To INTEGRATE YOURSELF OR NOT WITH DATA ANALYTICS
Posted: May 16, 2019
THE FACTORS AT PLAY
The world and fields of data (data mining, data analytics, big data, machine learning, etc.) all work on the same basic principle- finding and discovering hidden patterns in large volumes of data. What these patterns essentially do is that they help in designing and coming up with predictive models that can answer a ton of question and solve problems for any business.
The accuracy and the truthfulness of results stemming out from data analytics is not something on which one can blatantly raise a finger upon. Even after delivering such mind-blowing and astonishing results, there still exist a large proportion of people who are extremely apprehensive of undertaking a data analytics project not knowing that at the end of the day, it is only set and bound to boost their business prospects and opportunities.
But the question to ask over here is what and why should one undertake and implement data analytics concepts and ideas in their organization. The answer to such questions can be broadly classified into 3 categories:
Having put the deciding factors for integrating with data analytics or not on the table, let us now venture on discussing the same factors in a detailed manner.
The first point is economics. Economics is all about determining whether or not there is an urgent need and requirement for data analytics to finally step into the depths of your organizational workings and bring about the required changes. It is already known that data analytics is all about finding relevant and valuable information from your raw set of data. Economics of data analytics addresses the wide variety of pressing issues and matters of your business. If your business is already blooming, data analytics can come up with more efficient manners to target new customers and locations in order to give another injection of a boost to your revenue and coffers. On the contrary, if your business finds itself in a jam, data analytics can find out the problems within your organization that are dragging it back from reaching its true potential. However, before directly jumping towards data analytics to bring about changes in your business, it should be estimated in a critical manner, whether or not the information obtained from data analytics impacts your business in a major way or not.
The next aspect is data. Any sort of research on data is absolutely worthless in terms of both time and money if one does not have qualitative as well as quantitative data to back up the study i.e. the data and the records should be in ample amounts as well as should relate directly with the purpose of the analytics to be done. It should not happen that the purpose of your study is to go north and the dataset that you have pertains to things about south.
Last but not least- performance. This part deals with acknowledging and answering the question as to whether or not there is a need for increasing the current benchmark levels for the various happenings in your business or not.
After addressing the above 3 factors, almost 9 out of 10 businesses find themselves in a dire need for implementing data analytics project within their organization. As such, the need for people who can do so in an efficient and professional manner is at an all-time high at the moment, which means that getting a data analytics courses would be in your best interest at the moment.