We live in a world surrounded by data. Companies in every industry race to collect and process every piece of data they can. Big data means big business. The question is, what do we do with all this data? How can business extract value from data? Why does it make sense to analyse data?
Data analytics is the widely used technical term that defines the examination of data sets in order to draw insights and conclusions from them. Consequently, big data analytics refers to the processing of extremely large data sets that may be analysed computationally to reveal patterns, trends and correlations. The world of big data is a growing and lucrative field in computer science for those with proper training and experience.
While one can trace the origins of data analytics to the technology industry, it now impacts every sector from retail to media, to industrial goods to services. Every CEO today must have an answer to the questions: “What is your digital strategy? What new capabilities are you creating to compete with digital disruptors?” The key lies with data analytics.
The traditional approach to delivering business intelligence is being challenged
A recent study revealed that 75 per cent of companies in the US and the UK are working to increase their use of analytics in an effort to move to business models that are more predictive in nature. This figure is likely to increase as more applications are developed to assist business to collect, aggregate, synthesise and visualise data to drive efficiency, innovation and optimal business outcomes.
Analysing big data allows analysts, researchers and business users to make better and faster decisions using data that was previously inaccessible or unusable. Nowadays, using advanced analytics techniques such as text recognition, machine learning, predictive analytics, statistics and natural language processing, businesses can analyse previously untapped data sources independent of, or in conjunction with, their existing enterprise data, thus gaining new insights resulting in better and faster decisions.
With the emergence of big data, the Internet of Things, artificial intelligence and machine learning, the role of analytics has been elevated to centre stage. The winners in the modern world are those who can give all their employees, partners and customers immediate access to the most relevant information. But winning requires more than answering tough questions, understanding the business at every turn, and seizing opportunities before your rivals do. It’s also about creating value and ROI with every decision you make.
A strategic approach to analytics will provide the key to unlocking the value in your data – enabling you to gain unprecedented insights, bridge the gap between analysis and business outcomes and combine the power of big data with analytics to drive business success. The traditional approach to delivering Business Intelligence is being challenged.
BI and analytics solutions are evolving at a rapid pace – with many organisations leveraging modern, agile platforms to create business value. The ability to reason, plan, predict and solve issues with deeper insights from increasingly diverse data sets is opening up a whole new world of opportunity as well as defining new methods and approaches.
In this rapidly evolving scenario, businesses are depending more on specialists who can help them handle the unprecedented volume and variety of information caused by the modern day proliferation of data – something which traditional data warehouses cannot cope with anymore. These businesses also need someone who can deliver relevant, factual and timely information that is mobile, highly interactive and tailored to user needs. Someone who can help them use data to understand customers and their environment in far greater depth.
Patrick Bezzina is chief technology officer at Ecovis Malta.