There are an array of analytics tools and technologies to help business optimize operations. In the digital age, data has become the focus of every business growth strategy. According to studies, the global data market is expected to double its size in 2027 and is forecasted to hit 103 billion USD. Despite all this, there are many businesses that are still reluctant to embrace data technology as there are many myths and misconceptions about it.
Only Large Companies Need Data Analytics
When small business owners contemplate investing in data analytics solutions, they are often misinformed that data integration is only feasible when enormous amounts of data are at their disposal. In other words, small businesses lack big data without which gainful insights could not be drawn. This is one of the most common myths that discourages business owners from leveraging the humongous advantages of business intelligence and predictive analytics.
The possibilities of big data are immense but that does not mean smaller data sets are functional. In fact, the quality of data determines the functionality of business insights rather than the quantity of data.
Data Analytics is Expensive
Years ago, data collection and its manual analysis used to be a grueling task for businesses. Sieving through stacks of unstructured data made little to no impact, especially when the time, money and resources spent on it is weighed-in. Cut to 2022, big data and data technology has developed immensely, making it feasible for even small businesses such as retail stores to set up a data infrastructure. Additionally, the advent of cloud platforms has reduced the logical costs and storage limits caused by fragmented data storage units which prevent the costs from ballooning.
AI-backed Analytics can Replace Human Intelligence
Artificial Intelligence will eliminate the need for human workforce as data analytics is another myth that needs to be straightened out. While it is true that Artificial Intelligence is indomitable and can operate in a way and at a speed which humans cannot beat, AI will not replace human intelligence at present. AI is designed to solve a particular problem in context of a specific data system and to make AI work, human insight, creativity and contextual awareness is needed. Read more about Artificial Intelligence and the latest trends in AI-powered data analytics by following this link.
Data Scientists and IT Experts are Integral
Many business owners are under the misconception that they need a team of IT experts, data scientists and exorbitant technology to avail the myriad perks of data analytics solutions. In reality, businesses only need data experts who have an understanding of the organization’s business goals. Even better, you can hand over your data analytics responsibilities to data companies that are equipped with adept data scientists, superior data visualization technologies and dynamic data infrastructure.
Visit Site Lantern website and browse through our services to find exemplary data analytics solutions and big data technology that can relieve you from buying high-priced data tools and manual tropes. Our data analytics services can be molded according to your business needs; it comprises consumer research tools, impeccable custom reports and dashboards that can structure your data, analyze it and draw insights for decision makers without the need of technical experts and high-end technology.
