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Data Analytics: The Way the World Decides
In the present-time business landscape, Data Analysis is turning out to be one of the most critical assets for businesses across various industries and geographies, enabling them to extract valuable insights from the Data for informed decision-making.
However, that path to successful Data analysis is rigged with challenges. In order to make the best use of your resources there is now an urgent need for businesses to harness their Data, structured, semi-structured or informal Data sets, for advanced analytics capabilities to derive a competitive edge.
Data Management Challenges
- Handling assorted Data Sources: Finding ways to efficiently combine and utilize data from various sources to gain meaningful insights. Businesses often struggle to streamline multiple data applications, formats and data silos make it harder to utilize their total Data while managing costs.
- Identifying resource availability for Data experts: Acknowledging the scarcity of qualified professionals capable of interpreting and analyzing data effectively.
- Executing standard cybersecurity measures: Ensuring mechanisms that raise strong defenses and protocols to safeguard Data against hacking, cyberattacks and breaches.
- Gaining a hold on Infrastructure shortcomings: Recognizing the weaknesses inside existing technological frameworks that hinder Data processing and utilization.
- Clean and Accurate Data: Ensuring that Data sets are free from any lapses, errors, inconsistencies, and inaccuracies to maintain quick accessibility, reliability and trustworthiness.
- Implementing Data Quality Management Processes: Laying the procedures and protocols to maintain high standards of Data quality throughout its lifecycle.
Challenges of Data Analysis in Business
- Aligning analytics with strategic goals: Ensuring that Data analytics efforts are closely aligned with the overarching objectives and strategies of the organization to drive informed decision-making.
- Real-time Analytics: Utilizing Data analysis techniques that enable the processing and interpretation of Data originating from various sources the moment it is created, allowing for immediate insights and actions.
- Expandability Issues: As companies grow their operations, large volumes of data are churned out thereby exerting a pressure on expanding the Data analytics capabilities to handle growing market and consumer demands.
- Spend Management: Controlling expenses associated with Data analytics initiatives, including investments in talent, infrastructure and technology frameworks, to optimize resource allocation and maximize the desired ROI.
- Change Management: Adjusting company policies that define the integration roadmap for Data analytics into existing processes and workflows effectively helps in managing company wide transformations easily.
The Solution
NewFangled Vision’s PolusAI platform enables a whole range of challenges to be addressed because it was born after rigorous research that covered the lacunaes of the existing software products that claimed Data Analytics.
It is completely based a micro services, linearly scalable architecture that requires no coding or technical expertise to get Data Insights, thereby empowering Business Users to get Any Data, Anywhere, Anytime using Plain English. Further it has now added the next level of comfort and ease of use by adding the voice command feature.
With PolusAI, you don’t have to spend any effort in building Data Models. It gives non-technical users a great advantage to build their Data insights on their own without worrying too much about Technical areas like Data Modeling, Data Relationships etc.
With this innovation, you get 9 times faster Data analytics including Dashboards and you can take Data-driven decisions 5 times faster. With its homegrown NLP Engine, end users have full control of Enterprise Data. It also helps in finding Revenue Leakages, discover New Avenues, understanding Customer & Sales Journey even in real time. It is optimized for Big Data and is totally customizable.
Conclusion
Effective Data analysis involves addressing a multitude of challenges spanning from Data collection to interpretation and decision-making. These challenges encompass technical, ethical, regulatory, and organizational aspects, requiring comprehensive strategies and solutions.
By understanding and proactively addressing these challenges, organizations can harness the full potential of their Data assets to drive innovation in today’s Data-driven world, make informed decisions, and gain competitive advantages.
With over 25 years of rocking it in Sales and Marketing, Amit is the industry guru! He’s all about tackling problems that help businesses level up. He’s totally into tech that’s user-friendly and super easy to get the hang of. That’s why he’s head over heels for NewFangled’s Generative AI Platform—it’s a game-changer! Amit’s so passionate about it that he spends loads of time diving deep into its possibilities.