We live in a data-driven environment where Big Data and analytics are at the top of every business’s agenda. It is estimated that 40 zettabytes of Data will be generated by the year 2020, which equals roughly 5300 gigabytes of data for every person on the planet.
Data has now become a competitive requirement and not just a competitive advantage. The role of data is to empower business leaders to make decisions based on facts, trends and statistical numbers. But with so much information out there, business leaders must be able to sift through the noise, and get the right information, so that they can make the best decisions about strategy and growth.
Data analysis is a broad term that covers many types of data analysis. Businesses can get any kind of information through data analysis techniques to improve something specific. For example, manufacturers can typically track downtime and queues for different machines before analyzing data to better plan their workloads and bring them closer to maximum capacity.
Data analysis is more than just identifying bottlenecks in production. Various companies use data analysis to create a reward program for employees that allows them to monitor employee’s or departments’ overall performance. Digital marketing and social media promotion business uses this data to promote products, organize markets and create different market segments.
Some sectors that use data analysis include the tourism and hospitality sectors, marketing, HR and any other businesses that have the need to process huge amount of data quickly. The industry can collect customer data and understand where there is a problem and how to solve it. Healthcare combines the use of large amounts of structured and unstructured data to make quick decisions using data analysis.
Similarly, retailers use large amounts of data to meet the changing needs of their customers. Information collected and analyzed by retailers can help identify trends, recommend products, and improve profits.
One segment that can particularly benefit from using data analysis tools are small and medium-sized businesses given the competition and limited resources available with small businesses, it is important for them to use actionable insights from data helping them to make informed decisions.
Components from inventory, store peak hours, staffing requirements, popular products, and consumer buying behaviour patterns all need to be considered for optimal business performance and cost reductions.
New Payments Innovation is a leading provider of card payments services in Ireland helping its merchants through its Revolution platform. Revolution is award-winning service management and reporting platform developed in-house which empowers merchants and business owners to manage their services as well as gain meaningful reporting and analytics.
Revolution provides businesses with extensive analytical transaction reporting with complete real-time visibility of performance both in-store and online within the same platform, a feature that is unique in the payment services industry. Revolution provides merchants high level commercial and transactional information enabling them to make intelligent and informed business decisions based on trends identified. Revolution provides merchants with analytics on their online and offline transactions, capturing real-time financial data and analytical reporting.