With the world making such enormous strides in digital transformation, it is quite apparent that the most valuable resource in today’s day and age isn’t oil, but data. Handy devices at affordable price points, easy internet access and a hybrid lifestyle have made data abundant and invaluable. However, it isn’t just that the volume of data is increasing globally, its value is now becoming increasingly important.
Though different platforms use data differently, the wave of compromised data is on the rise, as nowadays an increasing number of companies experience crippling security breaches. Recently, Facebook was fined 265 million euros by Ireland’s data privacy regulator for data breaching. Such incidents, as well as the fraud associated with them, are reported regularly. As people have been in peak oversharing mode lately privacy becomes of utmost priority at the moment. Many companies have developed software to help secure data and one such application is DigiMantra Labs’ Easy Secure Folder, which helps secure one’s important data. Other players dominating the industry include Microsoft Azure, AWS Service, Power BI, etc.
According to Cybersecurity Ventures, by 2025 cybercrime is estimated to cost $10.5 trillion globally, increasing by 15 per cent yearly. As people have been in peak oversharing mode lately privacy becomes of utmost priority at the moment. With Easy Secure Folder you can set your own boundaries, organize your life and control your privacy.
Data Analytics and Businesses
The companies have a large database containing all the important information about the company on which they continuously work. To keep this data secure and find hidden metrics, patterns, and trends from the company’s mass information, data analytics is done. Businesses can examine and analyze data with the use of data analytics, which increases the company’s productivity manifold.
Data analytics is further divided into 4 types: Descriptive Analytics, which helps to examine what happened; Diagnostic Analysis, which helps to analyze why something happened; Predictive Analysis, which states what is going to happen; and Prescriptive Analysis, which helps to decide what should be done next. There are several tools that may be used, such as spreadsheets, data visualization software, reporting tools, data mining software, or open-source programming languages, to make the process of data analytics efficient and simple. Though the process of data analytics is not easy, performing it correctly can make the process efficient and worthwhile. From understanding the core problem to collecting relevant data, cleaning the data properly, conducting data exploration and analysis, and finally interpreting the results, data analytics will improve the company’s decision-making, customer service, operational effectiveness, and marketing. Python, Tableau, Power BI, QlikView, Apache Spark, and SAS are a few of the best tools that can be used for data analytics.
According to a global KPMG survey, businesses are still unable to fully profit from data analytics due to problems with data quality and a lack of qualified personnel. The unthinkable will soon become a reality, which may very well result in an independent decision-making process. Though, an October 2022 report by Market Research Future (MRFR) stated that the Data Analytics market is going to be worth USD 346.24 Billion at a CAGR of 30.7% by 2030.
Conclusion
The senior vice president and global head of Research at Gartner, Inc., Peter Sondergaard, said that “Information is the oil of the 21st century, and analytics is the combustion engine”. Using, examining, and analyzing data is one of the important tasks of each company. Every piece of information they have is raw data that forms the company’s heart. The role of data analytics varies depending on the nature of the business. For example, Netflix can use data analytics to connect all disparate data sources to create a comprehensive personal viewing profile for each customer. The suggestion system provides the user with personalized recommendations for what to watch next based on significant trends and patterns in each user’s entertainment choices.
It can be said that data analytics has a promising future and that in the years to come, its significance and necessity will be more widely acknowledged. Data analytics is undoubtedly one of the IT industry’s most emerging fields from a career standpoint. In the current situation, it is quite relevant, and the future of data analytics provides exciting job options. Along with this, other significant factors influencing the future of data analytics include the limitless potential of Machine Learning (ML) and Artificial Intelligence (AI), the significance of cloud enterprises, automation, and DataOps for enhanced data analytics, continuous intelligence, and real-time observations.