May 7, 2021 0 Comment

Top Challenges for Data & Analytics Leaders

Analytics is more than just figuring a number out; it is figuring out what that number means in relation to everything else that we know about our company and then putting it in a useful format. Without this specialized skill, a business owner can easily find themselves working with data that simply doesn’t add up. We will discuss the challenges that business analytics leaders must overcome in order to stay a step ahead in the market. By the time you have finished reading this article, you will understand how to best deal with all of these challenges.

Processing a robust data set

The first challenge for analytics professionals is having the ability to process a huge amount of data quickly and efficiently. If data is processed quickly, information can be visualized, analyzed, and action can be taken right away. Imagine getting a new customer order within minutes. That kind of speed is hard to come by in a world where information is changing at a rapid pace. That is why data science is important if you want to continue to lead in the market.

Utilizing the data effectively

Another challenge for data & analytics leaders is having the ability to visualize, analyze, and interpret that data. It used to be enough to simply “read the numbers” when looking at a company’s numbers. However, with so much data floating around out there, it is often necessary to “think like a statistician” in order to make sense of it all. Having a deep understanding of data analytics and data science is absolutely essential to being a successful business leader.

Storing and managing an endless stream of data

And speaking of analytics, if you want to be a successful business owner, you need to have the ability to collect, process, store, manage, and report on that data. This is where business applications become extremely complex, and where analytics professionals are called upon to use their math skills, statistics, and experience to help solve business problems.

Effective interpretation of data

Data science challenges also include understanding how to manage and interpret the data that is being analyzed. For example, if a business leader is trying to understand how sales are going to be up, the data might show that there were too many sales in January, but that they will probably bounce back quickly in the near future. It is important to be able to extract the useful information from the data and analyze that data to improve future performance. Sometimes data science is viewed as a difficult science, but it really isn’t. All it really requires is an unbiased attention to the problem at hand, and some mathematical skills and the ability to apply market logic.

Data conversion

One big data science challenge that is often overlooked is getting the business data into a usable format for other programmers to work with. Many data scientists and business managers think of this as the easy part of the equation, but it can be one of the most difficult parts of the problem. Fortunately, there are companies like Clipping Path that can handle all of this work for their clients, which makes getting data in a useful format one of the biggest challenges for data & analytics leaders.

End user utilization

Another issue that often gets left out of the question is how to make the information easy to work with for end users. Often the data that is being collected and analyzing is so complicated that even the most experienced business managers have trouble working with it. Even though a business leader knows the data has to be reliable, and perhaps intuitively understandable, he or she may not be able to fully explain why exactly that data is so valuable to the overall goals of the business. This is where a data consultant comes in handy, who can help business leaders understand how to interpret the data and use it to create actionable intelligence that will make a difference in the bottom line.

Conclusion

Data and Analytics leaders have a lot of work on their hands. They need to be able to work with the massive amounts of data that is available, and they need to make sure that it is understandable and accessible. Even though data is the backbone of analytics, many business managers don’t know how to properly utilize it. With all of the challenges that face business owners, data isn’t something that should be overlooked or underestimated. It can help make or break a business. If data is handled incorrectly it can cost money, and with the right tools it can be very profitable. Companies like ONPASSIVE are working to automate this complex process by automating it with the latest in AI technology. The future does seem much simpler if these tools can be effectively used for business analytics.
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