Everything Data Analytics

Adapting to the drastic economic change, more and more companies are seeing the value of data-driven business strategies, and this has opened up an abundance of job opportunities especially in the area of data intelligence.   

With the aid of analytical tools, the person who accumulates, processes, and performs analysis of data is referred to as a Data Analyst.  

He or she is required to present data in a simple visual format, in order to help organizations and companies understand how to make better business decisions. If you are looking to equip yourself with the ability to be a data analyst, here are some of the criteria.   

HARNESS THE POWER OF DATA.  

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Convert raw data into profitable business decisions. 

Your business most certainly has a mine of under-utilized data. Now imagine having all that data organized and archived in a simple presentable format, couple that with smart computing and you have everything you need to make calculated and informed business decisions.

There are four types of data analytics systems that being used in business.

1. Descriptive Analysis, Diagnostic Analysis, Predictive Analysis and Prescriptive Analysis. Descriptive data analysis looks at past data and allows us to see changes affecting a business

2. Diagnostic data analysis aims to determine why something happened. Once your descriptive analysis highlights change in a business, diagnostic analysis can be used to decipher the cause of that change. 

3. Predictive data analysis predicts likely future scenarios. In this type of analysis, trends are derived from past data, which are then used to predict the outcome of business decisions.  

4.Prescriptive data analysis combines the information found from the previous 3 types of data analysis and forms a plan of action for the organization to face issues or decisions.

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Data driven decision making requires a thorough view of all aspects of your business. The data functions as a set of eyes for decision making executives as it provides them with both an overview of the market and details about the business.

Therefore, any errors in information could cause knock on effects that severely impact the business, leading to bad decision making and misguided strategy.

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As we struggle to deal with the COVID-19 crisis, governments around the world are forced to adopt new technologies and systems in order to protect their populations. Artificial Intelligence has proved highly effective in aiding governments as diverse as South Korea and Germany. In this video we highlight how AI and machine learning are being used to fight the virus.  

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At present, automotive companies are capable of collecting and analyzing an enormous amount of raw data. Advancements in data analytics and its fusion with the automotive industry has led to smarter, more connected vehicles, and drastic improvements in sales and marketing.    

IHS Automotive has estimated that an average car produces approximately 30 terabytes of data daily. The onus is then on manufacturers to effectively use the data for competitive advantage. Since so much data is produced, the automotive industry today has turned into a data-driven industry. Thus, automobile manufacturers can use data analytics software to glean new insights into their business and make better decisions, which can then be used to maintain and expand market position and profits.   

Thanks to the data-driven age we are living in, data analytics software is now able to help the automotive industry to design and build better cars today, and help make the cars of the future a reality.  

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In building a successful business, arguably the most valuable asset within the organization is the people. Human resource departments globally are now looking towards data analytics to provide informed and unbiased decision making. This method is considered to be more effective and objective compared to the traditional method involving human feedback and reviews.  

Thanks to the rapid advancement in artificial intelligence and machine learning, Human Resource professionals now have even more data available to help improve human resource department's efficiency   

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Strategic thinking and planning are crucial to growing your business, especially in trying times. With the advent of data-driven decision making, the area is rapidly evolving, and, for the past few years, businesses have increasingly turned towards data analytics to assist in decision-making. Entrepreneurs and enterprise leaders should take advantage of the shift from traditional methods to more modern ones by providing their analysts with the proper tools to uncover insights and design an up-to-date process that drives the business forward.  

Here are our essential do’s and don’ts of data analytics, to help guide your organization in transforming data into measurable results.  

Follow this link https://cubeware.setmore.com/teamcubeware for a free 15 minutes discovery call and let us guide you through your data, help you organize it so it may help you use to your advantage.  

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Simply put, the supply chain is there to serve the demand of customers while data analytics becomes the linchpin of the demand-driven supply chain which sounds appealing, but what does it look like in practice?  

A demand-driven supply chain will anticipate and determine what will they choose regarding issues like customer preference, what are they willing to pay, and shows how social media is influencing their decisions and more. That is where data analytics tool looks into the issues such as social sentiments, it can play a big role in a demand-driven supply chain, the kind of insights you will get will inform decisions at each step along the chain to see the whole supply chain inward and outward.  

Data analytics will generate insights for you and show you the way to make a smarter, customer-centric, demand-driven supply chain. It will connect you to each step that serves your customer better, smarter, and more efficient from behind the scene.   

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In the last decade, data analytics have helped revolutionise the marketing industry, allowing brands to deliver more targeted messaging and more effectively measure their return on investment (ROI). Every online transaction made, whether through banking or shopping; GPS pinpoint taken by smartphones, or website visits – all contribute to the generation of a large and varied dataset.

For marketers, big data is a weapon that gives businesses a competitive edge in modern markets. How business was conducted in the past is now completely different from what consumers want today, and they are ready to pay for products and services that are more personalised with smart interaction designs to boot.

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