Defining Data Analytics and How They Impact Everyday Life
In today’s world where technology is all-encompassing, the variety and sheer volume of data available is enormous, not to mention the tremendous rate at which new data is constantly being generated, adding to the existing stockpile. The speed at which data is utilized and replaced with newer and more current data will only continue to increase in the foreseeable future. Industries must constantly review this data to determine changes that need to be made to their products, services and processes in order to stay competitive and be successful.
Defining Data Analytics
If information can be measured, then it’s likely that there’s already a colossal archive of compiled data that is accumulating each day. It may be that the data is just there waiting for a person to analyse it and determine new trends. That’s what data analytics is about – to make sense of all sizes of data using a dynamic set of tools. Data analytics can reveal comprehensive information, patterns, and relationships of the topics being studied. Quite simply, it’s drawing conclusions about information after examining raw data.
Data Analytics in Our Daily Lives
You may not even realize it, but you probably use data analytics almost every day. Here are some of the everyday applications of data analytics.
- Social media stats instantly register anytime there’s a visitor or a post to a page.
- Cell phone bills can pull up months of calling data to show you patterns of usage.
- Sensors monitor the changing weather and report that data to you instantly on your smartphone.
- Sports fans collect statistics on their favourite athletes and often use the data to form teams for “fantasy” leagues.
- Schools across the nation are involved in high stakes testing that generate voluminous data on each student’s progress. Educators then utilize data generated from extensive reports to drive their instruction.
How Techwave Can Serve You
Techwave can serve your company by gaining an in-depth understanding of the company’s pain points and then having industry experts identify current gaps. We’ll extract extensive data by choosing the relevant sources. The experts at Techwave analyse the data to pinpoint data distribution insights and any deviations. We’ll then utilize state-of-the-art analytical techniques to generate predictive models for the company. Finally, the professional team at Techwave will be able to provide recommendations for improvement and suggest “next steps” for your business.
The Need for Big Data Analytics Services
Did you know that 53% of companies have suffered losses due to problems or costs associated with poor quality data? Contact Techwave today so we can discuss how big data analytics can lead to a 20% – 40% increase in sales and increase customer satisfaction by more than 50%. We serve a broad range of industries: finance, pharma, healthcare, telecom, and public service. Let us help improve your business too!