Data Analytics: The Only Way Forward the 21st Century Business Environment
Tuesday March 26, 2019,
3 min Read
In the 21st century, customers want products and services that are an extension of themselves which means there is now a rat race among enterprise services to offer personalized service solutions to their customers. While in the past enterprises were caught wrong-footed when dealing with customer preferences and needs, today offshore product development services offer data analytics solutions for unwavering customer loyalty through new and unique value propositions. Businesses of all scale and size are now waking up to the benefits of data analytics in decision making and service innovation.
While data analytics is a popular buzzword these days, its knowledge and application go as far back as the early 19th century. The list of early beneficiaries of data Analytics include the likes of Frederick Winslow Taylor, Henry Ford, Sigmund Freud. While Ford used it for introducing efficiencies in his production lines, Frederick Winslow Taylor was in his own right the world's first management consultant. Sigmund Freud took data analytics beyond the shores of our waking state and used it extensively in the making of his masterpiece i.e ‘Interpretation of Dreams’.
However, data analytics realized its true power in the ’60s with the advent of the computer and the subsequent birth of the Internet in 1989. While many businesses may not have envisioned at the time, the internet today has turned the tables upside down in favor of the customer. With a world of information at the tip of their customers are now more evolved and informed than ever which means they act and decide faster than ever. As such the importance of data analytics for businesses is more than ever for 21st-century businesses.
Data Analytics: The Only Way Forward For 21st Century Business
The internet universe is now bustling with digital shadows or footprints of users of all segments including enterprise which present a unique opportunity for businesses to use this large volume of trace data for generating valuable insights. A good example in this regard is of modern electronic home appliances manufacturers who use sensors and IOT for gathering important insights on customer interaction with their products. Further businesses integrate these insights with user-generated data from social media for a more holistic view of what works and what doesn’t.
However, for effective outcome businesses must be well equipped with the general know-how of analytics tools, their application and most importantly their transformational impact. But all enterprises do not have an IT infrastructure that can deploy, support and maintain a robust analytics environment. Offshore Software Product Development Services fill this gap perfectly. They are perfectly aligned with the data analytics lexicon as well as have expert dedicated teams that realize the end goals of service innovation in the context of the organization’s customers, market competition, values, and regulations.
The Critical Factors
Data analytics helps enterprises exceedingly in identifying service innovations. However, there are some key critical factors that determine that the end goals are met without fail. These include:
• Identifying specific data needs accurately
• Ensuring data quality for accuracy.
• Deploying data-centric processes.
• Finally, aligning all the above with the business goals and investment.
The Use Cases
The data analytics use cases are increasing with each passing day. The primary ones include Security Intelligence, fraud prevention, operational efficiency, price optimization, 360° view, etc.
However, enterprises must bear in mind that in absence of expertise it is worth hiring services of a data analytics service provider who has all the arsenal to handle velocity, variety, and volume of data for an end result which lives up to the objective desired at the very beginning of the process.