intelligence, data integration, master data management and data processing to the fundamental functioning of everyday business, this role has become more visible and crucial.
Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names, and is used in different business, science, and social science domains. [2] In today's business world, data analysis plays a role in making decisions more scientific and helping businesses operate more effectively. [3]
These centres are often referred to as Analytics Competency Center (ACC), or Analytics Center of Excellence; Analytics Service Center; Big Data CoC; or Big Data Lab. By the end of 2017 it is observed that approximately 25% of all large firms have a dedicated ACC unit (or equivalent) for data and analytics. [ 5 ]
Analytics is the systematic computational analysis of data or statistics. [1] It is used for the discovery, interpretation, and communication of meaningful patterns in data, which also falls under and directly relates to the umbrella term, data science. [2] Analytics also entails applying data patterns toward effective decision-making.
Data science is "a concept to unify statistics, data analysis, informatics, and their related methods" to "understand and analyze actual phenomena" with data. [5] It uses techniques and theories drawn from many fields within the context of mathematics , statistics, computer science , information science , and domain knowledge . [ 6 ]
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