If you are researching any topic right now, whether it be for your business to grow up or student. The Term Data Analytics must be not new to you. It is a phenomenon that has taken the world by storm. With Data related professions now taking over most of the high paying jobs in the industry, more people are looking to get into it as well.
And it doesn’t look like its gonna slow down anytime soon. Reports from firms such as Mckinsey and KPMG suggest that Data Analytics is here to stay. With over 16%-18% growth predicted over the span of next few years in multiple industries.
And it’s not just Data Science and Analytics that is growing. This field of study has produced BI (Business Intelligence) tools. These tools are helping businesses see efficiency and accuracy amongst their data that was unseen before. These tools are able to comprehend data that exceeds millions and are able to find patterns, discover new information in a matter of minutes. One thing is for sure. For any business to evolve in the next couple of years, they will have to utilize this in one form or another, because Data is a goldmine, and it’s here to stay. Let’s look at an in depth Analysis of why Data Science and Analytics is the Future!
Business Intelligence tools will become the Standard Language amongst Businesses and help with Data driven decisions.
If you go over to Linkedin right now, you will see a pattern. Every major company in the world will be looking to hire a data professional. Whether it be a Data Scientist or a Business Analyst. They want people who understand the backend of these Business Intelligence tools. Most businesses are moving towards optimizing their business in a way that themselves or their users will be able to create complex visualized reports in a matter of minutes without worrying about the entire coding factor of it. This is going to help Businesses adapt to this technological trend early, putting them ahead of their competition.
The human brain is a brilliant thing, it has the capacity for problem solving no technology can replace, but what technology can do is optimize it. Once these BI tools are able to create quick insights, together with human input. A perfect decision making support system is created.
Consumer behavior is more advanced now than ever, and companies are hoping to catch more users into their purchasing cycle but currently lack the data to do so.
Social media, for example, is an ideal tool for gathering such data. Once a users’ behavior is monitored, the data is then analyzed to have a tailored made experience that would help customers engage in a more interactive manner.
Artificial Intelligence & Machine Learning to use Data Analytics in order to help our Environment.
The Variety this AI technology has given us is truly remarkable. The practical usage of these algorithms are endless. As time progresses we are going to see the stigma of using AI be removed. Even now in our household, we use countless AI powered items which help our lives easier. We are going towards a trend which would help people understand the importance of AI and Machine Learning to remove a chunk of our carbon Footprint. We are heading towards a massive climate change and it is absolutely necessary we do anything to prevent it.
Data Analytics can help companies move towards net-zero carbon emissions. Not only do cloud computing and prescriptive analysis help, the models we can build and run simulations will be able to help us combat such change in future. Artificial intelligence is known to lower energy consumption across multiple industries. So it is time we will be moving towards that.
Data Analytics in Cyber Security.
We are currently in a phase where our digital assets are equally important. We use Cashless systems, make most of our payments online. So it important to secure those. Yes your password and PINs are secure but it can be improved. Each of us have our own unique set of fingerprints, but you know what else is unique to each of us? Our behaviors.
Data Analytics now in fraud detection is at an alltime high. Our banks know our transactional behavior. They know how much we typically spend on expenses, how much we transfer. So when anything slightly out of ordinary to your behavior occurs, we get notified immediately so we know incase our accounts may be unsafe.
Interconnectivity Becomes Critical To Success
In order for any company to stay relevant and at the top soon, interconnectivity is going to be critical. At any given point, a trend might work in your favor or against you. Hence it will be important to get real-time data connected so you know what’s happening at any time.
Additionally it will be crucial that there is a connection to IoT. Our lives is now interconnected with the Internet of Things and this can impact any line of business. It is vital that organizations interconnect their data to relevant IoT platforms to maximize results. To learn more about how important IoT analytics is, check out our article on Internet of Behaviors (IoB).
Superior Algorithm-based Automated Solutions
Data analytics is fast gaining popularity since it aids in the discovery of new and more productive methods to conduct business. As a consequence, cutting-edge algorithm-based techniques may be used to get superior results that would otherwise be impossible to achieve today. Analytics is predicted to increase faster than enterprises’ ability to use it, prompting them to engage in technological stack improvements on a regular basis to avoid falling behind. To stay ahead of the competition, companies are already employing a variety of technologies and automated aspects. As a result, autonomous components and agents, such as smart advisers, virtual personal assistants, autonomous cars, robots, and so on, are projected to become extremely popular in the next decades.
Final Thoughts
There is the famous saying “Evolve or be Extinct”. Overtime, we have seen so many companies just disappear after being Giants in their industry. Simply because they refused to keep up. Data Analytics is able to help us in any industry possible. You can analyze trends, behaviors to be ahead of everyone and succeed in your role!
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