Down the timeline, when the digital transformation was beginning, people were considering corporate data as mere useless excreta. This mindset kept game-changing doors closed for a long time. Right when experts realized the power of data, they devised an invincible weapon known as analytics. Data analytics has turned impossible tasks into a reality, fueled new ways of doing business, and delivered a mode of peeping into what’s coming ahead. Altogether, data analytics is propelling advancements and familiarizing us with tailoring successful strategies. Are you wondering how data analytics is changing the world? Here are the three ultimate reasons.
Data Analytics is Propagating a Developing World
Ever wondered what stops the developing nations from growing infinitely? It’s the lack of adequate funds and the ability to invest in robust infrastructures frequently. Even in such a crisis, these countries end up draining their wealth unexpectedly without efficient planning.
Data analytics breaks the monotony and acts as a savior for them by processing the bountiful data and driving saving insights. For instance, IBM conducted a water usage data analysis in Tshwane, South Africa, and found that they were losing about $30 million every year from faulty pipes and running outlets. Similarly, other eye-opening analytical insights assist these nations in reducing costs and spending the extra capital judiciously.
Data Analytics is Managing the Risks
Gone are the days when organizations had to try their luck and take risks whenever doing something new. Do you know that the data your business produces can cover you from possible risks? Yes, you heard it right! Data can generate information stating which moves are risky and lossy. All you need is to manage the voluminous datasets efficiently to drive risk-proof insights. However, most businesses fail to organize and process such unstructured data without specific toolkits.
An American Banker report in 2012 revealed that data management in a bank consumed a whopping 7-10% of their income. Since data analytics began taking over the industries, managing data without hefty investment has become a cakewalk, and safe decisions are the new normal.
Data Analytics Predicts the Future
The primitive “we shall see” business approach was unfavorable and entailed a continuous risk of unrecoverable losses. However, an analytics-driven forecasting model replaced the conventional mindset and made looking into the future possible. Nowadays, companies are racing to adopt predictive analytics leading to its expected market growth of $10.95 billion by 2022. Using predictive analytics, brands are predicting customer responses before launching a product. Or even better, they are analyzing what customers expect from their services and manufacturing their solutions accordingly. Who imagined foreseeing the future will become so simple!
“Information is the oil of the 21st century, and analytics is the combustion engine” – Peter Sondergaard.
With more innovations and digitalization, data is here to stay amidst us for years to come. Along with data, analytics is evolving, and experts are bringing fresh insights to the table regularly. Such information will foster innovation, mitigate risks, and open successful avenues to make the world a better place to live for all of us.