I’m sure you’ve heard about data and analytics, but what’s all the fuss about? Well, data is gold and analytics is how you mine the gold.
Analytics is a passion of mine. Personally, I find it interesting because when data is collected and interpreted correctly, it basically clears the air. People can say a lot of things, but data will tell you if those things are true or not. I’m big on continuous improvement, and there is nothing that can help you improve like a well collected and well analysed data set.
What is analytics? Analytics is the process of collecting, analysing and communicating meaningful patters in data. It is important because in an increasingly digital world, people generate data all the time. From the data on their browsers, their banking data, their online shopping data and everything in between. If you are able to collect that data, generate insights and act on those insights, you instantly have an edge over your competitors. I’ve been exposed to a number of businesses and I’ve noticed that they collect a lot of data but they actually don’t do much with it… It’s just sitting there begging to be used.
Let me give you an example of the power of data and analytics. Let’s say that you own a bank in a country where most people pay using their bank cards. Each time someone makes a transaction with their card, you know the amount they spent and you know the item they bought. Remember, you have this person’s age, physical address and gender on file.
Once processed, all this information can allow you to improve you marketing because now you have a good idea of who your market is. Moreover, this information can also help you improve your products because now you know how people actually use your products. You can even take it one step further and use the data to predict future trends.
This is a basic view of data and analytics. There is a lot more to this topic. I would encourage you to learn as much as you can about this topic because it will (or is probably already) affecting you in one way or the other. The cool thing about data analytics thinking is that you can also apply it to your own life.
I hope you found this informative.