For the very need for growth and the urge for survival, a business must evolve continuously. In order to achieve commercial sustenance, Important decisions need to be made. The dynamics of the changing market demand a rapid and robust change in business mentality. Failing to make strategic decisions If with care and calculation can cause disasters.
For small businesses, just one decision made poorly can cost the entire venture.
However, similar ruinous outcomes can be avoided if appropriately foreseen with the help of available data.
Treating data as a critical resource
To be able to utilize all the data a business gets its hands-on, a company needs committed data analysts. If unaffordable within self-organization, outsourcing the job is also a solution.
It is becoming more and more necessary these days for a business to lean towards data analytics in India because everyone is doing it, and they are getting results! The fear of elimination is somewhat running the show for the businesses at this point of transition.
As the dawn of the information age is forcing age-old rust off the modern business philosophy, a struggle for survival and the war for growth and stability rages on in the market.
At this juncture, data has to be treated as a key corporate asset. It has to stay at the core of every decision. Every aspect of a business, from marketing to supply chain, from pricing to promotions, has to be dictated by empirical insights drawn out of data.
Also Read: Top 10 Business Intelligence Trends for 2020
Failure of data analytics
Sometimes, data analytics can also fail, making way for an action that may be doomed to backfire from the very beginning. But unlike other strategies without a plan ‘B’, data analytics in the case of businesses leaves an opportunity to re-evaluate and reconsider in future regarding the previous action. Resulting in safer and more cautious future endeavours.
There is a gaping skill shortage in the field of data analytics. Analytics institutes, along with the universities, are creating some sort of a pipeline. Then again, a candidate coming out of an analytics training institute needs time to get ready for the industry.
How much help can data analysts provide for a business? Well, the list is longer than ever. Proper big data analysis can help from the stage of development of a product or service to the marketing of the product, prediction of its sales and troubleshooting if expectations are not being mated.
If funding and infrastructure are properly devoted to data analytics, It can provide enormous capabilities of optimizing the management of a business. It can reduce the need for manpower and save valuable resources.
Understanding the consumer
The key to success in business is understanding the consumers; if you can deliver what they want, no force in the universe can stop you. And data analysts can try and predict just that by noticing patterns and trends in a huge amount of data. Unlike business analytics, it can serve its purpose even before the commencement of commerce. Based on historical, geographic and other omnipresent databases, data analytics can even ring warning bells for a new venturer looking for a share in the market.
Unstructured data, videos, texts, and handwritten documents are becoming valuable resources with the development of neural networks. It remains to be seen how much effect it will have on businesses across the globe.
A boom in Analytics as a service
Big data analysis in business was practised by a mere 17% of businesses in 2015 to 59% in 2018. Certainly, there was a hike in investments in the sector. However, the investment takes many forms after commission, from employee training to infrastructure investments. And after the business is a go, the same data analysts can provide incredibly detailed accounts of all kinds of operations.
Human capital management
Using Big data analysis, companies and businesses can pinpoint the ideal employees for their venture based on their skills and experiences. Thus, recruiting such individuals becomes a matter of time, and an efficient infrastructure becomes a reality without much hassle.
Enhancements with machine learning
Due to multiple government policies and public encouragement, machine learning is becoming mainstream. A proper set of ethical guidelines are on the horizon as well. The question remains in implementation, though. A lot of us have experienced of irrelevant and unwanted ads becoming more and more aligned with our electronic aspects of life, an efficient but suspicious phenomenon. The dark data stored across various databases is also becoming more and more accessible.