As I begin writing this blog, I am pulled down memory lane where these famous lines from the poem ‘The Rime of the Ancient Mariner’ penned by Coleridge echo: ‘Water, water everywhere but not a drop to drink’… Perhaps today it might be fair to concoct this modern equivalent: ‘Data, data everywhere but hardly a drop to use’…?
Truth be told, data is everywhere, but in a raw form. Its value lies in the conclusions that we can glean from it. The answer to the question ‘How so?’ is data analytics!
Put simply, data analytics is the magical and compelling science of how raw data is transformed into something that is supremely useful for your organization. The data of your organization may be real-time, historical, unstructured, structured, or qualitative – analytics has got you covered.
In this blog, I am excited to share some thoughts on the types of data analytics, why you should put data analytics on your agenda, the difference between big data and data analytics, as well as what’s on the horizon for data analytics. So, without further ado, let’s dive in!
Take a look at these four major types of data analytics:
As you can imagine and might have experienced, data tells a riveting story, and these four types could work in tandem to render a complete visual of this story. These days, organizations are going for leading-edge data analytics solutions with ML capabilities as they are looking to make enhanced decisions and narrow down relevant market opportunities.
Now that you have a fair idea of what the types of data analytics are, it’s time to turn to the ‘Why’ of data analytics…
With capabilities like business intelligence (BI) and reporting, data preparation, data visualization, predictive analytics, and even geospatial analytics, data analytics serves up evident benefits such as:
In a nutshell, if you’ve been aiming to unlock key insights for your business, analytics is a good route to take. It’s natural to get slightly confused while using the terms ‘big data’ and ‘data analytics’. Here is a list of the major differences between the two…
Finally, let’s take a step forward and peek into what the future of data analytics holds…
Data analytics has taken the wheel in the technology vehicle we are in, and for good reason. We should expect it to dramatically alter the ways in which we work and live. Be it in BFSI, healthcare, manufacturing, retail, or another industry, business users are likely to widely adopt data analytics. Its very welcome impacts include drops in costs and surges in business revenue.
As interconnectivity is becoming paramount for success, devising process strategies for maintaining data across all the systems of your organization is vital so as to maintain a competitive edge.
I hope my blog has helped you become familiar with everything that data analytics is and how it can support you in your endeavor to make your organization even more insight-driven!
Send us an email and visit us at Nitor Infotech to know more about how we accompany businesses in their journeys of digital transformation. Download this datasheet if you’d like to learn more about data analytics in the manufacturing realm and our areas of focus. Also watch this space for more blogs that will focus on the types of data analytics!
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