The data understanding phase includes the consideration of the data supplied by specialist or IT areas. In the phase, the data is examined in more detail, for example with the help of data quality or analytics tools. Raising potential from data is currently the focus of many companies – at the same time, they are faced with the question of how data analysis can be implemented in their own company. An outline of what is required to be taken into account.
Data is the gold of the future
According to Data Analytics Companies, at a time when more data about our environment is being collected and made readable via sensors than ever before, it is difficult to make sensible use of the mass of information. At the same time, big data technology reveals unused potential and offers opportunities to increase efficiency.
With pre-selected data, algorithms seem to deliver seemingly perfect results almost by themselves. Sometimes the picture arises that data analysis does not require much more than a capable computer and good software. However, application scenarios in non-IT companies where data analytics are only just being introduced paint a completely different picture of reality.
Data analysis in industrial companies
Data analysis in industrial companies is currently experiencing a real hype. Many companies want to use the potential of existing or newly generated data and put together teams of data analysts or data scientists. This often leads to challenges: the defined goals and expectations are unrealistic, savings cannot be measured or the necessary data is not available. In some regions of the world, businesses have to deal with a range of legal requirements. For example, GDPR requirements make it mandatory for companies in the European Union to protect sensitive data. A typical problem is traditionally developed project plans with strictly predefined goals and results that do not match the typical data analysis projects. The following is about how to successfully build a data analysis team and what to look out for.
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Data Analytics is becoming increasingly crucial – get ready for change
In addition to the issue of competent staff, businesses today confront another challenge: big data. The many data and data sources are both a curse and a blessing. Big data and more storage capacities can protect more and more data, but the secret is to determine which data are suited and which are not acceptable for data analysis. Furthermore, the databases must be carefully kept and safeguarded and used, above all, according to the guidelines on data protection.
So what does the future look like, because data analysis is increasingly important?
Companies must first of all prepare for change. Old procedures are broken down and are progressively replaced in ordinary business by automated processes. Through analytical reports, employees need to learn to trust them and make the appropriate judgments.
According to Data Analytics Companies, business organizations may function more efficiently and effectively once the early growth is done. In all cases, one advantage is that the databases and structures of organizations waiting just to be lifted, cleaned up or utilized already contain huge quantities of data. It is now enough for the employees to be activated, introduced to the realm of data analysis and utilized with both hands.