Somebody once said that each day, the amount of data that we generate and create is equal to the entire amount of data that the human civilization had created until the modern era. That’s a lot by any standards. This includes the romans, the egyptians, the aztecs and more or less anyone on earth. So we generate a large amount of data. Just think about it:
Transactions. Every bank stores tons of data about each transaction that we make. Logs: Each device that we use generates thousands of lines of logs each minute. Articles: There are probably more than 100.000 sites in the world posting daily articles on any subject you may think of.
So we know the amount of data is a lot. And lots of data, correctly gathered usually results in meaningful data. Data analysts can find so many interesting facts from the raw data that you provide them, you’ll be amazed.
For example, they can look logs and timesheets and analyze for example, which employee is the most productive and which is not. They can find out which machines are efficient and which aren’t.
If you are a shipping company and you will outsource analytics they can optimize your routes, your trucks, your ships so that you always make the most out of your resources. And making the most of your resources is a dream for any company. Even if the data has mistakes or gaps, they always have some nices algorithms to fill in the gaps, or to ignore them so that they only look at good data, while leaving out the garbage data.
Data mining helps with this a lot. Even if you are a baker, they can find what bread do customers prefer and why. Also they might find that you’re making triple the profit on one type of bread.
Identify type of Services
There’s a lot of types of analytics like: quantitative analysis, predictive modeling, etc. So there’s a lot of tests which can be done on your data. Of course, these services aren’t always cheap because there’s a lot of work and brain power going in. But it’s because of that price, that they can use more and more advanced tools to find out clever insights about your business. Don’t do analytics in-house.
Outsourcing your analytics always works and it provides the best results in terms of time, effort and money. Analytics outsourcing always worked better than in-house analytics. Many companies are not doing data analytics, since it’s a trend with big data and all those subjects, so you won’t have problems finding one.