Data Analytics: How can they make a difference in your business?
Sofía Acher, IT Copywriter https://www.linkedin.com/in/sofia-acher/
Ariel Baquero, SQL Developer https://www.linkedin.com/in/ariel-baquero-5162b8218/
Felipe Carrera, VP of Business Development https://www.linkedin.com/in/felipecarrera/
The following text is a summary of the original article, to read it completely visit https://www.onetree.com/blog/data-analytics-how-can-they-make-a-difference-in-your-business/
The aim of this article is to overview the evolution of data usage and its importance through the progress of information systems in the business sector. We will review some history, which data analytics are the choice of most firms, which are the different types of analysis carried out, how they are applied to the company, and why they are crucial for an organization that aims to grow and make the most out of its resources.
Knowledge is key when decision making tasks arrive, to achieve it you can benefit from Data collection, which is the technique that helps information come together as a piece; data generates information and information generates knowledge. It boils down to recording aspects of a business that one might want to look back to and make sense of later. The typical recordings are related to financial results, performance measured in time or other factors, and many other variations that can be relevant to the business.
Some of the most performed analytics by companies are Business Intelligence, Data Mining, and Big Data due to its highly customizable reporting and visual handling of information. Business Intelligence is focused on informing decision making through the visualization of business metrics such as financial results, performance, forecasts and any other that is useful for the company. Data Mining helps obtain information from given data to find trends and patterns. The purpose of using Data Mining is to make decisions supported in data from enormous sets of data (Sharma, 2020). Nowadays, thanks to data and data analytics, marketers can store user’s search queries and behavioral data to make sense of their interests and build a profile. Big Data dates back to 2005. As its name implies, it is about using significant amounts of data. A significant player in Big Data is Google, since it manages millions of queries from around the world. Being able to process such vast amounts of information, Google is capable of matching search terms that allow them to display appropriate results to every search through their search engine.
How can an executive who has to make decisions benefit from all of this? It completely increases the performance of the company’s resources by offering analysis and statistics to monitor its execution. As well, it is useful to make informed business decisions, and to analyze external and internal clients better such as a specific area at the company. We would like to share some examples of sectors that are making use of Data Analytics with you.
This is a summary of the original article, to read it completely visit https://www.onetree.com/blog/data-analytics-how-can-they-make-a-difference-in-your-business/
References:
Cognitive Analytics — Benefits & Real Life Applications. (2021, 21 septiembre). Orbit Analytics. Recuperado 12 de noviembre de 2021, de https://www.orbitanalytics.com/cognitive-analytics/
Sharma, R. (2020, 30 april). Data Mining Techniques: Types of Data,
Methods, Applications. UpGrad Blog. Recovered on november 3rd 2021, from https://www.upgrad.com/blog/data-mining-techniques/
