At the beginning of 2020, there were already around 44 zettabytes of data globally, an unimaginable amount of data waiting to be used. To give you an idea, a zettabyte is equal to a trillion gigabytes. However, the existence of data alone contributes little, and that is why concepts such as Data Analytics and Data Science have emerged.
Data analysis techniques allow you to accumulate data in an orderly manner, transform it and observe collective behavior that help you make better decisions. However, to implement data analysis it is necessary to develop a culture that explores trends and behaviors based on the experiences accumulated by each company.
To facilitate this process and address larger amounts of data in a structured way, data science is used.
What is data science?
Without going too far, data science is a discipline that turns data into useful information. In this profession it is necessary combine the use of programming tools with statistical knowledge, since computer interpretation is necessary, but also the use of analytical skills.
Now, before applying data processing and analysis to obtain useful information, as obvious as it may sound, you will need data to work with, the more organized they are, the better; and a good strategy for storing large volumes of data in its original form, identifying and labeling it for later use, is the Data Lake.
Benefits of data processing and analysis for companies
Improve decision making
You can use data analytics to guide business decisions and minimize financial losses. On the one hand, it suggests what might happen in response to certain changes in the business, and on the other hand, it tells you how you should react to those changes.
For example, a company can model changes in prices or product offerings to determine how those changes would affect customer demand. This allows you to visualize the results and determine the success or risks associated with the changes.
Personalize the customer experience
Thanks to great pioneers of the digital world, like Amazon, customers expect and want personalized experiences. It is no longer just about providing specific offers, but now extends to the entire experience. So if a customer is not satisfied, they could go to the competition.
One of the most effective ways to react in real time and make the customer feel valued is only possible through data analysis techniques.
Updated product offering
The products and services you offer are the reason for your company's existence. This is why it is important to recognize the trends that drive strategies for innovation, new features, and services.
Effective data collection from third-party sources where people post their thoughts and opinions, combined with analytics, will help you stay competitive when demand changes or new technology develops.
Why consult with experts in Data Analytics?
Taking into account that data science takes business to another level, and that it requires specialized knowledge, the ideal is to access a consultancy with experts.
Codster gets the best out of your company by implementing Data Science and Data Analytics techniques, allowing you to transform data into strategic information. The codster solution improves decision making, centralizes data, increases security and facilitates customer segmentation.