Wed. May 29th, 2024

Today, data has become an indispensable part of business and technology. With each succeeding day, data is gaining more relevance. The world is steadily shifting towards being more data-driven. But do you know that each bit of data gathered needs to be analyzed to derive valuable insight out of it? Now, another question- how do we accomplish it? That’s where data analytics comes to your rescue. 

To further know what data analytics is and how it drives business value, let’s read below. 

What is data analytics? 

Data analytics refers to the process of evaluating raw data using statistical and analytical tools. The data analysis is usually performed to draw important conclusions from huge data sets. 

What is the role of Data Analytics?

As a data analyst professional, an individual is required to perform the following roles:  

  • Devise Organizational Goals: The most important responsibility a data analyst needs to perform is to determine the organization’s goal. And for this, a data analyst is required to work in conjunction with the IT team, management staff, and data scientist. 
  • Collect data: Technically known as data mining is the process of collecting or extracting data from company database or external sources. 
  • Exploring Hidden Insights: Identifying hidden patterns from data and then evaluating them as per business requirement is the most crucial task a data analyst needs to perform. The data is analyzed using mathematical and computational algorithms to explore a solution for a specific business problem. 
  • Generate Reports: This is a time-consuming process wherein the data analyst are required to generate information from raw data. To enable other staff in the organization to understand data insights, it is represented through visualizations such as charts or graphs. This is further passed on to respective individuals and teams to take business-centric actions. 
  • Conduct Market Analysis: This is another important task that a data analyst needs to perform. Market analysis is done to assess the strengths and weaknesses of competitors. It helps businesses better understand the market and gauge upcoming opportunities if any. 
  • Enhance Business Requirement: Analyzing data helps businesses go a long way in improving their customer experiences. It helps determine the shortfalls and thereby address them with improvisation on customer requirements. 

Now that you know the role of data analytics, let us determine how data analytics can help in improving the business. 

Unstructured Data Analytics 

It is widely acknowledged that approximately 80% of the data currently being generated exists in an unstructured form—comprising text in emails, user reviews, videos, audios, server logs, social media, and more. This vast, untapped resource holds the potential to confer a competitive advantage on companies capable of harnessing its power.
In contrast to structured data, which is systematically organized for easy searchability, unstructured data lacks a predefined format and does not neatly fit into existing data models. While interpreting such data can pose challenges, its exploration can yield more comprehensive insights into your business. The encouraging aspect is that companies can effectively address unstructured data by leveraging machine learning, particularly deep learning.
Developers have the capability to transform their unstructured data into vector embeddings generated through machine learning models. The inherent power of vector embeddings lies in the ability to conduct searches on semantically similar items during approximate nearest neighbor searches. This transformative approach has fundamentally altered our perspective on data-driven applications. Various tasks, ranging from spam email detection to realistic text-to-video synthesis, have experienced remarkable advance

Why is Data Analytics important? 

  1. Increased ROI: Business analysis helps organizations focus more on imparting value to customers by improving products or services with more cost-saving. 
  2. Reduced costs: Business analysis helps organizations rework their strategies while eliminating unnecessary requirements. 
  3. Increased success rate: With business analysis implementation across different planning levels, the risk of business failure reduces to a great extent. 
  4. Provide a competitive edge: Business analysis creates a clear roadmap for present as well future. It enhances product delivery and establishes unanimity among stakeholders. 

If you desire to ace your career as a data analyst, then apply for professional data analytics courses. This is the right path for you to follow and grow your career. 

By admin

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