Here’s a hypothetical question—How do you decide what you want to eat for breakfast? Even a decision as small as what to eat requires assessing numerous factors like how hungry you are, what time you woke up at, what do you feel like eating and similar considerations. There is certain data that you possess and you use that data to make the best possible decision for yourself. Now think about it, you’re trying to make a decision about what the next step for your business is—honestly, there are probably more factors here that you’d need to consider before you make a choice.
Before you can make these decisions, though, you need to organize the available data in a form that gives you a clear idea of what the situation is. If you want to have eggs for breakfast, but don’t have any eggs in the fridge—you really can’t have eggs for breakfast or would probably have to head out to buy them first. But a business involves far more money than the cost of a carton of eggs. The stakes are high and there’s a need to move fast if you want to capitalize on any new opportunity. In other words, all decisions require valid, comprehensible data that gives you accurate descriptions of your circumstances and places you in a position to make an informed decision.
What is Data Management?
When you go looking for data, you’ll come across numerous problems—it might not be in the correct formats, it may be tampered with or you’ll need to process it before it becomes ready for analysis. Data management is the process of organizing and developing data in a form that makes it comprehensible and ready for analysis. The better you are at managing your data, the better you will get at making business decisions.
Significance of Data Analytics in Business
As it stands, all industries in the commercial sphere are using data analytics to help them with decision making processes. Some companies are using it to track their finances, others for HR or marketing performance—in each of these situations, these organizations are certain that data analytics and management is essential for their growth.
Considering recent trends, organizations throughout the world are investing heavily in their technology infrastructure, dedicated to improving their analytical outcomes. Recent statistics suggest that 55% of all companies have made investments in data analytics in the past few years and the data analytics market has grown to $169 billion. As the role of data analytics in business strategizing becomes increasingly prominent, data management also becomes a significant focal point for new investments.
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