Data Analytics
Data analysis is important to businesses
will be an understatement. In fact, no business can survive without analyzing
available data. Whether one wants to arrive at some marketing decisions or
fine-tune new product launch strategy, data analysis is the key to all the
problems.
What is the importance of data analysis? Instead,
one should say what is not important about data analysis.
Merely analyzing data isn't sufficient
from the point of view of making a decision. How does one interpret from the
analyzed data as to what is more important? Data analysis is not a decision
making system, but decision supporting system.
Data
analysis can offer the following benefits:
·
- Structuring the findings from survey research or other means of data collection.
- · Break a macro picture into micro.
- · Acquiring meaningful insights from the dataset.
- · Basing critical decisions from the findings.
- · Ruling out human bias through proper statistical treatment.
Here are some trends impacting analytics,
Big Data and business intelligence:
·
- Analytics is becoming a competitive differentiator.
- · Corporations want predictive, prescriptive modeling.
- · Analytics makes processes more strategic to the business.
- · Analytics can combine disparate data streams to improve business results.
- · Enterprises want data available at all times in real time.
- · Enterprises want consolidated data.
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