5 February 2018
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Air is funny. We cannot see it, yet we can’t live without it; it is invisible, yet it surrounds us at all time.
Data is not invisible, yet it does surround us and, actually, businesses cannot live without it. It would not be farfetched to claim that data for businesses is as necessary as air.
As the pace of the business world turns faster, and business management shift further and further towards digital technologies, data analysis, and data analytics skills, are playing an increasingly important role.
Data is everywhere these days. Research shows that data is generated in greater volumes than ever before, with 40 zettabytes expected by 2020. Whether it is business to business (B2B) or to the general consumer (B2C), data is vital for companies and businesses.
Data analysis nowadays is an essential organisational function that offers in-depth approach to record, analyse, present and disseminate data in a clear format. A data analyst is able to provide his company with decision-making insights in the following areas:
Small and medium businesses do not necessarily require a data scientist. Data analysts, graduates of data analytics courses, or persons who have completed a data analytics training, ought to possess quite a remarkable set of skills in that area, among them programming skills like R and python for data analysis, statistical skills, an ability to map raw big data and convert it into a more convenient data presentation, data visualisation skills, etc.
Better targeting - One of the most important roles of data in business is better customer targeting. Companies want to spend as few advertising dollars as possible, with maximum effect. Therefore they are gathering huge amounts of data, analyse it and use it to target customers.
For example, efficient targeting helps the company to expand by knowing the target audience. Every business usually has an idea of who is its optimal customer. Data analysis will help target them. It can also help in updating products and marketing approach etc., by:
This is why data visualization is so important. No business, of any size, can manage without it. Business owners and stakeholders alike can now view, analyse, and act upon the data faster, and with more precision, than ever before.
This phenomenon can't be underestimated; so many businesses are wasting their time targeting people who have no interest in what they offer.
Perhaps the biggest change to note is that big data is no longer the exclusive playground of big corporations with large resources. There are many ways that medium and small businesses can use skills from data analytics training courses to their advantage and start using big data. Even people with little previous knowledge can start by acquiring skills such as python data analytics or by focusing on learning python for data analysis and continue from there.
Data analysis is not a luxury anymore, but a necessity. If you have not yet taken your business into the area of big data, you are missing out.