The dynamic business environment in which organizations operate has been changing rapidly ever since the COVID-19 pandemic struck the world. This gave rise to a highly competitive market and further made data extraction from the market significantly crucial. Considering the role of market research in growing a business the power of data and analytics (D&A) is now elusive. It has turned into a core business function regardless of the level of business.
More and more industries and companies are using various technologies for the data collection process. But it is the combination of big data sources with advanced analytical services that improve the accuracy of business diagnostics. Implementing D&A as a core business function has helped organizations in improved customer experience, optimized existing processes, reduced costs, and more targeted marketing.
Using D&A is the key to become a part of a competitive market and mark your position. Organizations are striving hard to leverage a broad range of data assets both internal and external to their enterprise. This ultimately results in having tighter collaboration with the diverse teams of people across the organization. Growing the size and the reach of your data and analytics teams by bringing a diverse set of people with the right skills, is now a necessary prerequisite.
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Having the right people with the proper skills is important to apply emerging technologies such as sensors, robots, various mobile technologies, and more. These technologies exist to provide better business outcomes, making the data and analytics to be managed as a business asset within a business function.
Role of COVID-19 in making D&A a core business function
Considering the positive-negative impact of COVID-19 on the market, stakeholders prefer to be aware of how the business is performing, how are things on the operational level, and how all of this is affecting the customer service. Thus, increasing the need to have access to quality data and analytics. In case of any crisis, it is only with the help of data and analytics that organizations/enterprises can ensure that their business stays strong. As the pandemic accelerated the digital business transformation, infusing clean data into business processes and creating a data-driven company culture became the need of the hour.
Previously data and analytics were considered secondary activities that were actually distinct from each other. But currently there is a visible growing interest in colliding data and analytics. This means that the non-analytic applications will continue to evolve and incorporate analytics in the near future. As predicted by Gartner, in 2021, companies will infuse D&A capabilities into their business functions and data and analytics will transform into a core business function.
The collision of Data and Analytics has increased interaction and collaboration between the data and analytics roles causing an impact on technologies, people, and processes using them. But what was the driving force behind this collision? First and the most important reason to push this collision was the highly growing demand for data. The need for data as a product has grown significantly in the last two years. This sudden increase in demand for data pushed data scientists, machine learners, etc., to find more and more applications for it.
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Then comes the growth of mass of data. In simple words, the amount of data available and the devices that capture that data doubled in the last three years. As the markets and the competitive environments for businesses operations get more complex, the need for proper data and analytics business functions elevated.
This growth will keep doubling with the growing complexities in markets adding to the need of using D&A as a core business function. In the fast-evolving digital business world and considering the high stakes in 2021 which will keep growing in 2022, organizations have to match the pace with the growing future trends in data and analytics.