When mainstream internet was introduced in the 1990s, digital transformation also arrived. Since then, we have been converting media’s traditional forms of documents and photos into binary values. Traditional media has taken a backseat to what digital technology has brought into the society. Digitization has today touched our lives and it has been affecting the way we work, we communicate, shop, educate, travel, govern, build relationships, and, basically, the way we live.
The practices used in digital transformation are also introduced in the business context. Digital technology caused creation of new revenue streams and business models. Technologies such as artificial intelligence or AI, cloud of computing, and the Internet of Things or IoT speeds up transformation, while other technologies like data management and analytics are also needed to analyze massive bulk of input that results from digital transformation.
Digital transformation is not just about technology but it intersects technology, business, and people. Success comes when the organizations effectively use information created by technology so that it allows changes to actively occur.
Data Is a Commodity
One of the many vital assets of an organization is “information”. It is the key towards digital transformation making data analytics become a very important strategic process in an organization. Leading organizations wield these as aggressive weapons.
It is everywhere and everything that people do results in data. Every kind of electronic items we receive or send or every time we withdraw money from a bank, every website or social media that we visit of log in to, all of these create new inputs. In the current world, it is a commodity, something whose value could not be calculated. In fact it is said to be the most valuable resource – click here.
Data Analytics
DA is the process where raw facts and figures are examined to extract valuable pieces of information.
It is currently utilized through big data in the major industries. But even when the term “big data” was not yet I place businesses have already used basic analytics to detect the insights and trends. Most organizations have now realized that if they capture all the information into their business, they can apply analytics and gain important information from it.
Why is Data Analytics Important?
It helps organizations to handle available information and use it to discover new opportunities which will lead to additional business strategies, more profits, better operations, and satisfied customers. Appreciating its value is thoroughly discussed in websites like http://analytics-magazine.org/the-value-of-business-analytics/.
It happens every day and it comes about rapidly and the growth rate information is also very high. Creation of facts occurs through many industries, users, businesses and platforms. It is imperative to integrate these and utilize these for the benefit of the business because if it is not used and it is just wasted, it would mean loss of massive valuable information
In the past, skilled analysts were required to process the inputs but at present there are several tools devised to help in incorporating data analytics more quickly so that valuable inputs is immediately available. So that the audience can make different decisions based on the material presented.
Why Is DA Important In Business
An average person may not be aware of the impact of data analytics but people engaged in business, huge organizations, and industries are impacted for the following reasons:
1. For the Improvement of Efficiency
All statistics gathered within the business are not just pertaining to individuals outside the organization. Most of the material is internal. With the help of the tools brought about by technology, these are analyzed and performance of employees and the business is ascertained.
2. Understanding the Market
Datasets can be gathered and analyzed with the help of algorithms. This is called data mining. From the analysis results, market trends or business trends can be seen and studied.
3. Reduction of Cost
Big data technologies are now available and massive information can be stored and analyzed. From the analysis results, efficient ways of doing business can be identified so that it would save the company money in developing products that will not be a perfect catch in the market.
The more information and specifics gathered, the more powerful an organization will become. Data analytics is truly changing our lives. Whether in the field of sports, in business, or in the simple daily activities of men, it has changed the way people act or think or do things. It does not only play a major role in the conduct of business but also in artificial intelligence, in understanding behavior, in developing medicines, in tracking diseases, and in understanding consumers and marking the weaknesses of competitors in sports, politics, and others. We have now come to a new age where input and information is powerful and has unlimited potentials.