Business and Data Analytics

Earning potential of a business is the key element for a startup as well as for an established conglomerate. Certainly for that, there are intangible value additions through a sense of purpose, an uncanny foresight and a savvy nature. Data is the key tangible element that drives the quantifiable goal in reach of a business manager.

Through data analysis the interpretation of data into information is possible that can be utilized to smart business decisions. The three levels of data interpretation are:

• Descriptive Analytics, which use data aggregation and data mining to provide insight into the past and answer: “What has happened?”
• Predictive Analytics, which use statistical models and forecasting techniques to understand the future and answer: “What could happen?”
• Prescriptive Analytics, which use optimization and simulation algorithms to advise on possible outcomes and answer: “What should we do?”

Data analysis was what gave the business that edge by not only saving money but also helping businesses to gain a larger market share and increase profit margins. This was because of intelligence provided by the information based on the data; instead of guessing future consumer behavior, companies could make accurate predictions. Overall, organizations investing in analytics were more productive, agile and profitable. 

Data analytics can directly increase profit margins, improve performance and motivate staff.