It’s no secret that good data analysis is key to running a business. And its importance is only growing as more businesses are beginning to integrate data analysis into their decision-making processes. It’s estimated that by 2020, 1.7 megabytes of new data will be made every second—for every single human. That’s a mind-boggling amount of information!
If you want your business to be successful, it’s crucial you capture some of the insights from this increase in data. Here are some ways data analysis for businesses is getting easier.
Cloud Computing Makes Data Mobile
In the past, doing business intelligence work has been a matter of getting a bunch of analysts into a room, assigning them projects, and leaving them there for weeks at a time. The advent of the cloud is changing this. Cloud technology operates online as opposed to through a local server or within an on-premise data center. This makes it easier than ever to share data across a company, whether it’s between two executives or entire departments or even different offices. Greater accessibility to data means that there will be more opportunities for insights. Additionally, since cloud services run through the Internet, it’s now possible to outsource certain aspects of data analysis. This can be accomplished by setting up permissions for each user, so no sensitive data will be compromised.
More Things Can Be Quantified Than Ever Before
Some aspects of a business will benefit more than others from quantification. However, it can be difficult, if not impossible, to know the most inefficient aspects of a business without attempting to record as many actions as possible. Modern sensor technology, combined with the cloud, can help businesses get insights in areas that would have been completely inaccessible only a few years ago. For example, manufacturers can identify weaknesses in an assembly process. Or a shipping company can track the fuel efficiency of each of its drivers. There’s practically no limit to what can be made more efficient this way.
Search-Based Data Analysis
Traditional data analysis has required a team of dedicated employees. This might not be the case, however, in the not-so-distant future. Search-based analysis is one of the newest concepts in the world of data; and it’s poised to completely change how people work with information. The basic idea is that search-based data analysis allows lay people to conduct BI research in the same way that they would search for something in Google. For instance, someone in HR might inquire “Turnover Rate of Account Managers in East Region”. The program would immediately return graphs and data corresponding to the request.
This will revolutionize how businesses can use data. First, it will obviously shorten the amount of time it takes to get accurate, relevant results to a data inquiry. Knocking down turnaround from weeks or months to a few moments will exponentially increase the efficiency of all kinds of businesses. In addition to the benefit of speed, this will also allow businesses to get insights from all levels of employees—not just those in the C-suite or data department. Employees in a department will likely have the best questions related to their own work. Empowering those people to learn more will ultimately help businesses.
Deep Learning Is Identifying Areas of Concern
You have likely heard of deep learning, but might not understand it. Essentially, deep learning is a type of computing that allows for systems to identify trends and relationships in large pools of data that would be unrecognizable to a human. The businesses that are best able to harness this capability will stay ahead of their competition—as they will have unique insights into the specifics of their organization and industry.
These developments make it clear that data analysis is getting better and easier along with the development of technology. Make sure your business stays up-to-date with these trends, or else your competition will get a huge advantage.