Did you know, the global data sphere will grow 175 zettabytes by 2025? How can one industry grow so massively in such a short time? Well, the answer lies in the power of big data visualization and analytics!
Businesses are finally gearing up for harnessing this power to turn things in their favor. Data analytics gives a unique opportunity to make informed predictions about trends. Companies can use this to redesign their current working strategies to better align for the future and compete in a global marketplace.
With more people turning to their laptops and phones for everyday chores, it is safe to say that the future is here, and it is data. The 'Data Age' is all about collecting data, storing it safely it and most importantly, analyzing and drawing insights to steer business growth.
While all this seems a simple task (and it is, in theory), it couldn't be farther from the truth in practice!
In an age where data is the king, the above two statistics show how much businesses are missing by not putting important data into perspective. Learn here more about how businesses can start using online data analytics tools and change their future.
Common Data Analytics and Visualization Roadblocks
The lack of data adoption is rarely because companies doubt its power. In fact, it is never the case. Instead, the multi-dimensional challenges that come with big data stop most businesses from taking the leap. In 2001, big data challenges were 3-dimensional, but 20 years later, there are more, including:
- Volume: The actual size of the data set (and whether or not it qualifies as 'big data)
- Velocity: The actual rate of data generation and processing (and if it meets the pace of market change or not)
- Variety: The different types of data and varied sources it comes from
- Veracity: The quality (and authenticity) of the data source and collection method
- Variability: The inconsistency in similar data types from the same sources (and its impact on quality of analysis)
- Complexity: The intricacy of such large data volumes (and the need to link them for better understanding)
Due to the above challenges, most companies face certain roadblocks, preventing them from harnessing the power of data. Read on to find out four such common roadblocks.
No Data Visualization Equals Poor Data Analytics
The human brain generally cannot find patterns in a sea of numbers. Maybe some can, but most cannot. So, when you can't present or visualize data well, it is tricky to interpret it. Thus, poor data visualization is one of the biggest setbacks for a company looking to fast track data analysis.
The Need to Easily Access Data via Mobile Devices
It is the age of mobile-first technology. The COVID-19 pandemic has reinforced the need to decentralize work processes and move them from the physical to the digital realm. So, companies must make data insights and reports available via secure mobile apps.
Training Employees on Essential IT Know-How
Standard transactional data and big data need different strategies for storing and processing. Most companies fail to train their staff on critical aspects of data analysis and lose more money in crisis management. Staff training is usually time consuming and will involve some amount of operational downtime.
Allocating Enough Funds to Spearhead Data Analysis
Last but not least, budget is a major concern for almost all businesses who want to start their data journey. Enterprise-grade data centers do not have the right servers to handle such volumes of data. More often than not, companies need to pump up their IT infrastructure significantly to start their in-house data processing units.
Data Analytics for Dummies: How Online Analytics Tools are Helping Companies Grow
So, how can businesses work around these roadblocks? Three words – Data Analytics Tools!
Online analysis tools help convert unstructured, siloed data into useful visual representations using the key metrics. They promote collaborative work and accelerate growth and ROI.
Whether you are a non-technical professional or even a data scientist, these online tools are a game-changer. If you are looking for an easy workaround for your data problems, such tools offer the best way to turn unmeaningful data into insights in the quickest and budget-friendly manner.
Help in Preparing Data for Interpretation
The first step in data analysis is collecting data and preparing it for downstream processing. Most companies take help from data analysts who manually compile and group data into smaller, meaningful groups. No matter how careful you are, a manual process always has some risks.
However, online tools that come with self-service modules remove this hassle. They allow you to easily club enterprise-level data from different sources into a single view. They also clean data to ensure its crisp, updated, accurate and does not contain duplicates.
Choose online tools which are scalable so that you can use them to process whatever volume of data you want without any lags.
Transform Perplexing Data Sets into Vivid Visuals
Most businesses shy away from data analysis because they can’t visualize siloed data. Data tools even the playing grounds in this regard. Good analysis tools convert your data into information that you can use for actual strategizing.
By bringing composite data to life in vivid charts and representations, these tools help your team uncover hidden insights from a pool of data. If you are looking for ways to make data-driven decisions, an online tool with powerful visualization modules is the way to go!
Such tools also compile Key Performance Indicators or KPIs and present them in interactive charts and graphs to help track financial growth.
Summing Up
Whether you are an SME or an enterprise, data is the biggest weapon in your armory. By properly analyzing data, you can give your business the edge it needs to sustain. From prepare data-rich sales or marketing pitches to aligning your strategies based on predictions, data analysis tools can help you harness the power of data and adapt to the global marketplace.
