There has been a significant enhancement of technology at present, and a huge amount of information is generated by it that provides us with valuable information on different fields. This has resulted in the expansion of the data industry during the last decade.
However, it will be imperative to supplement data collection with its analytics for getting insights that can help in making decisions. In fact, data analytics assists industries and businesses to make sense of the huge amount of information for further development. Making an investment in its solutions happens to be the difference between unsuccessful and successful companies right now as well as in the future.
In this blog, we will make you familiar with the meaning of data analytics and its pros and cons.
What do you mean by data analytics?
Being a comparatively new term for most of us, it refers to the tools and processes needed to process a data set and interpret essential insights from them. Being a broader term, analytics incorporates the different processes and tools employed for analyzing data.
It is possible for analytics business tools to be qualitative, for example, quality of life surveys in the field of medicine, or quantitative like statistical software or tools. They are able to extract as well as bifurcate useful information from redundant info and evaluate them for coming up with numerical data and patterns that can aid in making a lucrative change.
It happens to be an essential component for formulating strategies of all the leading companies since it aids in predicting the behaviors and trends of the customers, making decisions based on evidence, and also enhancing the productivity of the business.
Advantages of data analytics
- It aids in identifying and correcting any mistakes from data sets with the aid of data cleansing. It helps to optimize data quality and this benefits both institutions and customers like financial institutions, finance, and insurance companies.
- It helps to display relevant ads on the online shopping sites based on the purchasing behavior and historical data of the users. Here, we like to mention that we also make use of machine learning algorithms for the same. It helps to enhance revenue as well as efficiency of the businesses.
- It helps to get rid of any duplicate info from data sets and thus helps to save lots of memory space in the long run. It helps to reduce the cost to the business.
- It helps to minimize bank threats by detecting possible fake customers depending on the historical analysis of data. It helps the institutes to decide whether they should issue credit cards or loans to the applicants or not.
- Security agencies make use of data analytics for the purpose of monitoring and surveillance based on info collected by a large number of sensors.
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It aids in preventing any calamities and wrongdoings as well.
Disadvantages of data analytics
- Its cost might vary depending on the features and applications supported. Apart from this, it is somewhat complicated to use certain data analytics tools and one needs to be trained for doing so. It increases the cost of the businesses that want to adopt data analytics software or tools.
- It is possible to misuse the information received by using data analytics against individuals of some specific nations or castes or communities.
- Selecting the appropriate data analytics tools is not easy. This is because one needs to have adequate knowledge of these tools as well as their precision when it comes to evaluating the pertinent data as per applications.
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This aids in increasing the time as well as costs of the business in the long run.