Analytics: What are they and why are they important?

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Analytics: What are they and why are they important?

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Analytics are not only expected to benefit the IT industry but guaranteed to revolutionise the way in which businesses interact and provide services to their customers.

Rather than the conventional business intelligence (BI) tools that convert raw data into meaningful and useful information, the capabilities of analytics are evolving, giving businesses the power to analyse structured and unstructured data from a variety of sources.

The current development and growing popularity of smart machines, along with the big data generated by the internet of things, makes analytics vital for ensuring that the right information is delivered to the right person at the right time. As the volume of data being generated by businesses increases, so too will the requirement for reliable and intelligent analytics.

How to use Analytics?

In order to manage this vast convergence of information, analytics need to be incorporated into individual applications so that the data being received will have already gone through a process of analysis, streamlining the overall process.

The way in which analytics will aid businesses is twofold. Firstly, analytics can be used to better serve customers. In order to ensure that information is provided to customers both quickly and accurately, analytics will enable organisations to identify relationships between data sets as well as any data anomalies.

By delivering actionable insights to consumers, analytics will imbue businesses with a valuable competitive advantage. Analytics have the potential to amplify bottom line results by enhancing the overall customer experience.

The second benefit of analytics lays in the technologies potential to be used to reduce business risks. Earlier this month Gartner published a press release stating that security analytics may be key in breach detection.

Benefits of incorporating Analytics

Analytics, when combined with security information and event management (SIEM), has the potential to bring situational awareness to security events. User behaviour analytics (UBA) for example, enables organisations to analyse user activity in order to detect meaningful security events. Future developments in analytics will result in more data being analysed, increasing the technologies ability to detect security breaches.

Analytics will give businesses the opportunity to understand the meaning behind the data generated by customer activities. It is important to remember that the value of analytics is in the answers it can provide.

How important are analytics to your business? Comment below or share your thoughts with us on Twitter at @LucasBlakeLtd.

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