Data Analytics Services are Crucial to Your Business. Learn Why and How!
“Without data analytics services, business leaders are blind, wandering onto the web like a deer on a freeway.” To have a good data management strategy into place, underpinning all business processes, is an apparent requirement for all business professionals. But it is tougher than you would think to get the data management process right. Almost […]
“Without data analytics services, business leaders are blind, wandering onto the web like a deer on a freeway.”
To have a good data management strategy into place, underpinning all business processes, is an apparent requirement for all business professionals. But it is tougher than you would think to get the data management process right. Almost every business has a need for data-driven insights today, but many are not yet realizing that ambition. Consequently, data management tends to get disintegrated and driven by multiple stakeholders. This results in high degree of disparate and inaccurate data for organizations and they face a number of challenges in maintaining it. Additionally, with the sheer volume of data, it has become very difficult for organizations to aggregate, manage, and create value from data. Therefore, businesses need to identify a more sophisticated approach to data visualization and the importance of good quality data. Right from building better relationships with customers to overcoming external and internal data visualization challenges, there is a need to revamp and evolve enterprise data management practices.
This is where data analytics services can help. If you are looking for ways to transform raw numbers into targeted solutions by gathering and analyzing day-to-day data within your company, it’s high time that you leverage data analytics services. Also, digital analytics can help you unveil hidden correlations by segmenting your market and customizing your products or services with the help of proper data frameworks. With data analytics services, a huge amount of unstructured data become concise and comprehensive data that are helpful in modeling and predicting your market opportunities. Whether you are in the healthcare, media and entertainment, insurance or chemical industry, data analytics services have become an essential requisite for survival. With that being said, let’s take a look at what is data analytics below and how it can help your business reach the pinnacle of growth.
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What Do You Mean by Data Analytics?
Examining a data asset to draw conclusions about the information they hold with the help of specialized software and systems is traditionally been termed as data analytics. In recent years, businesses are using data analytics services widely across various industries in order to boost operational efficiency, maximize profit, optimize marketing campaigns, and improve customer service efforts. Additionally, responding in real time to emerging market trends and gaining a competitive edge over rivals have been made easy by data analytics services. Data analytics inspects huge volumes of data to uncover correlations, hidden patterns, and other insights.
Efficient data analytics services not only help business leaders answer questions and make decisions about the future but also helps the company identify their internal goals. Some of the questions that data analytics services can help you answer include:
- How to grow your business?
- How to maximize the productivity of your employees?
- How to stack up relative to your competition?
- What are the strategies that have been successful for your competitors?
- Is your current strategy working?
Why is Big Data Analytics Important?
Data science as a service is helping organizations of today in harnessing their data and use it to determine new opportunities. This, in turn, results in more efficient operations, smarter business moves, happier customers, and higher profits. With the use of analytics techniques like data mining, machine learning, data visualization, statistics, and natural language processing, big data analytics is helping businesses achieve:
Data analytics companies use technologies such as Hadoop, cloud-based analytics and digital analytics which bring significant cost benefits when it comes to storing huge volume of data.
Faster and better decision making
Efficient data analytics services help businesses to analyze new sources of data and information immediately and make better decisions in real-time based on what they’ve learned.
New products and services
By leveraging big data analytics services, companies can gauge customer demands and satisfaction and this enables them to give customers what they want. A recent research report states that data analytics companies are helping businesses to create innovative products to meet customers’ needs.
What are the 5 V’s of Data Analytics Solutions?
The main feature that makes data “big” is the sheer volume. There is no point in focusing on minimum storage units because the amount of information is growing exponentially every year. The amount of data has become so large that it has become impossible to store and analyze data using traditional database technology. Therefore, companies need to leverage data analytics services that help in storing data in different locations.
Variety is defined as the different types of data companies can now use. Data today looks very different than what it was in the past. It is not only limited to structured data today that fits nice and neatly into a data table. Today, most data are unstructured. In fact, more than 80% of all the global data fits into this category, including video sequences, photos, social media updates, etc. Leveraging data analytics services and technologies allows structured and unstructured data to be harvested, stored, and used simultaneously.
Veracity usually refers to the quality or trustworthiness of the data. For any company to rely on the fact that the data is representative, is important as there are inherent discrepancies in all the data collected.
Velocity is the speed at which vast amounts of incoming data are being collected and analyzed. Every day the number of twitter messages, emails, photos, etc. increases at high speed around the world. Every second, the volume of data is growing. It must not only be analyzed, but the speed of access and transmission of the data must also remain instantaneous to allow for real-time access to instant messaging and verification. By leveraging data analytics services, it is possible to analyze the data while it is being generated, without ever putting it into databases.
Value refers to the worth of the data being extracted. Having huge amounts of data is one thing, but unless it can be turned into helpful asset it is useless. The most important part of leveraging data analytics services is to understand the costs and benefits of collecting and analyzing the data to ensure that the reaped data can be monetized.
Benefits of Embracing Data Analytics Services
The ability to analyze and make informed decisions by leveraging data analytics services is vital if a business is to succeed. In the competitive landscape, it is imperative that firms are able to make quick and increasingly complex decisions to cater the growing demands from evolving market conditions and customers.
By leveraging data analytics services, businesses can harness data and identify new opportunities within their existing business operations. This helps in increasing profitability, creating more efficient operations, and improving customer service. Additionally, by embracing data analytics services, businesses can gain a competitive edge over their rivals, ensuring they stay ahead in the competition. Some of the most notable benefits of embracing data analytics services are:
- Streamlining business operations
- Tracking Performance
- Problem Solving
- Understand changing market dynamics and customer demand
How is Data Analytics Services Changing the Narrative?
Data analytics has existed for years, but many techniques such as neural networks, machine learning, and deep learning, have only recently been propelled to the forefront. Although analytics has been extensively used for decades, the ceiling has always been the ability to forecast and go further than summary and descriptive analytics. But now there is a need for innovation and differentiation to make firms become insight-driven rather than data-driven.
Leveraging data analytics services can help in this context since it simplifies the process of decision making and data management. It can also help companies identify opportunities to become a market disruptor and establish processes to increase customer base. To stand out in such a competitive and dynamic market, businesses need to innovate constantly when it comes to gaining predictive insights that facilitate proactive business decisions and pre-emptive planning. This is where the true importance of data analytics services is realized by business stakeholders. A key enabler for this has been the use of advanced analytics and machine learning techniques that can help in understanding huge amounts of data. Consequently, a combination of methodologies, tools and domains, all coined under the label of data science, have been developed. The next challenge for businesses now is using data services and all of its benefits to shift, mold, and shape respective business models to build a structure that will facilitate growth opportunities.
We understand the challenges companies face in analyzing the feasibility of big data analytics for their business. Our big data analytics services provide best-in-class frameworks for multi-dimensional data aggregation and use visualization-based data discovery tools for insight generation. Request a free demo for more insights.