Data analysis will make your company more productive and competitive

Juan SalasJuan Salas

Juan Salas

Data analysis uses statistical and logical techniques to discover useful information.

The adoption of new technologies and data analysis have made many companies more productive and competitive in the global market in recent years.

According to results revealed at the Microsoft 'Future Ready' event, companies that use this tool have been able to make assertive decisions quickly, since data analysis allows them to collect accurate and constant information about their past and ongoing processes.

Now, the way we use this data will be vital for our companies and will make the difference between success and failure.

Why? Because the proper use of data analysis helps us make early decisions based on statistics and projections, categorically ruling out any type of unsubstantiated speculation.

The way our companies sell and distribute their products, as well as the way they influence markets, has changed in part thanks to data analysis; this tool has made it possible to measure the impact of these transformations and detect the places where companies need to innovate, renew or invest.

The development of data centers and data analytics help companies not only to grow in their current areas but also to explore new business sectors at low risk.

A recent study published by the Spanish magazine Directivos & Gerentes noted that the predictive analytics market share was valued at US$7.2 billion in 2020 and projects growth of up to US$21.5 billion by 2025, which would mean an increase of 300% in just five years.

This happens because many companies rely on data analytics to understand their customers better and anticipate their business and operational needs, which is why they focus data analysis on performance forecasts and trend forecasts.

The digitization of the market has impacted how companies do business and gives privileges to those who have comprehensive business management and are trained in proper data analysis.

In 2022, more companies will add these tools to their commercial functions, resulting in much greater organizational, operational, and business efficiency than today.

Those most successful will be those that can translate this data into specific and secure predictive information.

For this reason, not only will it be enough for you to have the possibility of recording data, but the key will be to have a team capable of converting them into actionable insights for strategic decision-making.