DATA ANALYTICS & DATA FUSION

The Quest for Meaningful Data

Data fusion involves the integration of multiple data sources to ensure accuracy, consistency and relevance of information. It has become a very important tool for many businesses. It helps manage, schedule and combine multiple data platforms holding critical information about the daily operations of a company. For example, a digital marketing company can leverage data fusion to manage social media platforms and automate posting to all of them.

Investopedia defines data analytics as the science of analyzing raw data to make conclusions about that data. The processes involved in data analytics have been automated into algorithms which work over raw data to produce meaningful information for business owners – often producing insights that would otherwise be missed.

Business Intelligence and Data Analytics

These two terms are often used in place of each other when in actual fact they mean different things. Still they serve the same purpose of business optimization for growth. While Business Intelligence relies on already collated past data for decision making, data analytics leans more towards predictive analysis.

Data fusion works as a corollary of data analysis in practice. It can help a business in extension of analysis of previously obtained data. This means you can explore different dimensions and models using data fusion tools. Research has also shown that you can use scalable data fusion to enhance predictions as to consumer base.

Optimize Your Business

Insights that drive business growth

In more and more businesses, data is being capitalized upon and converted into insights. These insights drive business growth. Progressive businesses can leverage the information received in the course of business as a competitive advantage. They analyze this information, identify potential gaps and make better decisions. Let’s explore the competitive advantages of Data analytics.

Anticipate and Assess Customer Needs

To stay and grow in business, it is important to be proactive in meeting user needs. The average consumer expects that your company will use the data shared to provide a seamless experience and satisfaction in exchange. This data comes in bulk and tearing through these things manually is next to impossible.

Through new data analytics technology, you can mine, add, and analyze volumes of data to assess your consumer needs. Predictive analytics also helps your business stay ahead of the game by being proactive and anticipatory of your consumer needs. This in turn will influence your customer acquisition and retention. For example, Gaming companies are already using analytics to set reward schedules for players based on their study of their active time. This is aimed at keeping the active players in the game.

Personalize and Deliver Products and Services

Entrepreneurs and business owners must answer some fundamental questions in the course of manufacturing, retail, research and development. These questions often involve an identification of the consumer and their wants, better service delivery and availability of market opportunities. These questions are best answered through an assessment and analysis of data.

Data mining and data fusion assists in merchandise planning for businesses. Analysis of the data can show you what is selling and what is likely to sell. AnalyticsIt also helps businesses understand the market scenario and how to match the products to existing market needs for optimum benefit. Thus, it can influence important business decisions on marketing, product development, price fixing and balance of inventory.

Manufacturing companies, for example, use analytics to assess runtime, downtime and work queue of their various machines and engine plants. They can then analyze the data for optimization of operations.

Mitigate Risk and Fraud

Fraud may collapse your business, and risk speaks to consumer trust. These two can be mitigated by the application of data analytics. Data analytics may be in various forms including security and fraud analytics. The aim of security and fraud analytics is to ensure adequate protection of all company resources including physical, intellectual and financial assets from corruption, breach or misuse by internal or external threats.

Data fusion and integration can be leveraged for effective management of company information as it offers a unified view of fraud across the different sectors of business. The risk of an attack can be mitigated through efficient organizational security. Deployment of fraud analytics tools, prompt and transparent fraud reporting, prudent data management and updated organizational security can help achieve this goal.

Companies in the banking and insurance sector are already using data analytics tools to determine creditworthy clients to mitigate investment and financial risks. This process is optimized to give accurate results in real time.

Deliver Accessibility and Business Efficiency

Data analytics and integration is very effective in promoting access to data and securing operational efficiency. Data analytics helps businesses identify potential opportunities or problems and assess available options to make informed, efficient business decisions.
Analytics

You may need to ask yourself the question of how much access your employees have to data when they need it for problem solving. Making information accessible gets problems solved faster and adoption of data analytics offers that. This eliminates bureaucracy and bottlenecks, improves workplace relations, saves time and ensures quick service delivery.

You can track your KPIs at a glance and access collected data on any device through a visually appealing business intelligence system.

Generate Revenue

Adoption of data analytics and data fusion helps in conversion of raw consumer data into information. This information is useful in strategic business decision making for improved financial performance. For example, sports organizations use data analytics to understand fan engagements. This analysis is used to develop suitable marketing strategies to enhance revenue generation.

Gain Deeper Insights

A fusion of data analytics and machine learning can be a very powerful tool for any business to gain deeper insights and discover once overlooked pockets of growth. For example, Netflix collects data from over 151 million subscribers. BusinessmanIt runs it through its data analytics model to discover subscription patterns. This in turn influences certain important business decisions. In marketing, the insights can influence targeting and personalized campaigns. You can save money by targeting your actual audience and not bots or uninterested persons.

Reduce Operating Costs

Running capital is essential to the survival of any business and every business must invest to survive. Data analytics helps determine the best use of resources and alleviates the risk of costly overhead. You can achieve better Return On Investments (ROI) with the adoption of data analytics and business intelligence.

Do you need to gather large data before you use Data Analytics?

The straight answer to that question is no. There is a big misconception that companies need to be processing tons of data before they need data analytics and data fusion. The advantages apply to small, medium and big firms looking to generate business insights and optimum output.

We can help you turn data into insights

Repositioning your business to center decision making on collected and analyzed data is not a simple, one-time move. It usually involves an overhaul of processes. At i3solutions, we have helped clients with seamless transitions into a data driven corporate culture for business optimization.

Let us help you handle the transitioning and do the boring stuff. Reach out to us and let us help you turn your data into insights.