Before diving into finer details, we begin by reviewing what data is. In its simplest form, data is information. For every transaction made, whether online or offline millions of pieces of information are generated .This information can be specific, like demographic data, behavioral information and other personal details, or can relate to aggregate information.
Data itself doesn’t review much especially viewed without context, that’s when analytics come into play. Analytics is way in which thousands of data points are turned in insights that can be applied to business operations. Joanna Hughes defines data analytics as the examination of data sets in order to draw insights and make informed decisions.
In the recent years, data analytics has proved benefits to businesses from establishment, facilitating expansive growth and exploding them into large formidable companies. Data analytics has helped businesses harness data and use it to identify new opportunities.
Merits of data analytics to a businesses
Timeous and well-informed decision making
In-memory analytics enables a business to immediately analyze huge pieces of data and make informed decisions.
Data analytics technologies like cloud based analytics bring have cost advantages when it comes to storing large amounts of data. The company Optimove for example uses predictive analytics in prioritizing a company’s existing customers rather than using resources to acquire new ones.
Customer centric products and services
Analytics enables businesses to accurately predict customer needs hence produce products meant to meet known customer needs. For instance, NetFlix advertises TV shows and movies based on what the customers have previously watched.
Which businesses can make use of data analytics?
Athaia Consultancy provides benefits across all industries as long as there is data creation. For instance, the banking industry gathers insight from large volumes of unstructured client transaction data in making sound financial decisions. In the manufacturing industry big data analytics allows organizations to discover and adopt cost saving opportunities. Retailers often armed with huge amounts of data from consumer buying programs can predict trends, launch new products and boost profitability in the process.
Key terms and technologies in data analytics
Processes which goes behind ensuring that an organization has got high quality and well-organized data before it can be effectively and efficiently analyzed.
This technology helps organizations examine large amounts of data and discover patterns and information that can be used in answering complex business questions.
Analytics rely on data to work and unsorted data is not very helpful. Data scrubbing involves the organization of data into logical groupings and connecting data points to fin patterns and helpful information that might hint future tendencies.
This technology uses data and statistical programs to identify the likelihood of future outcomes based on historical data. Data analytics thus helps businesses employ models that predictive than reflective in nature
Text mining allows you to analyze text data from your website, comment fields and other text based sources and help uncover insights you couldn’t have noticed before.