Currently business is going through a digital transformation stage that requires management quick reflexes to technology trends and business process review. The main trends include artificial intelligence, virtual and augmented reality, cloud decisions, big data etc.
Data analytics without a rival is one of the main trends. Technologies development is the reason of data quantity increasing. 90% of the world’s data were created during the last few years, and investments in Big Data amounted to $180 billion. According to BARC research enterprises using Big Data have increased their profit by 8% and cut costs by 10%. Beyond that the following benefits were noted:
Many companies have already crossed over to digital technologies and generate several GBs of customer data. Such players as Facebook, Amazon, Google are working with big data actively and gaining ground giving priority to the quality of customer service.
In addition, data analytics is a basis for other technologies. For example, artificial intelligence systems learn based on analytics.
Understanding of data analysis and methodology of determining their accuracy gives a possibility to make valid and effective solutions that will lead up business growth and progress. All business solutions must be supported by exact figures and facts that serve the purpose.
Despite the strong performance, there are companies that don’t understand yet how they can start transformation and getting benefits from investments in this sector.
The transformation into data-driven business is a long-term process, that demands investments and following steps realization: