If we’re talking about critical business tools ̶ without dispute one of them will be data analytics, which works with huge volume of data. It’s too necessary for business to make meaningful insights, but not only collect and analyze data. High quality and proper data analytics project could create a clear picture of your actual point, past point and your future direction of development.
We’re living in the data era and almost every task is solved by analytics and it doesn’t depend on any kind of answers or business dimension. Recently such tool like analytics was used mostly by huge and profitable companies, that can pay, including payments for data analytics. Now it’s time for common analytics usage. Such popularization is inspired by increasing understanding of analytics value and profits, which we get from making decision after analyzing. Setting hopes on Business Intelligence, a major part of organizations already use it needs to focus on improving and optimizing benefits from decision making results. Other companies even don’t have clear analytical strategy and, on this basis, they need to create correct and effective one. Also, you should understand, that preparations and implementations depend on chosen model and it could take 3 ̶ 7 months.
In addition to external tasks solving, like vector of development, designation of decision effectiveness etc., also analytical research assists to solve internal tasks of the company, which is connected with employees’ motivation, resources and time. Statistically, the major part (59%) of companies uses analytics and monetizes in different ways.
It’s already understandable, that analytics provides a lot of possibilities. In such case, one of the most important skills is a data sorting skill. At first, it’s critical to understand important and relevant components for every particular business. Among numerous questions and tasks can be solved with data analytics are advertising campaign optimization, revenue and spends analysis etc. And the main challenge is clear conception what goals we want to achieve and what kind of tasks will be solved in every situation.
The COVID-19 situation became a perfect demonstration of data analytics values and benefits. Butch Works and the International Institute for Analytics conducted a survey, where were interviewed 300 analytics professionals around the US. Almost the half of them (43%) confirmed analytics major part in making important decisions for future business existence.
Aaron Kalb (a Chief Data and Analytical Officer and Co-founder of Alation) mentioned that consequences and losses subject to pandemic will be increased. Moreover, as COVID-19 crushed and turned over each country’s economy particularly and the world economy in common, companies had to make unplanned investments in BI for making solutions and understanding how to work after.
During last ten years the world has achieved the new figure in terms of data. Every organizations’ work, way of development, business strategy or choice depend on Data Analysis, which can transform it in different ways and change the vector. Meanwhile you always have a possibility to get all necessary data in short order, just in minutes.
