The Power Of AnalyticsJune 1, 2016
Analytics is all about making good business decisions. Just giving reports with numbers doesn’t help. We must provide information in a way that best suits our decision-maker.
Analytics Advantage results suggest that despite considerable analytical activity within firms, analytics— the practice of using data to manage information and performance—is only at the beginning of its impact as a competitive resource for organizations.
While the reasons for employing analytics capabilities are as varied as the companies and industries using them, respondents agree overwhelmingly on one key point— analytics will continue to grow in importance over the next three years.
Clearly, a data analytics evolution is well underway, and the discipline has, in many cases, established its emergence as a valuable business management tool.
Analytics must be able to do three things: Solve a problem, be predictive, and be implementable. As a result, experts from numerous teams and disciplines must engage and smoothly interact to ensure that all of the three tasks are successfully completed.
“Data is very much a part of our lifeblood of all the firms in today’s world”
Many companies are focusing more on big data and analytics because they are seeing positive results from trial projects as well as anecdotal evidence from industry colleagues or competitors. Perhaps most importantly, senior executives are realizing that good data can yield good decisions, if captured, analyzed, communicated, and acted upon in a timely and efficient fashion. And that realization is at the heart of the analytics dilemma, as one or more of those criteria is often missing from an organization’s analytical capabilities. But those who have cracked the analytics code are reaping its rewards.
The greatest benefit of using data analytics is that it is a key factor in better decision-making capabilities, that number would likely be higher if organizations had better access or more resources to utilize their data in decision- making circumstances.
Are big data and analytics worth the significant investment of money, resources, and time for corporations and their leadership?
The answer is yes, with varying degrees of enthusiasm depending on whom you ask within an organization.
Not surprisingly, the areas in which big data and analytics were found to be the most important were those directly related to income production or cost control/reduction.
“Facts and data are driving a lot of our investments, because it’s all about ROI and metrics “Quantitative analysis enables us to anticipate the future rather than having to react after the event.
Of course, most companies implementing analytics to boost or optimize their marketing and sales performance are applying the analytics capabilities to numerous customer- centric projects and processes. In some instances, this includes aggregating and dissecting huge amounts of unstructured data generated through websites, call centers, social media, and other consumer-facing resources.
Now it’s a big question about the career in Analytics and Data science. Analytics is the booming career in today’s scenario. Lots of Analytics tools like SAS, R, and SPSS etc. are being used by data scientist to perform all data mining and analytics in all the firms