Analytics has become a key driver for enterprise in today’s world, the digital platforms have enabled enterprises to capture data in all #varieties and more importantly in #BIG #volumes. The #veracity of the data is now captured from mobile apps, sensors, IoT devices and more to make it very attractive for analytics to provide useful insights into driving the business value.
Data has taken the lead and evolved tremendously over the years, largely because technology has enabled it to reach at a much faster pace and at lower costs. Businesses are able to understand the consumer better. The window of opportunity to upsell and cross-sell has stretched to the very last second and reaching out to the consumer from the other side of the world has become easy.
Whether it is the segmentation or sentimental or behavioural analysis, data can deliver the smarts needed by the businesses in making decisions faster and adapt to the changing needs of the consumer.
Consumers (both who publish and subscribe) of data are winning in all directions. First and the foremost role that data plays in helping the consumer make an informed decision with all the information available at their fingertips, though in the background we have to run many algorithms and process loads of data in finding that piece of information which they need.
However, if we benefit a consumer, the learning from that insight can drive in understanding a whole segment or industry. Finally, I want to leave you with the thought of “recycling data” If where to say that “recycling” is good for the environment, in the data world, the idea of recycling is gold. It plays a very big role in data mining, it benefits in recommendations engine or paves the path in predictions. Data plays a lead role to take a step further in identifying newer opportunities and driving value-added services to the end consumer.
More on the journey in the next article, however in the meanwhile, if you are embarking on the journey of analytics, then do please reach out to us. At BAR360, We are more than happy to catch up and give you our 2 cents about it.