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Importance of Data and Analytics

Approx 5 minute read…

Ever thought about how much data is produced on a daily basis by us lot? Considering there is 7.8 billion people in the world, there must be a lot,  according to LearningHub 2,000,000,000,000,000,000 bytes of data is created daily. We will see the increase in this number every year as not only is the population increasing, but, the race to producing the newest piece of technology keeps on going and the competitivness between companies that specialise in this industry is only increasing.

It almost feels like we are in some cyber-stalk movie, considering all of this data is collected and it tracks all of your activity for example; what sites you have visited and what you posted on them. It even records your behaviour and interactions, feel scared yet? That’s the beauty of technology innovation all of this data is used as a basis of creating artificial intelligence and trains our computers and softwares to better understand us in order to work much more efficiently when are used by ourselves.

In this blog we will explain what data was gathered in 2019 and what we can learn from it for the year of 2020 so… put your digital seatbelts on and enjoy the ride!

Big data

You may have heard people refer to data as either ‘big data’ or ‘huge data’. Data has only been on the up in the recent years and the demand for it is possibly higher than ever. Due to the fact that data has become so much more complex and large it makes it that much harder to analyse using traditional methods, which is why businesses and governments have had to reshape the way they handle analytical data as it provides them with competitve advantage is used right. The content that is being produced needs to be what the audience is interested in and craves for. By using this data they are able to identify the factors that appeal to their audiences.

However, it isn’t all roses and petals as it is affecting the way that we as the population are acting causing us to become more conscious of our actions. This sounds like a good thing for the general public, however the change in behaviours may skew results leading to unreliable data.

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Business Intelligence

FinanceOnline has suggested that stockpiles of data is constantly being gathered for huge businesses which is automatically processed thanks to the advancement in technology. These technologies make sense of the collected information for them –  turning data into insights. Having such massive access to analytical data allows to derive information that can be used to make strategic decisions to positively impact the business. This will allow to drive more revenue, due to the intelligence gathered by data, and therefore improve the business as a result. It almost creates a snowball effect that begins from gathering crucial data.

Top BI (business intelligence) software vendors across the world (data found by FinanceOnline):

  • SAP – 16%
  • Oracle – 12%
  • SAS – 11%
  • IBM – 9%
  • Tableau – 5%
  • MicroStrategy – 2%

35.37% of these companies have stated that data preparation is ‘very important’ with only 1.37% stating that it is ‘not important’.

Top IAAS (infrastructure-as-a-service) platforms that BI (business intelligence) vendors prefer (data found by FinanceOnline):

  • Amazon Web Services – 60%
  • Microsoft Azure – 43%
  • Google Cloud – 40%
  • IBM Bluemix – 12%

 

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Artificial Intelligence

According to Wikibon, big data market revenues are set to increase from 42 billion dollars (£32,268,390,000) in 2018 to 103 billion dollars (£79,134,385,000) in 2027 which will result in a compound annual growth rate (CAGR) of 10.48%. This further emphasises the importance that big data has now on the contribution to growing revenue for businesses.

An article by Forbes has also found that 50% of businesses stated that big data would improve as a result of AI (artificial intelligence). This is an interesting finding as it just puts this statement into reality and that AI will be able to process information much more accurately as it continues to advance, meaning that more data can be generated and become much more reliable to use.

Artificial intelligence goes hand-in-hand with big data as they both depend on one another in order to provide postive results for businesses. In order to produce reliable AI results you need to gather data from the population for it to interpret information in the way that we do. AI will, as a result, improve big data as the better it interprets information the more data can be generated and used.

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Benefits of data

As we have seen through the statistical data shown in this blog, data is crucial for a successful business no matter the industry. It provides us with key information that we learn about our audiences that in return, allows for us to create strategic marketing plans that will hit the streets & bring massive response rates – which is what we want!

The bigger the market the higher the revenue. Getting your business out there will also improve your SEO and generate more backlinks which will improve your google ranking. This will get your website noticed and drive more traffic to it.

Statistics show that data-driven businesses are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable as a result of using data (MicroStrategy). Therefore, expanding your knowledge by collecting external data will help in bringing more customers to your company.

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How to apply this knowledge to your business?

Collecting data is a smart way of gathering important information about your audience in order to suit your content & products to their taste. This allows for you to maximise your revenue and expand your brand to much larger crowds. Considering the amount of data that is produced daily (2,000,000,000,000,000,000 bytes to be exact!) you should make the most of it as it will benefit your business in the long run.

Generating graphs and charts allows for you to view your data in a much more simplified manner that you can use as reference when creating new content. Even sharing this data is a good way of catching your audiences attention, many people are intrigued in the latest statistics and how they may affect them.

We have a toolkit of useful websites that can help you produce data based on your online activities, ask us what we would recommend for your business and make a start on targeting your audience!

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How do I appeal more to my audience?

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