Better Understand Data with Data Analytics
Data analytics is the collection, transformation, and organization of data to draw conclusions, make predictions, and help with informed decision making. The key to data analytics is………data. Data is everywhere, people use it every day, whether they pay it much attention or not. For a business, however, data is crucial and needs to be top of mind.
The following elements play a pivotal role in ensuring the success of any data analytics initiative:
- Data Collection: The first and most crucial step in data analytics is the gathering data from various sources. You need relevant, accurate, and up to date data or the output of your data analytics is worthless.
- Ensure Data Accuracy/Relevancy: Data must be useful and correct. This step includes data cleansing and validation to eliminate errors, inconsistencies, and inaccuracies. Bad data leads to incorrect conclusions and misguided decision making. Every business needs a data governance policy to help maintain data integrity and security.
- Data Analysis: Once the data quality is validated, you than must extract the valuable insights from the data. Data analysis can be done using a variety of tools and approached, not limited to machine learning algorithms and statistical models. You need to identify patterns, trends, and correlations that can be used when making decisions.
- Data Analytics In-house: This step is as simple as investing in the correct tools, infrastructure, and talent.
- Data Visualization: The goal is to take complex data insights and help make it easier to digest using charts, graphs, and dashboards.
- Create Actionable Items: The reason you analyze your data is to drive actions and decisions. Use your data to help build out strategies and initiatives to help position your business for growth.
Does your business use data analytics tools and have an effective strategy in place? If not, you are putting your business at risk with making uninformed decisions. Do not hesitate any longer to get started. 2W Tech is a technology solutions provider specializing in solutions for the manufacturing industry. Let our team of expert IT Consultants help guide your business through your data analytics journey.