Data Analytics – A Way to Unlock Business Potential

1.   Data Analytics – A Way to  Unlock Business Potential    The process of analyzing huge amounts of data to discover hidden patterns,           current trends and insights is referred to as Big Data Analytics. With the           emergence of technology, the effort needed for performing data analytics has           been reduced significantly.                                            In recent years, data has evolved dramatically – in terms of type, volume, and             velocity. Data has become the key entity for a business organization. Further             increase in data and streamlining the collected data would help in transformation             and growth of an organization.                                              Big data has become prominent within business operations as a tool that helps             employees to work efficiently. It also helps in streamlining the collection and             distribution of information in an organization.                            Data analytics companies ​​play a major role in helping organizations streamline their huge amounts of data. With the emergence of technology and the need for               utilizing the data, business organizations have started investing in big data         analytics.                                                   

2.   Big Data - Real Power is in Analysis  Big data is present in almost every industry sector. Right from agriculture to IT               sector, big data is said to be the key ingredient that has the potential to change                   the routine business practices in any industry. The real power lies in the insights             and analysis provided by the big data analysts. Big data companies play a key role               in exploring the hidden insights present in big data.                                                              Big data and big data analytics go together with digital transformations. Without               analytics, the big data cannot be utilized in a proper way. Analytics helps in             creating new values and gaining insights in big datasets.                            Interpretation of big data in right way can help organizations to identify current               trends, unveil hidden patterns, and in better decision-making. To perform data             analytics, organizations require new technologies and skills to analyze the flow of         data and draw conclusions from it.                                        Key Characteristics of Big Data  Big data can be described with the help of following characteristics:  Volume – It refers to the quantity of data that is generated and stored. Based on                 the size of data, it can be determined whether it is a big data or not.                  Velocity – It is the speed at which the data is generated and processed to meet                   the demands and challenges.                Variety – It defines the type/data format and nature of the data. This helps the             data analysts to analyze effectively.                    Variability – It refers to the inconsistency in data that can hinder processes to             handle and manage data.                 

3.   Veracity – The quality of the captured data varies greatly and this in turn could               affect the accuracy of analysis.                  Importance of Big Data Analytics  Data analytics companies help organizations harness their collected data, process         and use it to discover new opportunities. This in turn leads to identification hidden               patterns, current business trends, more clear and efficient operations, higher         profits, and eventually happier customers.                                        Benefits of Big Data Analytics  The major benefits of big data analytics include:  Cost Reduction – Cloud-based big data analytics helps organizations in reducing             significant amount of costs and helps in identifying more efficient ways of doing               a business.                        Better Decision-Making - Big data analytics companies help organizations to           analyze their data immediately and make decisions based on the derived           information.                        New Products and Services - Identifying the current business trends using           analytics help organizations to gauge customer needs and deliver what they           want. Based on the insights derived, companies create new products to meet the             requirements of the customers.                                        Future of Big Data Analytics  As the number of industries are increasing day by day, the data generated is also             growing rapidly. Data has not only become the key entity for an organization but is             also growing exponentially. Today, the data generated by an organization is several                                                            

4.   times bigger than the data that was generated few years ago. Investing in data               could help organizations in multiple ways. Big data analytics will help organizations           to get better idea about the current trends and help break their productivity               records.                                          According to statistics, currently there are more than six million people working           with big data analytics. What’s even more surprising is that big data analytics is             just getting started and will see a rush in the number of applications being               developed for big data in upcoming years.