A car will undoubtedly start and run, even without a dashboard, as long as the mechanical parts are fine. But, the driver of such a car will find it challenging and impracticable to ascertain speed, battery condition, engine’s temperature, fuel remaining etc. This will, obviously, lead to estimation and guesswork of the car’s performance, a situation manageable (though risky) for short trips but dangerous and ill-advised for long-distance travels.
Same to running a business. Without data, you are driving ‘blind’.
Data Analytics (DA), also known as Data Analysis, involves extracting, editing, summarizing and organizing data in such a manner that it ‘displays’ the business performance. In daily transactions, each business generate substantial amount of data, and the more it grows, the more data it generates, until it reaches a point where it is no longer ‘safe’ to guess.
Business intelligence (BI) refers to the procedural and technical infrastructure that collects, stores and analyzes the data produced by a company’s activities. It encompasses data mining, process analysis, performance bench-marking, predictive and descriptive analytics.
Collecting data, internally and externally is vital; through invoices, receipts, ledgers, mail etc, but is just the first step. Businesses, even start-ups, are nowadays characterized by lots of data streaming in unstructured and in diverse formats (websites, social media, news etc), this overload (big data) do not make for easy collection and analysis, and more often lead to Analysis Paralysis. To use our car analogy, unstructured data is equivalent to a jumbled-up dashboard, which is basically the same as no dashboard.
At ETHOS, we aim to help you collect and make sense of your data.
Help you drive your business safely.