In this era of digitalization, organizations receive large volumes of data from numerous sources. Analysis of such data helps businesses boost efficiency and achieve organizational goals. From optimizing delivery routes, to tracking employee performance, to reducing costs, effective data analytics indeed has the potential to transform a business. It is little wonder then that data analytics has become the buzzword in today’s business world.
What is data analytics?
Data analytics is an internal organizational function employing an in-depth approach to recording, analyzing, organizing, and presenting data with the aim of enabling well-informed and sound decisions. It deploys quantitative as well as qualitative techniques to achieve the end goal of enhanced productivity and higher profits.
Why is it important?
Data analytics gives an organization the advantage to stay ahead of competition. It is, therefore, important to understand the positive impact of data analytics on a business.
Following are three major reasons why data analytics is important for an organization.
1. Extract useful insights through data analysis
Data analytics involves making sense of data obtained from various sources. Following this, businesses extract useful insights and use it to their advantage.
2. Unlock new opportunities
Through proper analysis of information, businesses unlock new opportunities and work towards exploring them. In turn, this may lead to greater revenue and profitability.
3. MakeÂ faster, data-driven decisions
Effectively using big data technologies along with data analytics would enable businesses to make quicker and better decisions. The latter also assists in identifying customer needs, thereby helping businesses develop products that fulfill them.
Trends in Data Analytics
Businesses are now using newer technologies to analyze large volumes of data. Leverage these four major trends in data analytics for the benefit of your business.
1. Development of deep learning
Deep learning involves using a set of machine-learning techniques to help computer systems make sense of various types of data. A major advantage of deep learning is that it uses algorithms to learn from a huge amount of unsupervised data.
2. Moving to the cloud
Organizations are now embracing the power of cloud analytics to store and share data such as data models, processing applications, data sources, and more.
3. Visual data discovery
Visual data discovery is a business user-oriented process that visually navigates data and applies guided advanced analytics. Through visual data discovery, businesses can easily identify patterns and outliers.
4. Big data lakes
As the name suggests, a big data lake acts as a repository that stores massive amounts of data in a raw and native format. Through such a centralized storage system, businesses enjoy greater flexibility, obtain numerous ways to question the data to derive value from it, and apply various tools to gain insight into the unprocessed data.
Data analytics offers businesses the opportunity of harnessing data to extract maximum value from it. By embracing latest analytics technologies and techniques, organizations may look forward to enhancing the overall business productivity and boosting profits.
Data analytics helps businesses comprehend collected data and align strategies to leverage opportunities. By keeping up with the latest trends in data analytics, businesses may harness technology and take quick, well-informed decisions to achieve organizational goals.
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