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What are the advantages of a data analytics platform?
What are the advantages of a data analytics platform?

December 9, 2022

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Today, businesses are still looking for a way to analyze the vast amount of data available across multiple systems. However, this data is frequently hidden in different databases and spreadsheets. The analytics tools that can help draw business insights from this data are only available in some places. A data analytics platform helps perform data operations, including conducting analyses and gaining insight. Specific tools are used to perform these operations and gain some helpful insight from the enormous amounts of data available. These tools work as a platform for performing operations on data.

According to Techjury, the big data analytics market is expected to reach $49 billion with a compounded annual growth rate (CAGR) of 11% by 2025. So, each year, the market will gain $7 billion in value.

Advantages of a data analytics platform in business:

  • Data analytics helps make better decisions: When making decisions within organizations, executives often rely on gut feelings rather than data to guide their decisions. One reason may be a need for more access to quality data that can help with better decision-making. Analytics can transform the data that is available into valuable information for executives so that better decisions can be made. Analytics can provide access to helpful information that helps executives make better decisions so fewer poor decisions can be made. This allows companies to take advantage of their market position more effectively and grow more quickly.
  • Increase work efficiency: Analytics helps companies to analyze large amounts of data quickly to achieve specific organizational goals. It promotes a culture of efficiency and teamwork by allowing managers to share insights from the results with employees. A company's gaps and improvement areas become evident, enabling actions to increase productivity.
  • The analytics keeps the company updated on customer behavioral changes: Customers have many choices in today's world. Organizations must adjust to customer desires and expectations to stay competitive if companies do not use analytics tools to avoid falling behind in customer perception data. Analytics helps give insights into how the target market thinks and if there is any change.

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