Analytics is one term we increasingly hear on an everyday basis. Although the term has been around for the past three centuries, many of you would be surprised to know that it originates from the fields of mathematics and statistics.
Analytics has now re-emerged with the development of the big data revolution which has manifested itself over the course of last decade.
It has now re-emerged with the development of the big data revolution which has revealed itself over the course of last decade. With concepts like Big data, every company wants to make the best use of the information it gets through its online existence, and therefore Analytics play an essential role in this decision-making process.
Big Data and the Internet have revolutionized the world. Every two days, there is just as much information created across the globe as there was from the dawn of civilization until the year 2003.
The massive growth of data in combination with cheaper and smarter storage is acting as the powerful, valuable engine in the industry. This reflects that today it is possible to not only extract insights from consumer/buyer behavior but also program machines and computers to gain extreme productivity gains based on this data. This is the primary driving factor for more innovative analytics in every business application.
New competencies in collecting, processing and analyzing significant amounts of data reshaped analytics from a traditional phenomenon into a disruptive technology that is changing the world today.
Analytics play an essential role in harnessing this data to identify and create new opportunities for companies. This results in more operational business moves, efficient operations, higher profits and more satisfied customer.
We have heard the term” Customer Is King”, and analytics help us align our objectives to those demanded by our clients.
Tom Davenport’s report on Big Data in Big Companies, highlighted three key benefits of big data.
- Cost reduction. Easy identification of new business opportunities. Less investment in research and development.
- Faster, better decision making. Immediate access and analysis of information.
- New products and services. Ability to measure customer needs and satisfaction allows business to provide customers what they want when they want.
Analytics is thus an essential component of any website, application or social media platform.Companies should now invest in resources to incorporate analytics into their online platforms to analyze customer behavior and understand what customers want.
Happy Customers guarantees successful business!