IMPORTANCE OF DATA ANALYTICS IN BUSINESS

Abstract

In a world increasingly driven by data, data literacy is as essential as literacy itself, especially in the business sector. Consequently, every enterprise needs to build a foundation of data analytics literacy within their workforce. This means enterprises need more people who understand analytics and the benefits they can provide. By building analytics literacy, an enterprise can convert its data into actionable insights that drive decision-making and actions. This, in turn, can enhance business processes and foster greater innovation. To build analytics literacy, business professionals need to understand the various types of analytics they are likely to encounter.

Therefore, the purpose of this paper is to examine the awareness and readiness of business professionals regarding the importance of analytics in everyday business. Do they truly understand what analyses are? Can they distinguish between the different types of analytics and know when and how to use/perform/interpret them? Are they familiar with analytical tools and methods of conducting analyses? Furthermore, do they grasp the overall process of performing analyses—from collecting data to summarizing and presenting outcomes effectively—as a foundation for setting strategies and developing specific actions or tactics to achieve desired outcomes? The results from a survey conducted with several business professionals across different industries on the previously mentioned topics are used for the purposes of this paper.