What Are the Advantages of Implementing Data Analytics?
Data analytics is a term that we keep encountering in our quest for new jobs or job transfer. In a world that is driven by big data and extreme competition to grab market space, data analytics have become the watchword for organisations and business houses.
It is the process of examining data sets in order to draw conclusions about the information they contain, with the help of varied tools and systems. It helps in making a more informed business decisions and implementing strategies to gain a competitive edge over rivals.
The advantage of implementing data analytics are that it increase profit shares, optimize marketing campaigns, operational efficiency and responding much quicker to emerging market trends. Many tools are available in the market to help in data analysis that are cost efficient and easy to learn : MS Excel, Trifacta, Rapid Miner, Rattle GUI and many more. These tools are more helpful for individual or amateur analysts, though Excel has passed the test of time.
For companies dealing in big data and its analysis, several techniques are implemented to get the best results. These professional statistical data analysis techniques are:
· Association rule learning
· Classification tree analysis
· Cluster Analysis
· Genetic algorithms
· Regression analysis
· Sentiment analysis
· Social network analysis
So, why has data analytics suddenly become the messiah for top multinational corporations?
· Predicting the future trends: In such extreme competitive conditions it is important to know your customer as well as anticipating their needs and proactively mitigating them, to keep your customers satisfied.
· Mitigating risk and fraud: The main aim for companies is to protect all physical, financial and intellectual asset from misuse by internal and external threats. Efficient data analytics capabilities help fraud prevention and overall organisational security, it allows companies to detect the fraud as well as identifying and tracking perpetrators.
· Personalised services: Customer satisfaction is important and to understand their attitudes and serve them deliver real-time services in multi-channel environment is done with help of data analysts.
· Cost reduction: Replacing old working methods is often not cost effective and time consuming, so to come up on alternate processes, data analysis is the solution.
· Competitive edge: The market is shrinking and to get an edge over the competitors, companies require looking closely at the data obtained from sales, customer buying habits and etcetera.
Recent research conducted by the MIT has shown that 67% of companies have gained a competitive edge by using analytics. We have successfully shown you the merits of data analytics and how it has gained the imagination of companies around providing for ample job opportunities.
To get yourself going in this field, enrol into a data analytics course as soon as possible. Make sure your course allows you the freedom for using your personal creativity as well as teaches you the both basic and advanced tools of analysis. Industry exposure is an added feature, with courses available in both online and offline version. Get started or switch careers into data analysis and make working more interesting and lucrative.