Data analytics has its pervasive value due to the exponential rise of data. With emerging cutting-edge technologies and tools, the process permeated to swathing raw data into an informed insight is in the offing. Moreover, the conspicuous boost in data volume is attributed to the Internet of Things and connected devices. They have given rise to the diversity and richness that data has achieved.
From traffic sensors and connected vehicles to social media platforms and wearable devices, they consistently contribute to data generation in a big way.
For example, 394 billion emails are delivered, five billion internet searches and 4PB of data created on Facebook take place daily. That’s the data being generated. And this is just a mere tip of a massive iceberg. The prediction made by experts reveals that 463 extra-bytes (EB) will be created by 2025 in a single day.
And the lion’s share of such predicted data creation in the future goes to a vastly interwoven network of the device-transmitted signals, images, clicks, and words. Under such circumstances, companies must tap into their network of available data resources effectively to ensure the development of well-informed business decisions, finetune their business offers, and provide great customer-satisfaction results to their clients.
Defining data analytics
Data analytics is a systematic computational data analysis of datasets based on which the underlying information is drawn/extracted to develop valuable insights. The patterns of raw data are uncovered in the process using dedicated systems and software tools that harness the power of machine learning algorithms, automation, etc. to conclude what exactly the data stands for.
Companies tapping the potentiality of data analysis gain a competitive advantage in the market, as they capacitate their business to better understand their customers, evaluate ad campaigns and offer personalized services best suited to the discretion of their customers.
Even in content writing service, I tend to believe that a content writer must harness the power of data analysis to understand their target audience and develop better content strategies to boost their engagement and retention ratio on their websites.
Why should companies invest in data analytics?
Data never ceases its exponential growth
There is always a ceaseless exponential growth of data in today’s digitally enveloped world of humans. For example, Google search hardly evades answering any question you pose to it. There is hardly any company from around the world relying less on data and analytics. Industries like Finance and Retail deal with the ocean of data and roll out considerable investments in data and analytics.
Huge investments in data and analytics from private equity firms lend credibility to the increasing importance of data and analytics for business corporations worldwide to find the best deals. Data and analytics contribute significant parts to business-decision-making for investment management companies. According to their viewpoints, big data leads to an upsurge in the value of their portfolio. Private equity firms shift their focus to data analytics to achieve competitive advantage.
Investment In Data Analytics Is Deemed A Lucrative Business
It goes without saying that a large number of companies are beginning to understand the virtue of data analytics, given its advantage of gaining a competitive edge in the marketplace. Therefore, a business can opt for investment to be made in countless optional data and analytics companies today and reap benefits out of it such as earning revenue through such investment.
Companies equipped with robust data platforms have conspicuous power for expansion. Besides, the lucrative investment can also be made possible if you can understand which companies to invest in which make available big technologies. With considerable options available right now, earning potentiality of investing in data and analytics is huge for businesses today.
The role of data science pertains to revealing the insight of investment decisions. And such a decision always pivots on the quantity of valuable data. The more of it, the merrier it is. The presence of data analytics has given companies an option to do permutations.
When big data is analyzed, it reveals hidden opportunities bearing the message of lucrative investment. The most fundamental thing about investment decision is that it is never taken without foresightedness into consideration. And big data provides such an insight to businesses.