
Data Management
For The Love Of Data Analytics: Part 2
By TechDogs Editorial Team

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Overview

Let's start this piece of content with scary stats, here's one for you. Did you know that the Data Analytics market is set to reach $103 billion by 2023! Can you even believe it?
Why Data Analytics Matters For Businesses?
In present times, data analyst is abundant. However, it's as good as Hitchcock and Scully (Brooklyn Nine-Nine, obviously!) if it's not collected, refined, organized and appropriately analyzed. It is only then you can make informed business decisions that can directly impact your growth.
Benefits Of Data Analytics
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It Saves You Money (Lots Of It!)
Suppose you have a B2B product that you want to market to business leaders. How do you decide on how and where to advertise? If only you knew that LinkedIn is a better platform to reach business leaders than Facebook, you would not have spent money advertising on the latter. Data Analytics helps you make decisions that are more cost-effective and impactful. Voila - that's a lot of advertising budget saved!
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It Helps You Market Better
Data lets you know your audience better. You know you can get Joey Tribbiani interested in your brand if you talk about sandwiches or women. Similarly, Data Analytics can tell you what interests your target audience the most and you can use that to better advertise your brand.
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It Improves Customer Experience
Thanks to Data Analytics, understanding client demands, pain points, goals and interests is no longer a guessing game. It offers total visibility into the buying process and improves client engagement through targeted advertising. Brands may use this data to assess customer feedback, willingness to suggest the brand and if customers intend to repurchase their products and services. The stronger the Data Analysis, the better the customer experience that you can provide.
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It Makes Your Operations Efficient
Data analytics helps you streamline your processes, save money and boost your profits. For example, Analytics gives manufacturers insights into their machines by identifying patterns, measuring impact and predicting outcomes. The ability to analyze equipment failures, production bottlenecks, supply chain deficiencies, etc., enables better decision-making. In fact, through Data Analytics, businesses can reduce breakdowns by up to 26 percent and cut unscheduled downtime by nearly a quarter.
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It Helps You Innovate
With Data Analytics, you get an insight into future trends in consumer behavior which you can use to improve your products and services. With futuristic innovations and a long-term outlook, you get an edge over your competitors - and let's be honest, who doesn't want to be ahead of the curve!
Well, are the scope and benefits of Data Analysis limited to just that? As an ever-evolving field, what you can achieve from Data Analytics is unimaginable, merely because it is driven by data that evolves by the second.
What Is Driving Data Analytics?
Every hour, we're witnessing newer and more efficient techniques being developed to analyze data in a better fashion. Now, you may wonder why people are obsessed with working on Data Analytics and improving it?
That's because of the 3Vs of data: Volume, Velocity and Variety. At present, data is challenging the best minds to do better due to its dynamic nature. What you need to realize is that data is being produced so rapidly and at such a high rate that you need cutting-edge technologies to manage and analyze it better. Not to mention, data is coming in so many different forms and from so many sources that there's a continuous need for new tools to record the latest data. Simply put, data is driving Data Analytics. The more dynamic data gets, the more advanced technology is required in effectively analyzing it.
In The End: Where's Data Analytics Headed?
Trends suggest that Data Analytics is likely to evolve into Augmented Analytics shortly, wherein Machine Learning and business intelligence will be integrated into analytics such that much of Data Analysis would be automated. You'd just need the person to interpret the analysis and decide what to do next.
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However, Data Analytics' ultimate advancement would be achieved when Data Analysis will integrate with data science gathers pace. It may sound a little far-fetched considering the 2.5 quintillion bytes of data we produce every day (that's 25 followed by 18 zeroes, by the way!) but it isn't impossible. As Carly Fiorina, former CEO of Hewlett-Packard, puts it, "The goal is to turn data into information and information into insight." and the future is all about skills turning data into insight as rapidly as possible.
Frequently Asked Questions
What are the benefits of data analytics for businesses?
Data analytics offers several benefits for businesses, including cost savings, improved marketing strategies, enhanced customer experience, operational efficiency, and innovation. By leveraging data analytics, businesses can make more informed decisions, optimize processes, understand their target audience better, and anticipate future trends in consumer behavior. This ultimately leads to improved competitiveness and growth in the digital age.
What is driving the evolution of data analytics?
The evolution of data analytics is primarily driven by the 3Vs of data: Volume, Velocity, and Variety. Data is being produced at an unprecedented rate from various sources, challenging businesses to effectively manage and analyze it. As data becomes more dynamic, there is a continuous need for advanced technologies and tools to handle and interpret this vast amount of information. Additionally, trends suggest a shift towards augmented analytics, where machine learning and business intelligence are integrated to automate much of the analysis process, making data analytics more efficient and accessible.
Where is data analytics headed in the future?
The future of data analytics is likely to see further integration with data science, leading to more advanced insights and predictive models. As businesses strive to turn data into actionable insights as rapidly as possible, the focus will be on harnessing the power of data to drive innovation and competitive advantage. Additionally, advancements in relationship analytics will enable businesses to uncover meaningful connections between disparate sources of data, facilitating better decision-making and strategic planning.
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