Off lately, the way technology and information system have evolved and is used in business, company owners and businesses have started to accept the fact that data analytics can actually help them in their businesses in determining the relevance of their present business model and make informed and strategic decisions.
So, What Exactly is Data Analytics?
It is a process that implies several processes under one umbrella. It involves collecting, organizing, interpreting and analyzing useful information collected from the raw facts and figures that are generated by any business of daily basis.
A data analyst is responsible to analyze the large quantum of raw data that is collected and convert them into information through analytics, that prove valuable and assists the organization to make precious and smart decisions based on this data, instead of relying on perceptions and instincts. Today aspirants in the field of data analytics can undergo qtp training in Chennai and become a successful data analyst.
Why is it so Important for a Business?
In today’s modern scenario there is the availability of massive amount of data, but to compile them in a company’s database is a big concern. Also, in the end, it is almost next to impossible to analyze this data, as it not only contains texts, but also videos, sounds, and sensor data.
As the amount, you see is gigantically growing, it requires special tools and high-end technology specially designed to handle, interpret and analyze this data. And, it is where data analytics plays it vital role. The thorough, timely and in-depth analysis of this so-called ‘Big Data’ via special software, also called the data analytics software alike Haddop, SAS and Python to name a few. These soft wares have been specially designed to handle and analyze this quantum of data.
Data analyzing using these tools along with statistics and mathematical reasoning further helps organizations precise decisions and respond to customer needs and queries in no time, thereby improving customer valuation and customer relations of a company. The use of the Bid Data Analysis helps in a great way in improving profits and lowering costs.
The Power of Big Data Analytics
It was still some time back that major and important decisions of business were taken on the basis of experience and instincts, but the advent of modern technology have changed it all. Now, all crucial and important decisions for a business is taken depending on the information it is gathered through data, analytics, and logistics. In the present scenario, while marketing strategies are being made, decision makers observe, study and conduct in-depth research of customer feedbacks and behavior to reach the roots, instead of relying on conventional methods.
Big Data Analytics certainly leads in taking the most accurate of decisions with highly predictable outcomes. It also gives insights on future trends, the success of strategies on marketing, customer faith and response along with increases customer interaction and feedbacks.
Before opting for data analytics, you must understand in clarity the 3V’s: Variety, Volume, and Velocity.
- Variety: meaning various types of data.
- Volume: meaning the amount of data.
- Velocity: meaning the speed the data is processed.