TechDogs-"For The Love Of Data Analytics: Part 2"

Data Management

For The Love Of Data Analytics: Part 2

By TechDogs Editorial Team

TechDogs
Overall Rating

Overview

"Innovation is the fuel for growth." This popular saying summarizes how crucial invention and improvement are for a business. However, innovating just for the heck of it can be disastrous. Whether you want to innovate your product/service or how you market yourself or need to back your innovative idea with a logical reason, Data Analytics helps you find that logical reason. It is the fuel for innovation. It has several benefits including cost-saving, better marketing, improved customer experience and efficient operations. As an ever-evolving field, Data Analytics has the potential to help businesses scale and grow rapidly and more cognitively. 
 
Read on to find out how Data Analytics can help your business. 
TechDogs-Keep The Money Ball Rolling!-"For The Love Of Data Analytics: Part 2"

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? 
 
Speaking of unbelievable things, in today's world, a business without Data Analytics is like Ant-Man without the Pym Particle! (which means no End Game either). Your business cannot grow and adapt in the competitive world without leveraging data to your advantage. #NoDataNoGrowth 
 
Part 1 of our Data Analytics series covered what Data Analytics is, how it works and the different ways or types of Data Analysis processes you can use for your business. Do give it a read if you haven't already! However, we didn't address the elephant in the room. Why should you care about Data Analytics? 
 

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. 
 
It doesn't matter what type of analytics you use; it all helps you improve your business one way or the other. You can use Google Analytics to track your website traffic and marketing campaigns or understand customer journey analytics from a Customer Relationship Management Software like HubSpot to provide a better experience to your customers: all kinds of Data Analytics work in your favor. So, as a business in today's world, Data Analytics has to be a part of your decision-making processes. It is the key to defining your capability for competing in the market. The better you analyze your data game, the stronger is your standing in the industry. 
 
Everything from how fast you innovate and how well you reach your customers to how effectively you manage your business depends on predictive analytics data and valuable insight from dataset. No wonder the benefits section of any software solution, whether it's an HR Management Solution or Accounting Software, boasts about effective analytics features in it! Talk about analyzing and adapting to the analytics trend! 
 
Fostering a love for a big data scientist in your company as a culture and actively making decisions based on Data Analytics across all verticals is the only way to grow in the digital age. Why will it grow? It will grow because Data Analytics is extremely beneficial for businesses. Let's talk about the benefits. 
 

Benefits Of Data Analytics


TechDogs-Benefits Of "Data Analytics"-Image Showing Benefits Of Big Data Analytics-Better Understands Needs Of Customer-Make Process More Efficient-Detects Risk And Check Frauds-Reduces Cost

 
  • 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! 

  • 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. 

  • 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. 

  • 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.

  • 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. 
 
Once analytics is automated, we can also hope that advanced analytics would become more integrated, helping businesses conduct Relationship Analytics. For instance, you have previous experience with statistical analysis on large datasets from your brand's social media and data about lead conversions. Is there a possibility that they are inter-related? Is there a chance that a viral tweet suddenly got you conversions? Relationship Analytics would help you build meaningful insights and a fundamental statistics connection between isolated sources of data cleaning and make better decisions with a predictive model. 
 
TechDogs-In The End: "Where's Data Analytics Headed?"-Image Showing Evolution Of Data Analytics From 1900 To 2017 And Beyond
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.

Enjoyed what you've read so far? Great news - there's more to explore!

Stay up to date with the latest news, a vast collection of tech articles including introductory guides, product reviews, trends and more, thought-provoking interviews, hottest AI blogs and entertaining tech memes.

Plus, get access to branded insights such as informative white papers, intriguing case studies, in-depth reports, enlightening videos and exciting events and webinars from industry-leading global brands.

Dive into TechDogs' treasure trove today and Know Your World of technology!

Disclaimer - Reference to any specific product, software or entity does not constitute an endorsement or recommendation by TechDogs nor should any data or content published be relied upon. The views expressed by TechDogs' members and guests are their own and their appearance on our site does not imply an endorsement of them or any entity they represent. Views and opinions expressed by TechDogs' Authors are those of the Authors and do not necessarily reflect the view of TechDogs or any of its officials. While we aim to provide valuable and helpful information, some content on TechDogs' site may not have been thoroughly reviewed for every detail or aspect. We encourage users to verify any information independently where necessary.

Join The Discussion

- Promoted By TechDogs -

Code Climate Achieves Centralized Observability And Enhances Application Performance With Vector

Join Our Newsletter

Get weekly news, engaging articles, and career tips-all free!

By subscribing to our newsletter, you're cool with our terms and conditions and agree to our Privacy Policy.

  • Dark
  • Light