In our digitised world, it’s clear that using data is essential for making both small and large decisions. After all, if large amounts of information are analysed correctly, valuable insights can be gained from this. However, many companies still lack the right tools for converting their data into valuable insights. This is a pity, because the right data analysis can help your company grow profitably.
Because there’s so much data to collect, it’s sometimes difficult to see the bigger picture. For example, do you lack the time to focus your attention on the use of data? Do you have the data, but not the tools to carry out the analyses? Or do you have the tools, but not the data? How do you structure and analyse this data? And why are Analytics so valuable?
Let’s start at the beginning: in your daily life you continuously deal with data which is collected from you, analysed and converted into usable insights. For example, on the basis of data resulting from check ins and check outs on the London Underground, an analysis can be made of the throughflow of passengers. This allows Data Scientists at TFL to optimise the flow of passengers.
Another example is watching Netflix. Have you ever been surprised at how personalised the recommended genres are? This is because Netflix is a data-driven company. With 130 million subscribers worldwide, they have access to an enormous amount of data which contains a great deal of information about the viewing habits of the subscribers. They also made a huge number of microgenres which allow them to determine very specifically what you like to watch. The more Netflix shows you that it knows your tastes, the more likely you are to remain a subscriber.
Extrapolated to the corporate world, it becomes clear that using data analyses is essential and saves time. This is the case when a client has multiple locations and some are doing better than others. Data scientists can create a tailored solution, making analyses of the existing data regarding this issue and on the basis of this provide insights into the poor performing locations. This for example allows them to see that the one location is in a better sales market than the other, and develop a solution based on this.
Data analyses can lead to insights which help you achieve your goals. This allows you to acquire insights into your current market, potential markets, your customers, customer behaviour and any deviating patterns. Of course, you don’t want general analyses but analyses that are specific to your company and which offer insights into your market.
At the same time, Big Data receives a lot of criticism. It is suggested that it is a form of megalomania in which companies collect data at random but interpret their analyses incorrectly. Although Big Data is now an essential part of our lives and becoming increasingly normal, making good analyses remains tricky: for example, which data is usable for analyses and which problems can be solved based on this?
Still, the correct use of machine learning and analyses provide valuable, profitable insights. Usable analyses can be carried out using the expertise of competent data scientists. By using the right tools, data scientists can close the gap between a deluge of data on the one hand and valuable insights on the other.
Graydon has an Analytics team full of data scientists and data engineers who are specialised in processing and visualising data to solve our clients’ problems. They use Graydon’s enormous database full of structured and unstructured data. By making this data retrievable and accessible, and organising and combining it, they can make predictive analyses, models and scores in the field of big data, data science and machine learning. The Analytics tools allow you to make better business decisions and help your company grow.