Data Analytics and Sustainable Growth by Prof Surabhi SinghPosts by JSB
When we think of data analytics, accumulation of data comes in our mind. We come across the various sets of data every time. Each person creates 1.7 Megabyte data every second. The thing is, if we analyze or introspect the data internally as well as externally, we get information. The processing of data gives the information required for growth. The simple data can be processed but the complex data need to be mined so as to extract the needed information required by every individual. The individual firm or a company requires data analytics tools for their growth. The sustainability in a firm is made if both quantitative and qualitative data are analyzed effectively for the betterment of their position in the market. The data itself is raw but if processed and mined by using the specific tool, it gets transformed into rightful information. The statistical tools, R, advanced excel give insights on such massive data. The company sustains if and only if it values its data and know how to crack the data to get the valuable information form it.
The area of data analytics is emerging extensively owing to growing competition in the market. The data analytics is understood better if two terms namely Data Science and Big Data are well understood. Data Science involves data preparation and analysis, Big Data is used to analyze insights which can lead to better decisions, and Data Analytics is automation of insights into certain data set as well as assuming the queries and data aggregation procedures. The usage of data analytics for betterment of company can not be denied. The companies like amazon, GE, American Express use big data for gaining insights in their target market. The Japanese manufacturing company, Sony has adopted big data few years ago. The big data can be used for search optimization, fraud detection from customer data, accurate prediction and better customer experience.