A phrase we are accustomed to hearing frequently is that the world is advancing at an ever-increasing pace. Self-driving cars, facial recognition, robots exploring other planets, accurate weather forecasts, among many other examples make this clear. What do these technologies have in common? Science and data analytics. Let’s take a look at what data analytics and predictive modeling are and how to get maximum benefits from this discipline.
The amount of data that companies generate today is enormous, and it will not stop growing. Currently, an essential component in the success of large companies is the implementation of technologies such as Artificial Intelligence, Machine Learning or process automation. These technologies are based on data analytics.
What is Data analytics?
Data analysis consists of a set of steps aimed at summarizing, visualizing and structuring the information for its correct use. How is this process carried out?
- Obtain the information.
- Proper storage of data.
- Exploratory data analytics.
- Present insights.
- Continue with the development of models.
This process is carried out by a team of data analytics, experts in the tools needed for each step and in determining which method is appropriate to the needs. Implementing a data science division takes time and effort (and pays off).
This is why a great option that many large and small companies opt for is to delegate this process to companies that specialize in providing specialized solutions. At Xira we are experts in providing timely and tailored solutions to these needs.
Benefits of data analytics and predictive modeling
Let’s look at it from a business strategy perspective. A company A competes with company B in a certain market. Both collect a large amount of information continuously and their operation is similar and relatively efficient.
What clear differentiator will company A have against company B? Implement data analytics. Company A begins to efficiently organize the data it naturally has access to, stores it in an orderly fashion, performs exploratory data analysis, and interprets the findings at the executive level. Now company A has a comparative advantage over company B, its decision making will be based on its “natural” information and will be more efficient.
Now let’s take an extra step. Company A starts from a data-driven decision making perspective with a good data structure and begins to develop data-driven models. Next periods’ sales, new market opportunities, consumer trends, potential cost increases, etc. will be predictable for company A and now its decisions are one step ahead. Data analysis and predictive modeling dramatically increased the company’s profits!
Conclusion
Paradoxically, the historical constant in human production is change. Technology transforms the way work is done, making it more and more productive. We have gone through many major transformations in this area and today we find ourselves in a new one: data science.
Thirty years ago, those companies that switched from manual operations to computers saw results that others did not. Today it is impossible to imagine a large company that does not use computers in its business. The new step is data science and Artificial Intelligence. In the short and medium term it will be impossible to think of a success story that has not implemented this technology as a key part of its operation.
Start realizing the great benefits of data analytics and Artificial Intelligence now. What is the first step to take? Evaluate your business needs and the technologies that best fit your case. Come to Xira with a no-cost appointment and our team of experts will show you a demonstration of how it will increase the value of your business!
