What is Data Analytics?

There are more ways than ever to capture and store customer information, but many companies still do not know how to make use of the data they gather. According to Accenture, only 32% of companies report being able to realise tangible value from the data they have collected. To close the gap between data collection and implementing insights from it, businesses need data analytics. At its core, data analytics is the process of analysing raw data to identify trends, answer questions, find patterns, and draw conclusions.

There are multiple types of data analytics, each of which may be used in different contexts. The four main types are descriptive, diagnostics, predictive and prescriptive analytics, showcasing the ability of data analytics to identify what has happened, why it happened, what might happen and what courses of action need to be taken.

Why is data analytics important in the workplace?

Data analytics has been an essential tool in the financial sector for a long time, where accurate market analysis and prediction can mean the difference between success and failure. These days, other organisations have also realised the necessity of analysing the data they are collecting. This applies across the public and private sectors, as healthcare and education providers, retailers, tech companies, manufacturers, entertainment and hospitality providers alike generate large amounts of raw data that require analytics to be transformed into useful insights.

Organisations utilise data analytics in a range of ways, for example to optimise their marketing strategies, tailor their social media presence to their target audience, anticipate the needs of customers to provide a bespoke customer experience, or to eliminate inefficiencies in a manufacturing process. The applications of data analytics are as diverse as the data that organisations collect.

Staying ahead of the curve is key in our globalised economy, and data analytics can provide this competitive advantage. By investing in individuals and systems that can provide high quality data analytics, businesses can drive productivity, revenue and growth. In turn, individuals with data analytics skills will continue to be highly in demand across all industries.