Current trends in data analytics
For any business to be successful, it is important to know their customer’s needs and wants. Due to increasing competition, it is necessary for a company to understand their past performance in order to prepare for the future. Data in raw form is not always useful in making any powerful decisions unless it’s cleaned and processed.
Business analytics is a process of converting data into useful information that helps organizations take informed decisions for future opportunities and also to measure their performance using various statistical techniques. The conclusions drawn from analyzing this data helps businesses in understanding the environment in which they operate. Analyzing data also allows them to stay up-to date in a changing environment, to plan for their growth and to help them build strong customer relations.
Analytics trends that are strongly influencing tech giants and unicorns along with the startups are:
- Machine Learning: Machine learning and data analytics that used to be separate before has now been integrated closely for many purposes including marketing. For example, recommendation algorithms are allowing Amazon to suggest products based on customer’s location, prior purchases and interactions.
- Deep Learning: It is a part of machine learning that uses artificial neural network and studies vast amount of data similar to how human brain works. One of the examples where deep learning is used is Autonomous vehicles. The software running on these vehicles detects pedestrians, stop signs and traffic lights using deep learning.
- Dark data: Dark data refers to the data that companies collect but fails to derive any insights from it. Storing large amount of data and not using that data costs companies a lot when they could be benefiting from it. Customer order information, log files and email correspondences are some of the examples of dark data.
Thus, analytics has come a long way in a very short period of time. It is one of the key element for companies to be successful and be customer-centric. There is untapped potential in raw data and business analytics holds the power to dig useful information out of it.
What do you think would be the latest trend in data analytics space? Let me know in comments!
References:
- https://www.splunk.com/en_us/blog/leadership/dark-data-has-huge-potential-but-not-if-we-keep-ignoring-it.html
- https://www.business.com/articles/the-state-of-data-analytics-in-2019/
- https://www.forbes.com/sites/forbesagencycouncil/2019/10/01/the-age-of-analytics-and-the-importance-of-data-quality/#354a3ff5c3c4
#Business #Data #Analytics #MachineLearning #DeepLearning #DarkData
