How Data Analytics can transform business - "Turning data into dollar$"

Data Analytics is literally a buzzword now, and this is justifiably too since it is transforming the way businesses operate and prepare for the future. It is all about processing data that has always been available, but not made useful. For the record, data analytics is the process of analyzing raw data available in various forms to arrive at certain trends and conclusions that can be used as information to make business decisions. It has a variety of techniques that can be used individually or in combination to arrive at interpretations.

Descriptive analytics is used to analyze what happened in the process or project. Tools like metrics and Key Performance Indicators (KPIs) help in evaluating and measuring data on what the process accomplished or failed to accomplish. Diagnostic Analytics helps in identifying causes for what happened. It continues the process set up by descriptive diagnostic analysis to determine the why and how of things by digging deeper into the information. Predictive analytics is used to identify future trends and happenings based on historical data, machine learning, and statistical techniques like regression, neural networks, and decision trees. Prescriptive Analytics is, perhaps, the “operative” part since it suggests what is to be done based on the analysis.

Companies that have used this technique have realized that it presents a whole range of opportunities that can benefit their people and business. It can help teams to handle various types of data efficiently and derive value out of it in the form of the improved product range by making existing products perform better or just by helping with the right business forecast. The 2018 Global State of Enterprise Analytics Report says that “57% of enterprise organizations are using big data and analytics to drive process and make it cost-efficient .” Organizations are using analytics to ascend to a higher plane to deal with competition and be ahead of it. Techniques are being developed to achieve results like making data accessible, making analytics part of each role, using analytics for innovation and generally making it part of the culture.

There are quite a few areas where this technique can be used to advantage:

• ??Customer relations and interaction: Data collected can predict customer behavior and preferences, thus making it easier to offer custom-built solutions.?Such techniques can be used to attract new customers and retain existing accounts
• ???Sharp decision making: the data thrown up during the analytics exercise helps in making well-informed decisions, especially where risk is involved.
• ?Improved business intelligence (BI): this is quite natural and more logical since more data means better information and insights on the market and the competition
• ??The advance of technology has made the existing systems inadequate. This and the fact that the demands of customers are increasing have spurred the effort to use Artificial Intelligence (AI) in combination with analytics to enhance their application.
• ?Advertising and branding efforts benefit greatly from analytics because they are able to predict the pulse of the market and the acceptance of the product

These are representative examples to explain the use of data analytics, and how business and competition have been raised to a higher plane. Such technological advances are no more an option that is good to have. They are essentials to be an active player in the market.

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