How Data Analytics Is Changing Business Models
Source – businessworld.in
You must have heard the famous quote, ‘If you don’t know where you are going, then any road will get you there.’ However, in a data driven world where the contention among organizations to get dynamic is getting close with each passing day. Every business organization is peddling up to capture all the data that streams into their businesses and then apply analytics to get significant value from it.
Big data analytics is helping organizations harness their data and using it to identify new opportunities. This is helping them to make smarter business moves, more efficient operations, higher profits and happier customers. At such times, when businesses are using basic analytics to uncover insights and trends, big data analytics has also brought a world of opportunities to the table.
Alex Suh, General Director of Data Analysis, True Balance says, “With India being amongst the top five social media and mobile consumers in the world, generation of the vast amount of data is indispensable. It is estimated that by the year 2020, Big Data analytics would synthesize into a booming market providing abundant opportunities to firms and investors wanting to explore this space. Hence, for a company indulging in different strategies to manage, validate and analyze big data, adopting new technologies is inevitable. This will also increase the hunt for skilled people who can understand data, think from the business point of view, and come up with insights. A professional with analytical skills, therefore, can conquer the ocean of Big Data, prove to be an asset to an organization, and boost a business and their career.”
According to a report by The Economist Intelligence Unit, executives dramatically increase their chances of success when they incorporate facts and data into the decision-making process. Global companies experienced a 26 percent improvement in their performance over the last three years when big data analytics were applied to the decision-making process. And now, the data-savvy executives are forecasting a 41 percent improvement over the next three years.
The future of data will be witness continued exponential growth. Thereby, businesses must learn to deal with timely actions from the insights these data sets create. Increasingly, real-time actions are required but this really depends on the business type and whether what they do is time-critical. However, real-time or not, data is changing how we do business, and companies that successfully combine their domain expertise with data science will out-compete their rivals every time.
Anand Ekambaram, Director, Tableau India told BW Businessworld, “By visualising and analysing data, you are able to ask more effectively and answer important questions such as “Where are sales growing,” “What is driving growth” and “What are the characteristics of my customers using different services?” As businesses become increasingly data were driven, the need to derive insights from huge chunks of data continues to increase.”
Today, we have access to high volumes of data, coming from a variety of data sources. Thereby, every line of business can be optimised by implementing insights derived by big data analytics tools.