Data analytics is the science of analyzing raw data using various techniques and processes to make conclusions about that data, and eventually package it so that it can provide insights. These techniques can reveal trends, patterns and metrics that would otherwise be lost in the mass of information that is generated by a business in their daily operations. Companies can use these valuable findings to inform and improve how they do business, engage with customers, and make decisions related to their products and services.
Analytics is the process of consuming and transforming data so that it answers important questions about your business. Data analytics companies follow a clear process when conducting data analysis and rely on the analytics maturity model (AMM) to identify and present valuable information, helping organizations to improve their internal and external processes. The analytics maturity process involves an initial stage of data evangelism, followed by putting together the infrastructure, and eventually conducting various levels of analytics.
The process isn’t necessarily linear and when it comes to conducting analytics, very often multiple iterations are required to ensure that the questions being asked have been answered. Below we discuss the analytics maturity process in greater detail to provide greater insight into what each of its stages entails.
It is official – data is now the most valuable asset in the world, ahead of oil, according to The Economist. The shift comes as no surprise — 97% of businesses use data to power their business opportunities, and for 76% of businesses, it serves as an integral part of forming a business strategy. But, what makes data so valuable? In this article, we look at why data is an asset to any organization, and how data analytics can help you make the most of this asset.
What is Data Analytics?
Different Types of Data Analytics?
There are many different types of data analytics, largely depending on the question the data analyst or data analytics company is trying to answer. This includes predictive, prescriptive, diagnostic, and descriptive data.
Why is Data the Most Important Asset in Your Organization?
Put simply, data is customer information that, when analyzed and monitored correctly, is able to provide insights into your existing and potential customers. Clean, organized, and up-to-date data is an asset because it can help your company meaningfully engage with customers, make business decisions with confidence, add value to the organization, and better inform product and service development.