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Data is the currency of business growth. By the end of 2022, experts expect that 70% of the world’s GDP will be fully digitised. People are relentless data creators, sending over 300 billion emails and 500 million tweets every day. Needless to say, it’s a lot to review and interpret if you’re going to keep up with global data creation.
Even at a business level, there’s a lot to focus on. The average individual creates approximately 2.5 quintillion bytes per day. With over 4.66 billion active Internet users around the world, it’s fair to say that companies face significant challenges when it comes to compiling all the relevant business data. Indeed, their audience share videos, comment on social media, proceed to Google searches, send digital communications and interact with websites.
On top of it, the business also collects data as part of operative processes.
So, how do you use these data to gain insight rather than drown in them? The days when businesses relied on internal teams to report on data in addition to their day-to-day tasks are long gone. Data analysis takes time!
Outsource To A Specialist
Gaining insights from your data can solve existing business issues and provide a path forward. Data consultancy expert, The Oakland Group, specialises in unlocking profitable opportunities for their clients through dedicated analysis and processes. Unlike an in-house expert, working with a company that provides complete data support means you can rely on someone to bring:
- The experience
- The technology
- The operative solution
you need to maximise your data.
Consider Machine Learning Solutions
Machine Learning Operations technology, or MLOps for short, is an area of
AI that can help businesses understand and use their data. MLOps are best suited to manage complex operations within the business, bringing effective problem-solving through data collection and analysis combined with continual learning.
Unlike a data analyst, MLOps tend to be unbiased and provide rapid feedback and solutions. While it doesn’t mean that MLOps technology can fully replace targeted data knowledge and experience, it can be a suitable solution for areas requiring regular reporting to manage large volumes of data.
Hire A Data Expert For The Team
Companies that foster big data may prefer to keep data analysis in house by recruiting a professional. However, it’s important to understand that many businesses misuse their data analysts. Companies may require multiple reports to be delivered in the nick of time because they fail to appreciate the work that goes into preparing data. It can affect the quality of reporting.
Additionally, data analysts often rely on other team members to perform some tasks, such as accessing some data. As a result, reporting might also be inaccurate when the relevant data is not shared on time. Over 6 in 10 data analysts depend on other team members to provide essential steps of the analytics process. It can be frustrating when reports can’t be generated on time or can’t provide an accurate response.
Should a company choose only one approach to achieve better data insights? The answer is no. Ideally, businesses should focus on exploring many data management and data analysis solutions. Indeed, outsourcing to an expert can deliver strategic value. However, MLOps can support regular data tasks inherent to business processes. Finally, a data analyst can help track progress.