Top Four Reasons Why Business needs Data Analytics
You’ve probably already heard that Data Analytics is the next big thing, but do you know exactly how much of a game-changer it can be? Leading industry experts are predicting that data science and analytics jobs will be one of the most high-profile roles in the new millennium.
According to Forbes, Data Analytics adoption went up by 53% in 2017, compared to a low 17% in 2015. Another report by IBM stated that the demand for data scientists will rise by 28% by 2020. These numbers only reflect the growing stature of data analytics as a business’s critical function.
There are several key influences that data analytics will have on a business in the decades to come. Let’s take a look at some of the primary reasons why a business needs data analytics to prosper:
Understanding Present-Day Situations
Modern businesses collect vast pools of data about their day-to-day operations. For large scale companies, making sense of this data can give them 100% visibility into what they’re doing right, and what they’re doing wrong. Data analytics will help businesses tap into their data reservoir in a productive, results-driven manner. It will help identify their strengths and weaknesses at a highly comprehensive level.
Competitor Analysis
Every successful business needs to keep a close tab on their competitors. As markets are becoming increasingly cut-throat, there’s nothing like in-depth industry knowledge to provide a business with exactly the boost that they need to get ahead in the race.
Data on markets and movements are constantly being collected by internet giants like Facebook and Google, as well as a growing number of Techno graphics and market data companies. Businesses require an in-house analyst to convert this third-party knowledge into actionable insights.
Discovering Business Value Chain
There are always existing value chains within a business that are key to its operational success. The data on these value chains can help businesses take what they already have and employ it across the organization, as well as improve it, if possible. Data analytics plays a key part in discovering these business value chains and helping the business nurture and replicate them.
Predicting Right Course of Action
One of the most important functions of data analytics is translating present-day data into future-ready actionable measures. With a wealth of information available, businesses will be looking to predict market trends, disruptors, and enablers that will shape them in the near future.
Data analytics plays an essential role here in strategizing for the future, a task which is becoming increasingly important as labor is being automated and industries are undergoing a sea change in terms of the products and services that they provide. New industries are being born at a very fast rate as the world embraces technology, and data analytics will play a key role in discovering the next big thing.
These are just a few of the broad ways that Data Analytics can help a company grow. However, this doesn’t even begin to cover the kind of information and visibility that it can provide. If you want to know all about data analytics and its impact on businesses, then you can opt for a certification course that can equip you with the knowledge you need to embark upon a career in Data Science.
Nulearn is one of the leading certification course providers. It is associated with numerous leading education providers in India and abroad. The courses are very competitively priced and can be taken in the comfort of your own home.
