Why Data analytics is important in today’s Digital World?

Data is important part of our lives today, both personally and professionally. Data improves people’s lives and empowers to make business decisions. 

Good data allows organizations to establish baselines, benchmarks, and goals to keep moving forward. They may be statistical information, raw analytical data, customer feedback data, sales numbers and other sets of information.

Digital world generates new raw data in every step. This raw data is hard to process. This is where data analytics is helpful.

What is Data Analytics?

Data analytics is the process of converting raw data into actionable insights. Data is processed with the goal of discovering useful information, informing conclusions, and supporting decision-making.

Data analytics is useful in optimizing business performance, forecast future results, understand audiences, and reduce costs. By this method we can acquire relevant, accurate information, suitable for developing future marketing strategies.

Top Data Analytics Statistics

The world is proven to be data-driven . There are many software, services, and training to support companies from every industry that are efficient in data analytics. Lets discuss some important data analytic statistics.

1. The global big data analytics market is worth $307.52 billion.
2. Cloud computing is the top technology for companies investing in data and analytics.
3. 91.9% of organizations achieved measurable value from data and analytics investments in 2023.
4. The Analytics as a Service (AaaS) market is projected to reach $68.9 billion by 2028.
5. 91.9% of organizations achieved measurable value from data and analytics investments in 2023.
6. 3 in 5 organizations are using data analytics to drive business innovation.
7. 79.8% of leaders point to culture, people, process, or organization as the primary obstacle to becoming data-driven.
8. 48% said they were investing in cloud computing, including IaaS, PaaS, and SaaS. 
9. 56% of data leaders are increasing their budgets.
10. Just 33% of data leaders track their teams’ ROI.
11. 83% of data and analytics professionals say their organizations consider data an asset.
12. There could be up to 1.4 million new jobs created in data science and data analytics between 2023 and 2027.
13. Around 4 in 5 organizations have a CDO(Chief Data Officer).
14. 59% of data and analytics leaders say finance and accounting departments are among the most data-driven within their organizations. 
15. 74% also say their organizations are aware that data knowledge is key to successful data analytics operations.
16. Data strategy is the primary responsibility for 48.1% of CDOs.

Conclusion

Companies are leaning towards a data-driven culture. The ability to make data-driven decisions and create strategy informed by analysis became essential in today’s digital world. Make data analytics a priority in business; it will surely gain greater insight into target markets and improve operational inefficiencies.

Identify new product and service opportunities with latest data analytics trends!!