It is often said that data is the most valuable asset a business can have; the oil of a digital era. But data itself, while interesting, often leaves out a variety of important details – creating a need for analytics. And how we complete these analytics has evolved – and will continue to do so; particularly with the rapid proliferation of AI tools and technologies.
What are the benefits of analytics?
Data analytics allows companies to institute data-driven decision making which allows companies to minimize bias and gut feel while making both important corporate decisions and making fast operational decisions. For example; with Data Analytics, a business can classify customers according to patterns found in data to understand their customers’ perspective.