Thread by @SBI_Media

Why You Need Data Analytics

Data has always been a hot topic, and big data is everywhere these days. Data is also considered as a key factor in the success of a brand or company.

Data is perhaps more valuable than gold, some even say that data is the mineral oil of the 21st century.
But collecting and storing data is no warranty for growth and profit. So, what makes data powerful?

Well, all of us generate data all the time. We communicate via digital channels such as WhatsApp, Facebook, Twitter etc, we do online research, we take pictures with our smartphones and in doing so, we leave a data trail.

And this data is the raw material for perpetual new applications in the digital world. Globally, people generate an estimated 2.5 trillion bytes of data per day, note that a trillion is a number with 18 zeros. Okay!

But data and information is generated not only by humans. Also interlinked devices, the “Internet of Things”, generates data by means of production equipment, cars, fridges, basically a little of everything and even toys.

However, a vast amount of data alone does not constitute usable knowledge. On its own, data and information does not have any value. Therefore; we can say that what really delivers value from big data is the analytics applied to the data.

Without analytics, which involves examining the data to discover patterns, correlations, insights, and trends, the data is just a bunch of ones and zeros with limited business use.

So, to answer the age-old question, “what’s in it for me?”, analyzing information using big data analytic tools enables organizations to make better-informed business decisions such as when and where to run a marketing campaign or introduce a new product or service.

As we know, data analytics is a broad field, and it is only through data analysis that meaningful business and market information can be created, resulting in new options for action, that is new disruptive business models emerging and revolutionizing the industries.

Analysis and evaluation also make data valuable and powerful. So, a brand has to invest some preparatory work to really benefit from its data, identify use cases and also define company goals.

This work and effort are worthwhile because it turns randomly collected and stored data into knowledge which contributes to the company’s success.

In summary, people generate data permanently. Untreated, this data is of little value.

Therefore, transforming data into knowledge and solutions by exploring tools in data analytics would enhance a brand’s competitiveness in its industry market or channel.

To learn about how your brand can benefit from data analytics, drop a message via: [e-mail]

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