Data Analytics – An Untapped Resource:
Large organisations often face the dilemma of limited storage availability due to large volumes of data. Collected and generated data is pointlessly kept in the storage system and occupies the space. Many entities find it better to permanently delete it or store it in an offline capacity which is not an ideal option as this data can be meaningful in changing the fate of the business. Data – is analysed and appropriately studied – can provide fruitful information through statistics, numbers, and complete other forms that can lead to game-changing decision-making. This is what Data Analytics is all about.
To further divulge these details, it is crucial to answering the question, ‘What is Data Analytics?’ Data Analytics is examining primary, i.e. raw data by sorting, filtering, and making patterns to collect helpful information extracts and making conclusions on it. The next question arises that how it can be done, and will it be costly.
Everything has a cost, and obviously, data can only be analysed by someone who knows how to use the correct tools to explore. However, this cost is petty compared to the economic benefits entity will gain from the decisions made based on those analyses. Coming to the tools, there are multiple data analysis tools available like Excel, R, Python, SAS being the most popular ones available. Lastly, entities also think about how this data can be presented, which is possible through data visualisation.
Data Visualization means the use of tables, graphs and figures to make it easier and graphically appealing for users to understand. Tools like QlikView help in collecting data from multiple sources and preparing logical information.
Let me present a scenario in front of you. Every day, hundreds and thousands of people purchase soft drinks and crisps, and at cash counters, they receive a receipt for their payment. If only tickets for a week from different retail stores are analysed, it can clearly understand how frequently these products are purchased together.
The analysis can quickly help entities form partnerships that can boost sales, market their product in such a way that appeals to customers, and more importantly, place both the products nearer to each other on shelves to make it convenient for consumers to buy them. Just imagine the change it will bring in the revenue streams of both entities. THAT’S WHAT DATA ANALYTICS CAN DO!
The question is, is Data Analytics an untapped resource in Pakistan? It has been heartwarming to see that more and more entities are focusing on using their data nowadays, and the higher audience is attracted to data analytics learning. Without a doubt, data and information technology is a future and can make or break any organisation.
Written by Aween Amir
Managed and Edited by Javeria Qadeer