Revealing the Potential of Data Analytics for Businesses.

Overview 

The main purpose of this post is to understand how data analytics is important for businesses in the current times. The motivation behind the article is to reveal the hidden potential of data analytics for businesses. The article bifurcates this potential into qualitative and quantitative means. It ends up with glimpses of future prospects that businesses would have if they employ data analytics. 

Introduction 

Have you ever imagined about the strong correlation between data analytics and businesses? If you have not, then you must ask yourself some of these basic questions:

1- Are businesses today functioning at their fullest potential?

2- If businesses have been functioning for decades without data analytics, what is the need now to destroy the status quo?

3- If businesses are well aware with the market dynamics from the very beginning, what is the functionality of data analytics suddenly?

To understand the answers of these questions, it becomes important to deep dive into data analytics. 

 

Deep diving into data analytics 

Let us first understand that data analytics is neither simple nor a less ordinary approach. To generate a cursory outlook about the data problem, we can imagine that thousands of petabytes of data prop up every hour. To take that further and consider a case study, it is said that if we were to see all the videos that are uploaded on YouTube in a single day, it would take us 15 years to do so. If we were to count the number of data analytics courses that are uploaded every month, the number is more than a million. 

All this points out that the data problem is actually big and a separate science is needed to deal with it.

Finally, to put the above perspective into picture, we have to know that if we are able to extract meaningful information out of this raw data, it might work wonders to swiftly transform businesses. 

 

Quantitative potential

 

There is no doubt in the fact that data has the potential to change the shape of a sinking business cycle. Moreover, this is best understood when we put it in figures and surveys. Let us take the example of business intelligence report 2018.

According to "State of business intelligence”- 

• 51% of sellers offer perpetual licensing agreements in 2018, a notable decline over data of 2017. The total number of sellers freezing licensing agreements continues to grow for both private and public cloud models.

Less than 14% of respondent institutions have a Chief Data Officer, and only about 11% have a Chief Analytics Officer.

• The thesis noted that the greatest fractional change in various areas driving adoption models includes Human Resource systems(7.4%), Marketing system (5.7%), BICC (5.2%) and Sales and management (5.1%).
• The financial industry tops all others in Business adoption models, followed by the Technology sector with 41% of institutions having 42% or more adoption of latest analytics trends. 

 

Qualitative potential 

By now, there is no doubt in the fact that data analytics has a tremendous potential for businesses. Now the prime question that remains is whether  the businesses are callous about it. Moreover, is it the right time to promote data analytics courses so that businesses benefit from this. And whether there is a need to incentivize these data analytics courses so that the micro, small and medium enterprises are able to benefit from this.

The answer to all above questions is the quick adoption of data analytics for businesses to transform them in the long run.

 

Future potential 

The future prospects of data analytics for businesses are so bright that 21st century businesses have been named variously as knowledge hubs, innovations farms, idea incubators and information start-ups. The strong correlation between business and big data is highlighted by Geoffrey Moore.

According to Geoffrey Moore, "Without big data analytics, companies are blind and deaf, wandering out onto the Web like deer on a freeway."

 

Concluding remarks 

Data analytics can emerge as the lamppost for change of ordinary businesses. For ailing businesses, data analytics can operate as the final doctor. And for those businesses which are doing pretty well, data analytics can make them realize their ultimate zenith.