In this rapidly changing world, time is money. In every industry, companies want to stay ahead of the competition. This can be done only by making the right decisions fast. But how do you know if the decision is right? This is where data analytics comes into play.
What is Data Analytics?
Did you know, that about 90% of the world’s data existing today didn’t exist a few years ago? Every company owns large amounts of data. Each product can generate lots of data every day. But does this data equal information? Even for a highly skilled professional it’s hard to analyse massive amounts of data in a short time. It may take days, or even weeks, and the information you get may be already outdated. Data analytics transforms raw data into meaningful information. It analyses past events and recommends optimisation activities, as well as making recommendations to tackle future challenges. It can be applied anywhere there is data. Final results of the analysis are visualised in a quick and secure way, which supports quick decision-making.
Why use Data Analytics? Benefits of Data Analytics
One of the advantages of data science is flexibility. It doesn’t matter what project you want to run - internal, small or large scale. If you have the data, Data Science will allow you to leverage it and fuel your growth. Let’s look at transportation industry. Each journey generates loads of data. If you take civil air transport into consideration, only in 2016 planes departed from airports almost 35 million times! If analysts working for an airline analysed manually this airline’s flights from one day, it would take them weeks. Thanks to data science it can be done instantly. Data science solutions allow finding anomalies and abnormality in data. Sophisticated algorithms are looking for patterns and schemes and, as a result, they can easily show if all flight’s parameters were normal. This way airline operators can have instant access to information like fuel consumption, route and state of the equipment. On a smaller scale, data analytics allows us to monitor projects, tools like bots, and even employees' skills. Here are a few examples:
- Project management tool can help us in following the progress of the project, estimating end date, the time needed to fix existing bugs, forecasting revenue and other metrics, generating reports and much more. This tool is suitable not only for IT projects, but also in other industries like legal services.
- If your company is using a bot, thanks to data analytics you can have an on-demand visualisation of activities with geographical and time context and performance metrics. You can also monitor the unusual behavior of a bot and take appropriate actions.
- If your organisation has geographically dispersed teams, you can get an instant visualisation of the allocation of skills in certain areas. It will allow managers to allocate training budget accordingly and leverage the quality of services.
- In manufacturing, data science can help in automated detection of defects, like scratches and other impurities on plastic bottles.
Data Analytics can breed new opportunities for growth
Why Data Analytics is gaining popularity? A combination of better computer power, whole IT infrastructure and machine learning techniques allow us to conduct millions of calculations a day at a low cost. Having accurate data, we can make better decisions, predict unwanted events and act accordingly to prevent them in the future. Moreover, data analytics can help you uncover new paths of developing a business. If you would like to learn more about Data Analytics and how it can be applied to your business, contact us.
If you’d like to find out more about how data can help you transform your organisation, download Objectivity’s latest complimentary eBook: “How to Build a Data-Driven Organisation”.