Businesses today are investing on every edge and advantage to stay ahead. Challenges like rapidly changing markets, economic uncertainty, shifting political landscapes, finicky consumer attitudes, and even global pandemics, are shaping up smart businesses reducing margins of error. To thrive and improve the odds of success, companies are making smart choices backed by data analytics. Data analysis is the process of cleaning, changing, and processing raw data, and extracting actionable, relevant information that helps businesses make informed decisions. Data analytics processes and techniques help organizations understand their clients better, analyze their promotional campaigns, customize the content, create content strategies, and develop products.
We often hear the term “big data” brought up in discussions about data analysis. Data analysis plays a crucial role in processing big data into useful information and visualization. Analytics is probably the most important tool a company has today to gain better customer insights. This is why the Big Data global market is set to reach over $273 Billion by 2023 and companies like Microsoft, Amazon and Google among so many others are so heavily invested in not only collecting data but enabling data for the enterprise.
Data analysis is such a crucial part of doing business today. It facilitates the government in optimizing the use of time, resources & energy, channelized towards reaching the desired goals. More visibility enabled through analytics helps in better targeting. If you want to make informed decisions, it needs to be backed by accurate data. Data analysis helps acquire relevant, accurate information, suitable for developing future marketing strategies, and business plans, and realigning the organization’s vision or mission.
Analytics uses a multitude of technologies to get value from data. AI is on the rise and has proven a valuable tool in the world of data analysis. Related analysis techniques include artificial neural networks, decision trees, evolutionary programming and fuzzy logic. Data analytics processes and techniques may use applications incorporating machine learning algorithms, simulation, and automated systems.
These findings are interpreted and visualization helps to derive valuable insights by comparing datasets and observing relationships to understand the clients better, analyze the promotional campaigns, customize the content, create content strategies, and develop products (in the case of companies) schemes and policies( in case of the public sector). Data analytics help organizations maximize market efficiency and improve their productivity and outcomes.
CSM’s Sociomatic is a tool developed for Social media Analytics for listening, and gathering voices from various social media handles for our customers. Sociomatic also generates possible responses based on in-depth Sentiment Analysis through AI that helps build an interactive platform of communication. We use Sociomatic for complaint handling in government departments from their social media feeds. We have used data analytics for various other government functions solutions like state dashboards providing high-level analytics, big data analysis was used for the Covid-19 dashboard for different state governments helpful in statistical, diagnostic and predictive analysis that supported quick and better decision making during the pandemic. Data analytics is also used for omnichannel grievance and feedback management systems as well as for social registry and unified farmer portals.
