In mathematics and computer science, an algorithm ( i/ˈælɡərɪðəm/ AL-gə-ri-dhəm) is a self-contained step-by-step set of operations to be performed. Algorithms perform calculation, data processing, and/or automated reasoning tasks.
Everyday one must need some calculations and reasoning to lead their life, no surprise it is essential when you are dealing with data in your working life.
No doubt that data is a key ingredient for business growth and world around us changed rapidly and big data is not a new concept anymore, it is the analytics which is essential to deal with the data. When we refer to big data, without an algorithm there is no use of that data which means volumes of data is not transformative unless you build an analytics surrounding the visualisations to help your business analytics and analysts.
What is the key concept that every business analyst carry?
This is where real value lies to build, define and derive into dynamic methods of assessing your data for the core of future business. As in the beginning, algorithms are very useful in the mathematics and calculations, similarly these formulas will define organisational business processes, define customer services (efficient) and pro-active to define necessary actions when there is an opportunity. No doubt that Gartner Research has a major say to state rise of algorithmic business will help the organisations to thrive and turn-around how business processes are derived, pro-active than reactive.
A simple example in a retail industry on how data is generated and helpful for the growth, algorithms are required to process the digital transformation that can operate independently, understand customer behaviour, assess supply-chain methodology, monitor the inventory and determine corrective marketing communications.