Data analytics is such an alien term for so many of us. As times are changing this term too is evolving at a staggering rate while we are still trying to follow what it means in the simplest of terms.
So let’s break it down to most basic explanation. Data analytics is the study of data that comprises of information sets that may vary from business to business, domain to domain. For e.g., hospitality has guests and their preference records that may be used to determine, how people like to stay in a certain demography or any airport that would have records of people and airlines that could help determine preferred destinations or airlines.
Similarly, there are vast records of data present in various fields. Most of this data has been generated over past few years and today’s digital means of procuring services and information is contributing to the explosive pace of growth in the data volume. In this scenario Data Science – the ability that enables one to extract actionable insights or knowledge from large and complex data sets – is essential.
One needs to understand that while there is a rich history of companies using data to their competitive advantage, the disproportionate beneficiaries of big data and data science have been internet technologies like social media, search, and e-commerce. While innovative data science applications can transform the future, the lack of it might just stall growth and even deprive people of a rapidly evolving world of internet.
If we think of governments as organizations, they generate more data than most large companies do today. This data was for a long time sorted manually and the action and impacts were studied and solutions were implemented way later than they should have. Automation of the industry lead way to data being generated and stored automatically with little manual help and the way data is dealt with has changed over the years, thereby increasing the demand for data scientists. There you would hear an often used term Business Intelligence which basically is technology assisted strategies used by enterprises for the data analysis of business information.
In a time like ours where businesses and consumer ratio has narrowed down drastically. Business intelligence is the key to unlock next opportunity. There is a gap of flow of information in real time when it comes to hospitality industry and profiling of customer becomes impossible, resulting in miss-targeted ads and late response to the on-going sales crisis. The hospitality market in India is going to grow to more than $ 78 billion by the end of 2018 and a technology to cope up with this doesn’t exist at the required level.
There is an opportunity here for everyone to figure out what are those few things that clicks to your consumers – this was earlier possible for online businesses but we are bringing it to offline world too, which is where it is required the most right now. Startups are at the right place to implement this at very early stage and growth hack into success. And, since not everyone has the expertise and resources and even volume of data to get independent analysts, startups are being able to assist these businesses more economically.