WHAT DO SEAT BELTS AND DATA ANALYTICS HAVE IN COMMON?

Seatbelts: Such a common phenomenon in our everyday lives which makes it so hard to believe that just a couple of decades earlier, they weren’t even in regular use.

This means that prior to early 90’s - everyone, except for maybe Formula One drivers, was driving around in their vehicles at a much higher risk than today.

Ever since the importance of seatbelts was realized, we have not known life without them.

Today, seatbelts have become such a cornerstone standard that it is unlikely that you would be able to purchase a vehicle that doesn’t have any. This shows us how quickly times change and certain things become a norm.

The same theory can be applied when it comes to data analytics in business.

While data analytics were considered to be a luxury accessory in the business industry over 6 to 7 years ago, operated only by a handful of the smartest people employed in large organizations, they have now become a necessity for the survival of a business or organization in a very competitive marketplace.

Let us take a closer look at what data analytics and business intelligence are and how not exploiting them to their full potential to extend the value of your data could result in you falling behind your contemporaries.

WHAT ARE DATA ANALYTICS AND BUSINESS INTELLIGENCE?

‘Data’ or ‘big data’ are not new terminologies or concepts. In fact, the idea of using streams of incoming data to extract useful trends and patterns, albeit manually, has been carried out through the past decades. However, in the fast paced age of today, companies and customers want efficiency and speed.

With proper business intelligence and data analysis tools, companies can organize vague data into set patterns and trends that can then be used to avail new opportunities by making smart business moves accordingly.

WHY SHOULD YOU USE DATA ANALYTICS?

You may have heard people mention how important it is for a company to employ data analysis tools and you may wonder, why should you be doing so?

What is the reason that data analytics has become such an important factor in the business industry these days?

The answer is simple: efficiency. With the amount of competition that plagues the industry in this day and age, it is important for your organization to maintain the competitive edge by appealing to your customer base and providing them excellent products and services in the shortest amount of time. Business intelligence lets you do exactly that.

Data Analytics allows you to drive in the fast lane without making a compromise on the quality of your products.

Advanced data analysis tools can analyze and sort information as soon as it streams in and help you to make quick, smarter decisions and subsequently drive your organization in a preferable direction. Speed is the key when it comes to providing service in this era.

This is where data analytics can really help you - it can help you understand your consumer. It can help you to quickly recognize what it is that your customers prefer and how you can provide it to them.

HOW DATA ANALYTICS HAS HELPED AND CAN HELP.

Data analytics has quickly ingrained itself in almost every industry, especially those that require fast decision making and service.

With advanced data analysis and business intelligence, you no longer have to worry about large volumes of incomprehensible and unorganized data, as it's immediately processed to give efficient results and further steer your organization to the coordinates you desire.

With most surveys indicating that over half of the leading companies in the world are employing some form of data analysis, it becomes clear that the survival and success of your organization are directly linked the strength of your business intelligence.

So put that accumulating data to good use and turn it around to your advantage - you never know what gems you can find in the rubble.

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