What is Data Analytics and Why You Need It?

Do you know that all major companies in the world allocate budgets for data analytics? Do you know that the global data analysis industry is expected to grow by eight percent in the next seven years? In case your business still hasn’t paid attention to the up-and-coming trend on the IoT, let’s break it to you, it’s data analytics.

Big data, data analytics are some of the terminologies you may have heard from the tech gurus over the last decade or so. However, you may not have heard that data analytics companies can help design Data Lakes for your business to accelerate growth in an unprecedented manner.

Don’t believe us? Well, this blog will tell you everything you need to know about data analytics and why you need it.

What is Big Data and Data Analytics?

To put it simply, big data is the tons of unstructured information pieces available in physical and virtual forms. For example, an individual from a certain demographic, certain age group, and specific buying patterns may be a potential customer for a company. But who’s going to tell that company based in the U.S. to market its product to this certain individual? Analysis of the big data!

Data analytics helps companies understand unstructured data and convert it into useful information. There are four primary types of data analysis naming descriptive, diagnostic, perspective, and predictive. The type of data analysis needed depends on the situation.

Benefits of Data Analysis

Here’s the big question, why every business needs to hire a data analytics service to collect, store and process its data.

Targeted Reach

As discussed above, data analytics helps companies find their potential clients based on the data available. This includes buying patterns, consumer behaviors, health conditions, educational backgrounds, and so on. By understanding where your customers are, you have a better prospect at marketing your product with the optimum results.

Informed Decision Making

By implementing data analytics before making financial decisions, businesses ensure that their decisions are backed by evidence and research. The evidence and research is provided by data that is otherwise redundant and considered useless. This allows companies to take measures against contingencies, initiate plans with solid backing, and implement strategies that best cater to their interest.

Reduce Risk

Data analytics not only helps with diagnostics but also lets you make predictions. This helps companies mitigate risks in different situations and take actions that have the desired outcome.

Innovate and Improve

By understanding industry trends or knowing your customers’ preferences, data analytics allows businesses to innovate and improve their services. Not only is customers’ feedback taken into account but businesses can preemptively act on prospected opportunities with the help of industry insights provided by big data.

Invest in Data Lake Design

For businesses that seek growth and an edge over their competitors, investing in data analytics is highly crucial. Contact us at Continuum Innovations for data analytics services.