We all have heard so many things about how data is impacting our decisions. It has now become a must-have capability for enterprises of all sizes. The true value of data is realized when you get actionable insights from raw data collected from diverse sources. We need to transform the data into insights by leveraging advanced data analytics solutions.
Data Analytics Solutions Help You Extract the Insights to Make Informed Decisions
With data analytics solutions, enterprises extract the insights from the data to make faster decisions leading to enhance their customers’ experiences and optimize business operations. The reason why this age is also called data age is because of the data growth. It is growing exponentially, causing challenges for enterprises to manage, store and extract insights out of it, let’s understand how we can transform these challenges into opportunities for enterprises.
Data analytics process is all about collecting, storing, managing and processing the data to get meaningful insights and make decisions based on those insights. It enables them to explore the market trends, extract hidden insights, customer preferences and identify more business opportunities.
The rapid growth of data plays a critical role in shaping business strategies across industries.
Here are some emerging data analytics trends shaping industries
AI-Powered Analytics
AI is improving the way enterprises analyze data. Businesses using AI-driven analytics have experienced 15-20%improvements in their operational efficiency – McKinsey. Moreover, these advanced AI solutions are expected to save $1 trillion annually by 2025 by helping industries make better and faster decisions.
Real-Time Data Processing
Everything is changing rapidly, and so should we to match the change. Enterprises struggle a lot to comprehend the preferences and trends of the market. Here comes the real-time data solutions. Making faster decisions requires quickly processing data into insights. Many industries are heavily investing in real-time data analytics solutions to collect, process, and extract meaningful insights instantly related to their target customers and business processes.
Over 50% of organizations will start using real-time analytics solutions to improve their decision making by 2025 – Gartner. Real-time analytics is no more a should have capability but a non-negotiable capability for enterprises to stay competitive.
Data Democratization
Previously, data analytics solutions was only the IT professionals’ area of expertise. They were managing the data analytics processes. But data democratization is making analytics and insights available to non-technical users as well throughout the enterprise. There are different kinds of self-service data analytics platforms enabling team members to access and explore data independently without having data analytics skills.
70% of new business apps will feature embedded analytics by 2025- IDC.
Augmented Analytics
Augmented analytics use ML, AI and NLP kind of innovative technologies to enhance the analysis process leading to faster insights. These innovative tools help enterprises to automate various data analytics operations reducing errors and time.
Let’s streamline and automate data operations with the help of augmented analytics.
Data Privacy and Compliance
We all are aware of the data explosion. There is no shortage of data in the market; instead, it is growing exponentially. Here comes the need for robust data analytics solutions to ensure proper data governance guidelines that follow CCPA and GDPR guidelines. Organizations should follow various data security and compliance frameworks, such as CCPA and GDPR, to ensure data governance strategies. Non-compliance with these guidelines attracts huge penalties.
Do you know that the amount of data generated globally is believed to reach 175 zettabytes by 2025 – IDC.
This large amount of data is driving enterprises to invest in data analytics solutions heavily to extract meaningful insights and make informed business decisions.
Do you know that 80% of enterprise data is unstructured – G2. When you find discrepancies in your data, you should blame unstructured data. Advanced data analytics solutions combined with NLP and AI can help them automate various mundane processes of data analytics solutions.
91% of companies that have implemented data analytics solutions report improved business outcomes – Forrester
Data Analytics Solutions Use Cases across industries
Data is everywhere regardless of any industry. Let’s understand how data analytics solutions impact business operations in various industries. We have highlighted use cases of some major industries wherein data analytics solution is deployed.
Healthcare
The healthcare industry is utilizing data analytics to make some improvements in patient outcomes, reduce costs, and optimize treatment plans. Moreover, predictive analytics help healthcare professionals forecast their patients’ needs, leading to more personalized healthcare solutions.
Retail
Improving customer experiences, optimizing retail store operations and managing inventories are some areas where retail industry is leveraging data analytics solutions There are other areas where retailers can utilize data analytics solutions.
Financial Services
Detecting financial frauds, manage risks and ensure compliance are some major areas where financial experts are utilizing data analytics solutions. ML analyse large data sets to identify unusual patterns that trigger the fraudulent activity.
Manufacturing
Most manufacturers are leveraging data analytics solutions to optimize production processes and improve the quality of their products.
As enterprise generate more and more data, the capability of leveraging that data into making better decisions is very critical in this data world. Enterprises are heavily investing in data analytics solutions. There are several experts who can help you such as Saxon AI team. It is recommended to start your data journey with experts to avoid any pitfalls, setbacks and unnecessary costs.
