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Importance of data analytics for business

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Importance of data analytics for business

  1. 1. IMPORTANCE OF DATA ANALYTICS FOR BUSINESS
  2. 2. WHAT IS DATA ANALYTICS Fundamentally, Data Analytics or DA is examining raw facts & figures to get valuable information from it. Currently, it is being employed with the help of Big Data in the major industries. Big Data concept has been around for quite some time now and most of the organizations have realized that if they can capture all the data into the business, they can easily apply the analytics and gain important value from them. Even when the term “big data” was not used, businesses used the basic analytics to uncover the tends and the insights. https://brandlitic.com/importance-of-data-analytics-for- business/
  3. 3. WHY A BUSINESS NEEDS DATA ANALYTICS? Data is increasing at a rapid speed and the rate of growth of information is very high. Data generation occurs through many users, industries, and businesses. It is crucial to amalgamate this data that have been generated through the business. If it gets wasted, lots of valuable information will be lost. Previously, skilled analysts were required for processing the data but these days there are tools used for high-speed data and this helps in incorporating the data analytics at the time of making decisions https://brandlitic.com/importance-of-data-analytics-for- business/
  4. 4. IMPORTANCE OF DATA ANALYTICS FOR BUSINESSES Improving Efficiency All the data collected by the business is not only related to the individuals external to the organization. Most of the data collected by the businesses are analyzed internally. Market Understanding With the development of algorithms nowadays, huge datasets can be collated and analyzed. This process of analysis is called Mining. Regarding the other kinds of physical resources, data collection is done in raw form and thereafter refined. Industry Knowledge Industry knowledge can be comprehended and it can show how a business can run in the near future. Also, it can tell you what kind of economy is already available for business expansion purpose. https://brandlitic.com/importance-of-data-analytics-for- business/
  5. 5. Cost Reduction Big data technologies like cloud-based analytics and Hadoop can bring huge cost advantages if it relates to storage of large data. They can also identify the efficient ways to do business. Faster and Better Decision-Making The high-speed in-memory analytics and Hadoop in combination with the ability for analyzing the new data sources, businesses can analyze the information almost instantly. New Products/Services With the power of Data Analytics, the needs and satisfaction of the customers are met in a better way. This helps one to make sure that the product/service aligns with the values of the target audience. https://brandlitic.com/importance-of-data-analytics-for- business/
  6. 6. CONCLUSION Importance of Data Analytics is truly changing the world. Whether it is the sports, the business field, or just the day-to-day activities of the human life, data analytics have changed the way people used to act. It now, not plays a major role in business, but too, is used in developing artificial intelligence, track diseases, understand consumer behavior and mark the weaknesses of the opponent contenders in sports or politics. This is the new age of data and it has unlimited potential. https://brandlitic.com/importance-of-data-analytics-for- business/
  7. 7. THANK YOU

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