Harnessing the potential of data analytics

In the current digital era, there has been a considerable growth in the volume of data collected. The COVID-19 pandemic boosted digital technology adoption, resulting in even more data being gathered and generated. The International Data Corporation (IDC) forecasted that the volume of data created and copied each year would reach 175 zettabytes in 2025. As we navigate this era of information abundance, understanding the dynamics of data growth and analytics is crucial for businesses seeking to stay competitive and make informed decisions.

With data being business’ greatest strategic asset, the fundamental difficulty that business face today is understanding and leveraging data to successfully effect change inside the business hence limiting their capacity to act. This can be attributed to a variety of industry-wide poor practices, including:
 

• Poor data governance practices, such as lack of data ownership and unclear data usage policies
• Poor data quality, which can lead to flawed insights
• Use of less advanced tools like spreadsheets to work on large datasets
• Lack of data literacy and skilled analysts to work with data effectively
• Consideration of only past events when trying to predict the future in making decisions
• Analytical solutions that are frequently used at year-end only and forgotten afterwards

Embracing of good practices can unlock the power of data analytics and enable businesses to make informed decisions about their operations and other critical areas. These practices include establishment of strong data governance to manage data effectively. Prioritizing the adoption of advanced analytics tools and technologies that are designed to handle large amounts of data, analyze it more accurately, and provide better insights. Such tools include cloud platforms for data centers and tools like Microsoft PowerBI.

Businesses must engage in training and development initiatives to increase data literacy among their employees. They should also hire qualified people to manage data analytics operations. Additionally, in this competitive digital age where changes are fast paced, analytical solutions should be ongoing. Reliance on year end predictions serve insufficient for businesses looking to stay ahead of the market curve.

By embracing effective data analytics practices, businesses can harness the transformative power of data and gain a competitive edge in today’s fast-paced business landscape. Data when leveraged wisely becomes a catalyst for change, empowering organizations to make well-informed decisions and navigate the complexities of the digital age with confidence.

Moreover, recognizing the opportunities hidden within this vast sea of data can enable businesses to unlock new possibilities, fuel innovation and drive progress in various domains.