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All About Data Analytics in 2022

31/05/2022

All About Data Analytics in 2022

 

Introduction

 

Data analytics is the process of deftly analysing raw data of organisations which is collected during their day-to-day operations. Earlier it was done manually and took a long time and effort. Now computer algorithms are leveraged to do the task fast and the result easily understood by humans.

 

This science involves studying data, organising information and presenting the results in a visual format. Stakeholders in many businesses use data analytics as a tool for better decision making, improving sales, enhanced inventory management and planning for the future. Today the process is advanced and achieved with the help of specialised systems as well as software.

 

Data analytics segments audiences by separate demographic groups. Next it analyses trends in each group generating more specific, accurate and actionable insights. To sum it up, this technology helps different organisations make sense of data.

 

For your information, there are 4 main types of data analytics

 

  1. Descriptive analytics – It supplies data about what occurred over a particular period of time. For instance, has sales increased, decreased or unchanged last year?
  2. Diagnostic analytics – This gives insight on the reason some event occurred. For instance, did the Covid-19 pandemic affect the volume of sales?
  3. Predictive analytics- This informs what is likely to occur in the near future. For instance, what happened to revenue the last time there was a global recession?
  4. Prescriptive analytics- Here a course of action is recommended. For instance, if the manufacturing in a certain region is adversely affected should the company develop manufacturing assets as well as capabilities in other regions as a backup measure?

 

Benefits of Data Analytics

 

The field of data analytics is flourishing. It is relevant both today and in the future. We look at why data analytics matters.

 

  • Boost Security

 

Data security is a relevant concern for all organisations. Leveraging data analytics, entities can identify the causes of past data breaches. Also, IT personnel can employ statistical models to help stop future attacks. Data analytics help identify the vulnerabilities in the system which organisations can move to eliminate or minimise.

 

  • Enhanced Business Decision-making

 

Thanks to data analytics, enterprises can make wiser business decisions. This will minimise monetary losses and ramp up revenues as well as profits. Predictive analytics will inform what occurs because of business changes. Prescriptive analytics will advise how an entity should react to business changes.

 

  • Provide Personalised Customer Experience

 

Enterprises gather customer information via a variety of sources such as physical stores, company websites and social media channels. Data Analytics supplies clear and profound insights into customer behaviour. Also, enterprises learn about customer likes and preferences. Social media campaigns can be better designed keeping in mind the psychology of the targeted customers and/or clients.

 

  • Help Predict and Handle Disruptions

 

Analysing past and current data, data analytics technology can tell enterprises where and how many times disruptions in business process lifecycle are likely to happen. It will also determine corrective or preventive action. This gives organisations the ability to ramp up manufacturing and deliver products in time. Businesses will have a better brand image as they ensure seamless delivery as well as time-to-market.

 

  • Mitigate Risks

 

Risks are inevitable in all kinds of businesses. Theft, unpaid invoices, employee safety as well as legal liability are a few of the examples of business-related risks today. Using data analytics an organisation can estimate risk and put in place mitigating measures. For example, a retail enterprise can leverage the technology to identify which of its physical stores are at maximum risk to theft. It has the option to close down the particular stores or estimate the level of security needed at its stores. Security can be provided which helps the business avoid theft related losses.

 

  • Identify Anomalies and Take Appropriate Action

 

This information helps prevent business disruption. Only if you know whether there is a problem and how it impacts your business can you take timely action. This in turn boosts business productivity and smooth functioning.

 

  • Helps Streamline Operations

 

Data analytics technology can aid entities boost their level of operational efficiency. The former informs the points of manufacturing delays or the occurrence of bottlenecks. Analytics can also help predict the areas of future issues. If data indicates that there will be a shortage of raw materials in a particular nation, a business can identify another nation to avoid the scenario of the shortage of raw materials required to manufacture its finished products. Optimising inventory levels is a common issue across several enterprises. Data analytics assists in determining optimal supply throughout the year.

 

How to Choose a Suitable Data Analytics Provider

 

Data Analytics is both paramount and relevant today. It helps give companies a competitive edge over their peers in the marketplace today. However, note that it is a complex and constantly evolving field.

 

  • Up-to-date with the Latest Technology

 

If the provider is using old techniques and processes then you are better off without it. Access to the latest data trends and insights is crucial in today’s extremely competitive market. Interview their technical experts to evaluate whether they are conversant with the state-of-the-art data analytics tools and processes.

 

  • Fast Response Time

 

Delays in examining and responding to data insights may lead to business losses. Speak to the provider’s past clients regarding transparency and delivery of easily digestible information.

 

  • Competency

 

Test the staff of the outsider for qualifications, experience as well as expertise. Partner only with entities with a solid grasp of data analytics. Shoddy work will cost you in the long term in terms of reputation, branding and revenue.

 

  • Trust

 

The security and confidentiality of your valuable data is vital. You cannot compromise on this aspect. It is wise to have a NDA( Non-Disclosure Agreement) in place before committing to any data analytics provider.

 

About Us

 

Focaloid is a stellar software services and solutions company catering to clients in the US and UK. We have considerable expertise and experience in the domain of data analytics. Reach out to us to learn how we can meet your unique and specific requirements.

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