Ever since data became an integral part of the world, companies have been trying to derive the best of it. Data is the reason why organizations have been able to understand the customer in a much better manner and make progress in making spaces in their hearts.
There was a time when businesses would merely go on and make intuitive decisions towards sustainable progress. This involved choosing the products to sell, expanding their companies to the markets as well as zeroing in on the product selling strategies. While that went well for a long period of time, things seem to have changed in the contemporary market scenario.
Analyzing Data a Decade Ago
This is probably one of the biggest reasons why you only see a handful of companies from the last decade still making it to the top organizations in the world today. It is only because organizations have not been able to cope with the changing customer demands and harnessing their own data.
Even as they are investing in the latest technologies for product innovation, they are lagging behind in what is popularly known as data analytics. While this has been a popular name for quite a while among people, the point is that data analytics services has been in the world for quite some time.
Even though it wasn’t something every popular that businesses used and invested in, they surely did it at an individual level. In other words, they deployed manual labour to make sense of their data and use it for several tasks.
Most companies took pride in legacy systems, stored their data in relational databases and fired a query if something or the other had to be understood properly. This required a ton of manual labour and hard coded instructions that had to be fed to the computer every time something useful had to be derived. But even then companies can’t be said to have made the most of their data.
Data Emerging Today
The point is that data has already been infinite in nature in the world. People have interacted with businesses in one form or the other and this has given rise to a wide variety of data across platforms. Earlier this could have been attributed to only the retail or offline channels. Because only a handful of enterprises were carried away to establish their digital presence. However, the situation is different now.
Most enterprises today have been bit by the urge to establish an online presence on several platforms. This is giving rise to nothing but a lot of opportunities for both brands and customers. Alternatively, it is also the reason they are generating more data than ever. But, this data cannot find its shelter in relational databases and that is because of several reasons
Today’s data is not just of the transactional nature but extending more than that. It contains answers to some of the most pressing questions of modern times. The customer behaviour and market trend. As a seller it can be your guide to finally making the most of this data and understanding the precise things that customers want.
Most legacy companies have failed because they did not hear what their data was trying to say. It was pretty intuitive for them to follow a step or the other. But, because customer demands are also evolving and influenced by a number of purchase factors online, mere guesses couldn’t make sense.
Today, with the evolution of analytical power, data has become quite a profound source of information, if it is interpreted the right way. For businesses this can mean, understanding-
- Who are the customers purchasing a particular category of products?
- Why are customers purchasing what they are?
- Why is a particular product selling fast in a particular season?
- Which of the products should I kit together for faster and profitable selling?
- Which new qualities of the products are something customers are looking forward to?
- Have some customers drifted from the competition to my business or vice versa?
- How have the business demands for myc customers changed with time?
While these are only a handful of questions, organizations can certainly know more as they dig deeper in their data. This is yet another reason why people are shifting to cloud based data warehouses.
Analyzing and storing such large amounts of data upon which computations can be performed effortlessly is a complex activity. In fact, it’s something that businesses cannot do effortlessly on a legacy system. A hybrid system might be the closest for people wanting the best of both worlds, but according to today’s needs cloud data warehouses are the best.
With cloud data warehouses and data lakes, data analytics has become a seamless affair. People are finding using such systems quite easy because they have separate spaces for storing data and performing computations. More to this, there are several companies that are coming up with platforms to help companies make the most of their data.
This is also an inexpensive way to leverage data analytics for one’s business because cloud only charges you for what you use. On the contrary, in premise systems and databases are much difficult to handle and there is also a huge loss of data in migrating from one source to another.
Having said that, the post-pandemic world has brought quite a revolution around the world. Most tech companies are hiring fewer people with legacy skills. In a post-COVID world everyone is preferring to hire someone with experience in data analytics. The newer digital skills are all the way in demand especially in the software service domain.