“What gets measured, gets managed”. This quote provides the essence of why data analytics is important. With the use of today’s technology, there is a wide variety of information available on a recurring basis and on short notice. The challenge now is to identify which of the data is important and relevant in order to enable us to manage the processes which generate that data.
Data analytics can be defined as the process of examining data sets in order to draw conclusions about the information they contain. In most cases, the analytics will involve a visual aspect to make the data easily understandable. We are exposed to data analytics on a daily basis. The easiest example may be the weather forecast which is provided by the news and is mapped according to the different regions of the country. This is a basic example of where data (the expected temperatures) is analysed per region and presented in a visually appealing manner.
Data analytics is a crucial component of managing any business. Should the necessary time be spent on analysing relevant data, the management team will be able to make the best decisions for the business. Software programs are available on the internet (free of charge) which will enable you to start analysing data on your own.
The following are examples of software which is available to enable a business to analyse data:
The ability to be able to analyse data will not only be of benefit to your business but will benefit yourself as well. Data analysis is a skill which is sought after by a lot of employers and could be a valuable skill to add to your resume. The best part of the ability to analyse data is the opportunity to develop and hone your skills on your own time. A wide variety of exercises are available online which can be used for practice.
In short – it seems that you only stand to gain from implementing data analytics.
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