Does Your IT Company Understand Data Analytics?
In the era of big data, organizations across industries collect facts and statistics on every business operation to guide decisions. Experts say that by 2025, the world will be generating over 463 exabytes of daily data.
Organizations are using the data they generate to remodel how they function. Big data is empowering businesses to work smarter. Companies are using data analytics to increase efficiencies and performance using data patterns to succeed.
Meaning your business needs an IT company that understands data analytics to help you sift through data from multiple sources to create accurate insights. Data analytics is an excellent solution for businesses with big data but lack the right procedure to extract meaningful insights.
How Businesses Use Data Analytics to Shape Their Future
Businesses leverage data they collect to improve their businesses in different ways. Data analytics delivers value in the following ways:
- Improve customer services because the data insights help businesses to protect and grow customers’ lifetime value.
- Increase productivity as analytics help companies discover opportunities to optimize workforce output.
- Optimize business performance because analytics decode business data to unlock business value and take advantage of untapped potential.
- Reduce operational costs by spotting efficient methods in their data to run business more efficiently.
- Help in making faster and informed decisions by drawing insights from customer satisfaction and trends.
- Trigger creation of new products and services after analyzing customer satisfaction and needs.
Types of Data Analytics Your Business Can Leverage
Your business can utilize four types of data analytics techniques:
- Diagnostic Data Analytics: The type of analytics focuses on why an incident happened. The technique works well with descriptive analytics to find the cause of an event. Diagnostic data analytics further investigate why a performance metric got better or worse.
The analysis happens in three steps:
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- Identifying irregular patter in data
- Collecting data related to the irregular pattern
- Finding the relationship in the irregular pattern using statistical techniques
- Descriptive Data Analytics: The technique describes historical trends in data. The analysis aims at answering the question “what happened?” and entails measuring traditional metrics such as ROI (return on investment). However, the metrics vary with industry. Descriptive data analysis only focuses on summarizing data meaningfully.
- Predictive Data Analytics: The analytic technique gets insights from data and attempts to paint the picture of the near future. The analysis uses historical data to identify a trend and determine the likelihood of the trend to recur. Predictive data analysis entails a variety of machine learning and statistical tools to give valuable insights into what may happen in the future.
- Prescriptive Data Analytics: The technique answers what your business should do. Prescriptive analytics allows your organization to make data-driven decisions in the face of uncertainty. The analytic technique depends on machine learning strategies to find patterns in big data. You’ll analyze past events and decisions to estimate the possibilities of different outcomes.
Sydney Technology Solution Will Address Your Business’s Data Analytics Needs
We’ll help your business invest in data analytics to its full potential. Our specialist will:
- Build a foundation of AI algorithms analytics to check for anomalies and pick up on different behaviour patterns.
- Deploy data analytics to find deeper meaning in the different data sources.
- Use data analytics to create actionable steps.
- Apply data fusion that continues to work and keep all historical information available for analysis so that you can have enough information to guide business decisions.
- Ensure your business is using quality data because low-quality data can impact areas of your business.
- Deploy a management team to assess data quality for you.
Your business data is the competitive asset that will distinguish your business from others. Our data analytics services will help your business accelerate innovation, drive operational efficiency, improve decision-making, and enhance customer experience. Contact us today to get IT support that understands data analytics in Sydney.
