It is common knowledge that the growth of the internet has resulted in far more information being collected and analyzed worldwide. Whilst this can be incredibly helpful for both businesses and individuals, it can also be time consuming and difficult to deal with. As a result of this, data analytics solutions were created. These systems help businesses deal with all the figures and information they collect on a daily basis. But how much do you actually know about these programs? Here are five facts about data analytics solutions.
Fact 1
Data analytics solutions are needed for one simple reason, and this is because statistics, facts and figures are everywhere. You may think you have a grasp of how much is produced on a daily basis, but it is far more than you could possibly imagine! To give you some perspective of the scale, 2.5 quintillion bytes is created every day; this is so much that 90% of the statistics in the world have been created in the last two years. But you may be wondering where all this information comes from, and how it is possible for so much to be created and collected on a daily basis. Well, this information comes from everywhere, including things that may not initially spring to mind. For example, climate information is gathered, as well as GPS signals, and social media posts. When you consider it this way, it is no surprise that data analytics solutions are so essential for keeping track of all the data produced world wide each day.
Fact 2
With so much information being collected, it is hard to imagine that there is enough time in the day to process and analyze it all. In fact, recent studies have highlighted that many businesses ignore almost 90% of the figures that are collected. Unfortunately, as a result of this, companies could be missing out on crucial information. These numbers are ignored not because they are unimportant, but just because it is hard to find the resources to look at it all. This is why data analytics solutions are so essential. Using a system allows businesses to analyze more information, without having to waste employee hours on the task; instead a program is able to do all the work and consolidate the information. As a result of this, in the future, it is likely that less information is going to be ignored.
Fact 3
Although there is so much information floating around every single day, many IT professionals have found issues it. One primary problem that many professionals in the industry are struggling with is the quality of the information. This is becoming a huge issue with 57% of IT leaders and 52% of IT professionals complaining about this matter. Due to the vast amount of figures available, it is often hard to determine who actually owns it. As a result of this, it is impossible to hold anyone accountable for poor quality information. Within this industry it is important to ensure that all information is reliable and of good quality, otherwise false details are being given and it is useless. A solution to this issue lies in data analytics systems; these programs make it easier to sort through all the information and determine which can be trusted and which is unreliable.
Fact 4
The increase in information has created thousands of new jobs to support all the added figures. Recent studies have shown that over 4.4 million IT jobs world wide are related to what is known as ‘big data’. Each of these positions will create employment for three people outside of the IT industry. Creating more jobs is arguably a good thing, as it is helping to prevent so many people from being unemployed, however, it is not without its drawbacks. One problem that the technology industry is facing is actually a lack of trained staff. Essentially, there is not enough people in the industry that have the skills, education and experience to deal with the new positions that have been created. As a result of this data analytics solutions are being heavily relied upon to assist employees with tasks that they are unable to complete alone. These applications make it easier for employees to understand the information and therefore make decisions.
Fact 5
As a result of the increase in data, there has been a rush for software developers to create applications that have the ability to assist with new information related tasks. Basically, older software is becoming redundant because the industry is changing so much, therefore it is essential to create new programs that can deal with the new needs of the market. Essentially, big information is the reason why data analytics solutions are evolving and becoming even more advanced. It is important for data analytics solutions to keep up with the needs of the industry and ensure that the applications are helpful to whichever business buys it.
