Data analysis is a determining element in making business decisions. If the collection of such data was an obstacle in the past, today it is in overabundance. Therefore, data analysis and interpretation have become essential to derive full benefit from it. Are you confused about how to proceed and how to process your data? There are many benefits to automating the process, which we present to you in this article.
DATA MANAGEMENT IN FIGURES
Data creation is exponentially growing each day. Judge for yourself: according to Statista, the global volume of data created in 2020 will equal 50.5 zettabytes. It will increase by 3.5 times by 2025 to reach 175 zettabytes. One zettabyte is roughly the equivalent of 4.5 billion pounds. In other words, no human mind is capable of storing such a quantity of information. Therefore, automation is vital.
Also, in terms of financial results, good data management offers real added value. In September 2019, consulting firm McKinsey published a study examining data analytics’ influence on business results. The edifying findings suggested a direct link between a coherent data analysis strategy and companies’ growth in turnover or profits. Therefore, the problem is not trivial.
WHY AUTOMATE DATA ANALYSIS?
Given the amount of data available, the automation of analysis is now inevitable. Data processing doesn’t have to be a complicated process. Companies are progressively hiring data management specialists who can handle the challenges. Since analyzing data enables professionals to conclude modification reports or implement newer methods, every piece of information becomes an asset.
Today, interested candidates can pursue an online MSA degree from the best universities worldwide and enjoy excellent career opportunities. We will explain the advantages of automating this data treatment to you with a broad perspective.
It seems obvious, but it is worth remembering it. In a constantly changing society, the ability to react quickly to new trends or detect a flaw in a system without wasting time is a real advantage. The automation of data management eliminates tedious manual work. It’s a bit like going down a ski slope knowing the exact location of bumps, patches of ice, or skiers’ level in front of you. Ultimately, you will gain precious seconds on the downhill time. However, you must be careful; establishing an efficient and adequate data processing automation system requires deep reflection and a global strategy. However, this time invested now will mostly recoup once the system is in place.
Automating data processing saves costs both directly and indirectly. First of all, you reduce the overall salary costs since it automates part of the tasks. Then, your employees gain productivity. Finally, you focus your resources on the elements that are worth it. You benefit from better tools and eventually get better results. Try to predict the sales of ski suits based on the weather in the last three days. You will have more luck playing roulette. Suppose you have a statistical report using weather data, household purchasing power, or even sales data for the last twenty years. Your stock of unsold items will probably be less at the end.
Although artificial intelligence is combined more often with a global data processing solution, human intervention is still essential most of the time. Automating data processing ensures that you have all the information you need to make the right decision. Very often, this automation is invaluable if the reactivity time must be almost instantaneous. Automation makes it possible to perform cross-checks, reconciliations, or comparisons exceptionally quickly and efficiently. Therefore, there is no loss of time in collecting data or preparing reports.
Let’s change the season and take the example of surfing. If before you catch the wave you want, you know the exact spot where it is going to break, you will probably be the first on it and be able to enjoy the sensation fully. You may know its probable duration, its shape, the data related to the direction of the wind, and the exact moment when it is likely to close again. You can decide to get out just in time and save your energy before dying, trying to catch the next wave in such cases. Data automation is the same principle applied to your business.
IMPROVEMENT AND SIMPLIFICATION
The benefits of improving and simplifying organizations often get disparaged. And yet, most businesses are on the verge of collapsing under a mountain of data. Where was this report written last quarter? What are the sales figures for last season, or when did you carry out the production line’s maintenance? When does such an employee take his vacation? These trivial questions should not occupy the mind or the time of an executive or professional.
Automation prevents human error and helps navigate the maze of data. The virtues of automation of data management in terms of simplification works for large multinational structures. As an example, we can cite applications in predictive maintenance.
HOW TO PROCEED TO AUTOMATE DATA PROCESSING?
A McKinsey report points out that we can easily automate 45% of the tasks we pay for using the currently available technologies. In 2020, any informed manager or professional knows the importance of data and the need to extract the best information. However, in practice, it’s not easy to know where to start. The multitude of data sources, the complexity of the systems, and the overlapping of different interfaces put off and can frighten even the most fearless.
MIT reported that 84% of executives expect AI to enhance their productivity and save them time and effort. Rest assured, it is not always necessary to allocate colossal budgets and create a team of specialists in-house to start taking advantage of the available data. Many solutions are available to simplify your life. On the other hand, if we treat the subject lightly, a data processing automation plan cannot be improvised and requires the intervention of a qualified team and adapted systems. That’s when a company comes in with their solutions for data processing automation.
Devising the right data analysis strategy is a crucial aspect – effective and efficient use is another. When applied correctly, data analysis enables you to bring transparency to your data budget, detect errors and manipulations in good time, and avert significant financial damage. With data analysis, you reduce your business and entrepreneurial risk and enhance your team’s productivity.