Due to the number of ways in which we access and connect to the internet, data collection and storage is also increasingly becoming a challenge. Today, more and more data is created, accessed and stored than ever before. However, this overwhelming amount of data is of no particular use – unless it is ‘analyzed’ and certain meaningful trends are uncovered. Further, this analysis should be able to provide actionable intelligence for businesses to truly realize its value. Data Analytics does exactly this. It is basically the discovery of patterns and trends gleaned from your data. The idea is that you need to be able to digest this massive amount of data that is generated and organize that data in a way that helps you pull out valuable insights – or else it’s worthless!
Especially, in today’s world, the convergence of social, mobile, cloud and big data technologies presents us with new requirements from an analytics perspective. It is more about getting the right information to the right people at the right time. With the use of Big data becoming more and more important to businesses, analysis of this disparate data is becoming more crucial when it comes to decision making and strategic planning. Further, analytics makes it possible to focus on the specific data that can be taken advantage of – to be successful in the marketplace.
Here’s why data analytics is important:
Data analytics helps businesses harness their data and use it to identify new opportunities which in turn lead to smarter business moves and more efficient operations. This ultimately leads to higher profits and happier customers.
Here are a few ways in which businesses get value out of big data analytics:
Faster and better decision making
With the speed of data analytics – combined with the ability to analyze new sources of data too, businesses are able to process information immediately and make critical business decisions based on facts, figures and statistics rather than assumptions and guesswork.
When it comes to massive amounts of data and analytics associated with it, cloud based solutions provide significant cost advantages in terms of data storage. Well, more efficient ways of doing business can be identified – which ultimately results in cost savings for your business.
Meeting customer needs
Analytics makes it possible to gauge customer needs and also has the power to give customers what they want. This helps increase customer satisfaction too.
Data and data analytics has created a paradigm shift in the way things work and how decisions are made. ‘Informed decisions’ can now be taken with all the relevant data at hand without leaving anything to ambiguity – resulting in greater effectiveness in the way businesses are run today!