Businesses collect thousands of data points each day, but those that effectively use the data they're collecting see an average increase of 8 percent in their revenues and an average decrease of 10 percent in their costs
However, using data is much more difficult than collecting it and requires specialized analytics tools to gain the proper insights. Here are a few options for the best data analytics tools for analyzing and presenting data...
Data analytics is the process of studying information in order to gain insights from it. Companies typically collect data in an unstructured format and must use data analytics to structure it and turn it into something they can use and understand. Data analytics highlights trends in company data that can tell organizations things like which of their products is most popular, when their customers make the largest purchases, and which demographics make up the majority of their customer base...
A new report on data sprawl shows that nearly every data leader is using multiple business intelligence (BI) and reporting apps.
The report, 'The State of Data and High Costs of Data Sprawl' by Hakkoda, indicates that data sprawl is a compounding and costly issue and likely to worsen with today's proliferation of tools and scarcity of talent, according to the company.
Hakkoda, a cloud data company specializing in Snowflake, released the report last week.
'According to McKinsey data, a mid-sized company with $5 billion of operating costs might spend $250 million on data management,' said Ha Hoang, co-founder and chief operating officer of Hakkoda.
'Those are just the hard costs. When you factor in the impact of inefficient and duplicate processes, bad data and the inability to innovate - which this research shows are fundamental issues - the business costs are much greater.'