It is imperative for business organisations to gain important insights from big data analytics, and also it is important that only the relevant department has access to this information.
A big challenge faced by the companies in the big data analytics is mending this wide gap in an effective manner.
The analysis of data is important to make this voluminous amount of data being produced in every minute, useful. With the exponential rise of data, a huge demand for big data scientists and big data analysts has been created in the market.
It is important for business organisations to hire a data scientist having skills that are varied as the job of a data scientist is multidisciplinary. Another major challenge faced by businesses is the shortage of professionals who understand big data analysis.
There is a sharp shortage of data scientists in comparison to the massive amount of data being produced.
Data analytics focuses on collating and analyzing data to find patterns and trends, draw insights and conclusions, and answer specific questions, like “What products do customers patronize the most?”. It is also referred to as data science, data mining, and big data analytics.
Here are 3 ways in how your data can provide value:
Cost reduction. Big data technologies such as PXP business intelligence platform can bring significant cost advantages when it comes to storing large amounts of data – plus they can identify more efficient ways of doing business.
Faster, better decision making. With the speed of PXP and in-built data visualisation tools, combined with the ability to analyse new sources of data, businesses are able to study information immediately – and make decisions based on what they’ve learned.
New products and services. With the ability to gauge customer needs and satisfaction through analytics comes the power to give customers what they want. Davenport points out that with big data analytics, more companies are creating new products to meet customers’ needs.
PXP Data Analytics
The Populous World XBRL platform (PXP) offers business intelligence solutions, and provides an easier understanding of data visualisation, accelerates a business’s growth and achieve longevity, by using advanced big data processing technologies effectively.
>>Does your organisation need big data analytics tools to make faster, intelligent decisions?<<
With PXP you can make your data easier to understand, simpler to communicate, and much more useful. You can create a company credit report containing company financial accounts and information – this includes a company credit score, built with multiple financial and non-financial datasets that take into account a company’s financial strength