What is data analytics?

Data analytics is the process of understanding and analyzing raw data to make decisions about the future. Most businesses store vast amounts of data and have no idea what to do with it. Some businesses hire outside firms to sift through the data and others try it themselves. Others try to make decisions based on gut feelings, but the companies that prosper utilize data to drive decisions.

Thrive With Your Data

Companies have little to no clue how to use the raw data that their company produces. Many think that the time and energy put into data analytics is a waste and do not bother to invest in it. However a survey done by bi-survey.com shows this, “‘Best-in-class’ companies base their decisions more on information (60%) while ‘laggard’ companies base a worryingly high 70% of their decisions on gut feel.” How about that? Companies that are the best-in-class base over half of their decisions on trends, and patterns discovered in the data that they have.

Are you missing the wave? Large companies already have in-house departments dedicated to understanding what their data means. The departments are there to find out trends, patterns, and motives for doing anything. Target is a shining example of this. Target started to analyze why people bought certain products and after collecting and analyzing the data they found what they were looking for. Women that were pregnant would gravitate toward buying vitamins and lotion. After Target noticed this they dove in headfirst analyzing and tracking everything that pregnant women bought. Finally, they found a product that was bought around the time of conception. Once this product was bought they would send out ads to those people. Target’s ability to delve into the data and derive that if you bought this product there was a high probability that you were pregnant is amazing. Data is everywhere and your ability to capitalize on the information is up to you. Now, that you know this information, what will you do with it?

Understand The Whole Picture

Data analytics does not have to be complicated. The first thing you need in order to analyze data is data. Next, is the ability to understand the significance of analyzing the information you already have. The third is an understanding of trends in the market. If you have these three things you are well on your way. If you don’t have all of these things, or if you have some, don’t worry you can always look outside of your business for options. Many businesses are capable of helping you understand the ways that data can take your business to the next level.

Get Professional Help

Lastly, we at BluWave value your goals just as much as our own and make it our sole focus to take the confusion out of data. BluWave enables you to visualize your goals and keep up-to-date visuals on your entire business. Allowing you to make it the language of your business.

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