The data market is skyrocketing. We have never produced such a high volume. According to the estimate, Google processes day at least 20 petabytes, and large stores create 2.2 petabytes in their POS systems in the same time interval.
Currently, unstructured data, such as videos, are the ones we create at the highest speed. Only on YouTube, 0.023 petabytes are uploaded daily. Still, it is the films created by other devices, such as security cameras connected to the Internet, that make up most of the data generated in the same time interval.
The 413 petabytes are not as well exploited as they should be to generate detailed insights for companies, such as how many times customers have entered a store or what products have most captured their attention.
This article will talk a little better about how data impacts business, what tools are used to deal with it, and the prominent trends.
The Importance Of Data Analysis For Business
With more than 3.7 billion users on the Internet, an increase of 7.5% compared to the numbers in the previous years, and 40,000 searches on Google every second, it is easy to understand where all this data mentioned in the introduction originates.
Interactions with users, whether on social networks, in financial transactions made in stores, or in the capture of photos, audios, and videos, contribute to creating a tangle of information that serves for businesses to enrich the offers they make to their customers.
It is no wonder that most brands, whether large or medium, are concerned with finding viable and cost-effective strategies to extract as much value from this data as possible. The good news is that we already have the technology for that.
The Business Intelligence – feature to extract patterns from data sets – is one of the leading solutions used today to handle the data within the business. Big Data, Business Analytics, and many other resources try to find a way to make this data organized and intelligible. A lot has been done, but there is still a lot to do.
Organizations use data for everything. They look to them to put a rule on how much they have earned in the past and predict how much they will receive in the future. They also use them to get to know the customer better and understand what he wants. Besides, they apply daily in search of answers to their problems.
The big challenge is to distinguish which of these data are relevant to operations. Of all those petabytes of information generated per day, only a few are relevant to each business model, and the data scientist is the professional responsible for determining those that are best suited to your company’s routine.
Having an impact similar to that of the discovery of the steam engine, the data became the income engine of countless companies. They simplify processes, optimize operations and generate intelligence so that entrepreneurs can achieve their goals.
In the following list, data scientist course in Bangalore select some of the most common data applications in companies and elucidate their impacts.
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