By its very nature, Data Analytics enables the management of data that is, all the information of an organization. It is often used to help the manager of the organization in different ways.
Data Analytics can be broadly classified into two broad categories. The first category, which is called the pre-analysis and the second category, which is called the post-analysis, will be considered here. Pre-analysis is the initial stage of Data Analytics where the data is analyzed and it is now used for the improvement of the business operations.
There are two types of Pre-Analysis. One is called the process pre-analysis and the other is called the random pre-analysis. Process pre-analysis, as the name suggests, has a business purpose and the analysis of the data being collected is done according to this purpose. For example, when you are collecting data about the goods you have for sale, it is important to collect this data without any kind of ulterior motive.
The objective of this approach is to collect data without any purpose, in order to generate a statistical model for the business. This helps the business managers to extract insights about the data they are dealing with and thus, can use the insights to decide on the right action to be taken in terms of customer service, marketing, product improvement and so on. This is the approach to Pre-Analysis and will be referred to under analysis type.
The second approach is known as the random pre-analysis, where the data collected is used for the improvement of the business operations in order to make them more efficient and thus, improving the company’s productivity. However, it is not always easy to take advantage of this approach to enhance the business operations.
Data Analytics takes place after the analysis stage. This is the stage where the business managers can use the collected data to solve problems in the business. For example, data analytics can be used to analyze the performance of the sales department and then use this performance to improve the performance of the sales department.
The efforts made by the managers at this stage of Data Analytics have a great role to play in making the business. This is because the collected data is being used to solve customer issues, which are affecting the sales of the company. This helps the company to ensure that their customers receive the best service possible.
Further, the analysis stage also allows the companies to access the information in the form of tables and graphs. The information that is collected here will be useful for future planning, decisions and predictions.
One has to understand the basics of the data that is collected by the management and how this can be used to analyze data and how such data can be used to make predictions. The main task of Data Analytics is to solve problems and hence, to analyze data to determine what is causing the problems, then ways and means to resolve the problem can be found.
Management in organizations of today needs to use the strategies and techniques that can be implemented to organize and analyse all the business information in a way that helps to solve the problems of the business and also create and implement strategies that will benefit the business in the long run. This is what Data Analytics does and how it can transform the business in a major way.
The analysis stage of Data Analytics allows the managers to use all the data from the analysis to solve problems. Once the problems are solved, it is better for the managers to test the success of the ideas to be implemented. This enables the managers to measure the success and failure of the business strategies.
Thus, it can be concluded that Data Analytics has a dual role to play in the organizational structure. In the analytical stage, the data collected is analysed and used to make certain kinds of decisions. This enables the managers to make use of the collected data in a manner that helps to improve the business operations.