By: Vlad Petskel
Data Analytics & Business Intelligence is changing the world drastically, and we have to adapt as working professionals. What is Data Analytics and BI? Data Analytics and Business Intelligence are data management solutions implemented in companies and enterprises to collect historical and present data, while using statistics and software to analyze raw information, and deliver insights for making better future decisions. In this blog we will cover the key benefits of Data Analytics & Business Intelligence, the dangers of not adopting it, and give YOU tips for getting started with Data Analytics & Business Intelligence.
Why should you care about data analytics you might ask? Well, as technology advances at an alarming rate, more and more data is being recorded, and this growth is only expected to continue. Because there is so much data being generated in this day and age, data analytics becomes ever more important as it serves to give meaning and value to the data by removing redundant data, organizing it, and drawing conclusions based on it as well. Data analytics will help a business turn large and unstructured data into relationships set in a meaningful structure. This function helps businesses make effective and timely business decisions.
Because data analytics plays a vital role in transforming raw data into valuable information, not adapting to data analytics would result in not being able to identify patterns or relationships from raw data. If a company doesn’t have data analytics, then there can be missed opportunities for the business to identify potential growth strategies and forecast for higher long-term revenues. Additionally, the company would be at a competitive disadvantage because other companies using data analytics can use this tool to provide valuable insight for various business strategies that affect internal processes, improving productivity, utilization, and growth.
Some tips on how to get started. The first thing that you need to do is to lay out a strategy for the use of data analytics. Then you want to make sure you have the right people in place to execute on the strategy. After that, you want to get the tools that the team can use to perform the execution. Also, if the organization already has the tools, then partner with them so that there is consistent technology, and the ideas and resources can be leveraged.
