Analytics have always been present in business. The term analytics simply refers to the discovery of patterns in data – this can be any type of data. In business for example, common data might be how many days off sick each employee has had over the year, how many times they turn up late to work, how many times they miss deadlines.
Analytics could also be used to measure the business finances – how much profit has been made, what level is cash flow sitting at each month over the course of the year, what is the profit margin for each individual product?
Whist the analysis of business critical data has been around for a long time it has historically been a much more user intensive and manually driven process. In addition, traditional analytics only allowed for very minimal analysis; any insight would have to be derived by the individual performing the analysis therefor discoveries in the data would always be sporadic and minimal whilst predictive analytics was unheard of. The age of computing has brought with it a much more efficient way of performing data analysis. Computing technology has meant that every last aspect of your data can be analyzed over long periods of time for specific patterns. Not only has this removed the labour intensiveness from the process but it also means that systems can be developed, even analyzed themselves and constantly revised to perform more and more advanced analytics.
Not only can computers filter and catalog this data, but they also make it extremely easy to visualize the patterns in the data but putting it into easy to read graphs, charts and tabular based formats.
The power of computing has made all of these additional means of data analysis possible, but of course it will only work if you have the data there in the first place. For this reason CRM (customer relationship management) systems are extremely important within business. Aside from having a CRM system in particular, the crucial point is that all businesses should at least be compiling data – every single piece of information that you hold and manage as a business should be in digital format and also in a structured and organized system.
The theory of data analytics combined with computing is that any information that you hold can be analyzed. This means even if you are not currently performing data analytics you should still be storing and managing all of your information – both present and historic as it can be analyzed at a later date.
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Big Data and Next Gen Analytics
As technology has advanced, so have our data analytics practices but even more so have our visions for the possibilities brought by analyzing our business data. So much so that the tasks we are now trying to perform with data analytics are beyond the reach of standard computer systems.
The term big data is what we use to describe extremely large data sets that are difficult to analyze with traditional computer systems – even with powerful servers in fact.
Big data does not simply refer to the initial dataset itself but also to the calculations and resulting statistics that are a result of analyzing that data.
Modern analytics software systems are now capable of using existing data to extrapolate and predict future results and on-coming trends in the business associated with the data, thereby allowing for strategies to be put in place that have the best chance of effecting the future operations of the business in a positive way. It is these types of calculations, known as predictive analytics, that put an enormous strain on the computer that is responsible for processing the figures.
Although these analytics are not possible with traditional computer systems, they are possible with distributed computing platforms – or cloud computing systems as they are more commonly known – that are able to leverage the power of multiple physical computers seamlessly to complete the most complex of tasks imaginable. With a cloud computing platform behind the big data analytics it means that any amount of data can be analyzed and data can be extrapolated to an infinite level – if the dataset or the calculations become to large for the current system, it can be expanded indefinitely and seamlessly to accommodate those new demands.
Big Data:In house or outsource?
Hyper-converged systems that are capable of handling big data on a sliding scale are at the top end of most companies IT budgets, not to mention the IT man-power required to install and manage those systems.
As a result these sort of next-gen analytics are often unachievable to most companies. Even when they are within reach, the road to getting these systems up and running and arriving at a position whereby the data analytics can actually be used in practice is a long and expensive one.
There are of course companies out there that you can outsource these types of analytics to. These companies are specialist data analytics providers that not only have the physical equipment in place to handle these types of big data, but also the experience and knowledge to put the physical computing power to use in the best possible way in order to extrapolate the useful data and report on the analytics within that data, allowing your business to truly benefit from the results found.
Once such company that provides these advanced data analytics services is Dastani Consulting.
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Dastani Consulting are a predictive data analytics company with high profile clients in many different market sectors including automotive, telecoms, IT, Finance and many more.
Based in Germany and with an international client base Dastani Consulting are constantly striving to evolve and implement some of the most advanced analytics available on the market today.
Dastani Consulting have developed a custom methodology when it comes to the predictive analysis of all aspects of business critical data.
Using a combination of mathematics and algorithms enables Dastani to find patterns in existing data that can be used to pinpoint turnover potentials of customers and individual regions. All of the information gathered from these predictive analytics enables strategies to be put in place that will move the business forward and build on this insightful information about what has brought the business this far and what can take it forward.
Many of Dastani’s prestigious clients are already using these advanced predictive analytics in order to drive forward both turnover and profitability.
Big Data analytics
As previously discussed, big data encompasses the data in every single aspect of a business – from sales figures, to stock levels to buying patterns of your customers. Dastani have advanced formulae enabling them to take all of this data together, and extrude advanced calculations from the data to give advanced insight into current operations that are not always present on the surface of the original data.
For example, Dastani are able to predict the optimum figures for price, stock level and desired purchase cost of all products, based on current and historic sales figures and then suggest amendments to these figures in order to advance sales growth.
It is with the use of these predictive analytics and the manipulation of big data in every aspect of the business that Dastani are able to gain a real insight into the inner most workings of any business.
This is where big data really comes into its own the initial extrapolation of the data is only the first part of the process and it is when it comes to analyzing that data and providing insight that the fruits of big data become apparent.
Dastani present all of the metrics discovered from the business data analytics via best-in-class management dashboards with graphical representation of critical facts and figures making it easy for management to gain insight onto the keys areas of operating that can be improved upon.
As well as offering the data in this form Dastani also provide input to management in all areas of the business including controlling, procurement, marketing and sales. These insights are spawned from the big data analysis but also backed but Dastani’s experience and history in the analysis of this real time data.
As we previously mentioned at the start of this article, having the correct system in place to manage your customer data, and all business data in fact, is absolutely crucial when it comes to analyzing and improving any aspect of the business.
After all, without the data in an organized format it is impossible for it to be analyzed in any meaningful way.
Even existing CRM systems can reap the benefits of big data analytics and the flaws and weaknesses in those systems can be found, analyzed and remodeled in order to make for more effective data procurement and monitoring.
Dastani Consulting can also help businesses to design, build and implement effective CRM systems that will not only drive the business forward but also pave the way for even more insightful analytics to be accumulated based on the effectiveness of the data held within those CRM systems.
If you are interested in gaining insight into your business data and using that insight in order to build on turnover and profits and drive your business forward, you can make contact with Dastani via telephone, email of web contact form here.