Despite the Cambridge Analytica Scandal that implicated social networking giant Facebook over issues of selling personal data of its users to advertisers, numbers will still play an important role in shaping businesses. In the era of big data, it matters if you gauge your business activities and gather enough intelligence for supporting your bottom line.
Data analytics will definitely find an audience in startups and established enterprises that need to have a stronger grip on market research without compromising their compliance of data privacy principles and laws.
Along with compliance, businesses should also learn how to improve how they utilize data analytics for strategic purposes. Sure enough, the value of analytics will become even more pronounced as businesses embrace automation and big data technology.
Let us look ahead and see how business analytics can chart our way to the future.
- Collective intelligence
A 2013 report from The Society of Actuaries states how businesses need analytics to gain a competitive edge and drive their goals. Dan Rachlis pointed out how data enables businesses to refine their strategies and manage their resources more effectively. This, however, requires a melding of different data sources to generate collective intelligence. New tools are being developed to provide businesses even more leverage in gathering, interpreting, and applying data to come up with smarter decisions.
- The dominance of the cloud
Every year, businesses handle an increasing amount of data as they grow. Much of it comprises the individual profiles of leads, as well as market insights that have strategic value. For sure, many businesses will find it costly to maintain an infrastructure that processes a growing data set. A popular option is for businesses to divert much of this intelligence outside of the data center itself. This is exactly where cloud computing comes in. It enables employees to work on and off-site, and secures data outside business premises, thus avoiding a breach. Using the right cloud platforms, businesses can have access to a more affordable means of keeping crucial information out of the hands of competitors as well as streamlining workflows.
- The need for education and research
While many fear the adverse effects that automation and AI can bring to the world of business, some are looking towards new opportunities that have come up for both employers and employees. Data, after all, still needs human support and guidance so as to do its job more efficiently. Employees can learn how to handle data analytics and equip themselves with the essential skills for operating key platforms and utilizing data in conducting competitor and market research. Right now, there are numerous avenues for learning data analytics. CEOs and IT managers can also take up courses such as MS Business Analytics online and acquire training for handling a variety of analytics tools.
Business is a numbers game. There is no doubt about it. If you are planning to compete for a larger share of the market, reduce capital expenditures, and improve productivity, you should know how to play well by knowing how to play smart in a future where disruption is unavoidable.
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