How To Grow Your Business With The Help Of Data Analytics?

HOW TO GROW YOUR BUSINESS WITH THE HELP OF DATA ANALYTICS?

The latest buzz in worldwide scenario is Data Analytics. People working in this field are getting almost the highest amount of salary according to studies. Its usage envelopes a very diverse arena including finance, healthcare, science, sports, investigations etc. Data Analytics is making the market shaped for future with more precision every day. Using various technological tools, it determines what the business stands for today and what it will become tomorrow. Irrespective of the sectors or field of working, it has become essential for every other business model.

“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.”

~ Geoffrey Moore, management consultant and author of Crossing the Chasm

Introduction

The last few decades have seen accumulation of data from every nook of the universe. It’s often said that data is the blood of Industry 4.0 while AI is its brain. Billions of dollars have been invested so far to gather trillions of data for millions of causes. However, one can sum up the fragmented pieces of the modern puzzle in order to make a clear understanding on what is the purpose of this great game. And it is very simple.

Data analytics helps individuals and organizations make sense of data by exploring Facebook, YouTube, Twitter, Instagram, banking transactions and so on. Data Analysts work on that data using various tools and techniques to understand the trends and get the insights of market. It helps the specialists to shape their ideas on the new investments and take decision precisely.

In a nutshell, properdata analytics provide with a thorough picture of where the organisation is standing now and where it should lead. Now, let’s see how you can have a big leap forward using Big Data Analytics.

Application of Data Analytics

The applications of data analytics are broad. Analysing big data can optimize efficiency in many different industries. Improving performance enables businesses to succeed in an increasingly competitive world.

The uses of Data Analytics are gigantic in the modern society.

• Profit proficiency

• Fathoming the consumer behaviour

• Improve marketing aspects and ROI

• Understanding the scope of new revenues

• BPO personalisation

• Enhancing employee retention

• Optimising fraud

• Gauging the future

Finance Sectors

Financial sectors have shaped their strategies with precise Web Analytics. Investments and all the other finance based factors are entirely dictated by analyses. Statistics showed that losses in various financial sectors had been reduced significantly in this way.

Consumer Behaviour led Business Sectors

Business Analytics determine the scope of new investments. With the incessantly changing behaviour and needs of today’s consumers, it is the easiest and the most composed way of tracking their practices and trends. Even it is easier than ever to shape the consumers’ needs with a stack full of data of their everyday living.

Healthcare Sectors

Studies proved that Healthcare sector has benefitted a lot after incorporating Analytics. Predicting the patient’s condition, modifying the diagnosis process, discovery of new drugs using Data with machine learning, predicting the drugs market and sales are the few names in the array.

Using Social Network

Facebook Analytics, Twitter Analytics, Instagram Analytics etc. are not only the proven determining factors of the business models, but they also even help the police and investigation sectors to solve crimes.

Technological Sectors

It is needless to say, Data Analytics have been used in the technological research areas from its very inception.

How it hits the ground?

There are mainly 4 types of Data Analytics depending upon the level and the types of jobs. Descriptive Analytics, Diagnostic Analytics, Predictive Analytics and Prescriptive Analytics.

In order to increase efficiency and improve performance, the Data Analysts work in a multidisciplinary area of statistics, information technology and business records.

Data Mining

The primary task is Data Mining. Analysts extract the data from unstructured sources, be it a scripture, a large text document or raw sensor data. This is the most time-taking step in the process where data are stored and get ready for the use of analyses.

Data Management

Next come the Data Management or Data Warehousing. At this point, all the stored data are get designed  and implemented with the help of SQL that allow the proper access to the results of Data Mining.

Statistical Analytics

The next step is Statistical Analytics. By using statistics and machine learning techniques, analysts define the statistical models that help understanding the trends and pattern of the data. These models are used to make the predictions and decision making.

Data Presentation

At the last step, it is the task to present the results, i.e. Data Presentation. Analysts share their insights with the stakeholders. Proper visualisation makes the executives and the managers to get a clear, lucid view of the insight extracted after all the analyses.

The End or a new beginning

In the upcoming years, Artificial Intelligence will the guiding factor of every industry exist in the planet and beyond. Data Analytics will be the basis of every business model. The businesses that still are not devised with the latest equipment should catch up with the call of today. A proper firm with proper planning and technology is always ready to help the ventures stand out among the competitors.