Data analytics is in the process of revolutionizing business in much the same way that the Internet has over the past two decades. Whether an organization is a large corporation or an SME, a government agency or an NGO, data analytics opens up valuable opportunities for growth in the stagnant economy of today.
How Data Analytics Works
Business intelligence done in the traditional way, is highly ineffective, and barely scratches the surface of the real potential of data. Modern approaches to data analytics forsake the traditional tools, such as spreadsheets, in favor of advanced statistical inference methods, and sophisticated Machine Learning (ML) algorithms, which can handle massive amounts of data in ways humans can’t even begin to dream about. Coupled with an exponential increase in computational power, and the emergence of new paradigms for disseminating computational services (i.e. cloud computing), companies are starting to explore the deep structures laying within their data warehouses, to address questions that go far beyond what traditional business intelligence tools are capable of. If spreadsheets are likened to mining picks, then the new tools revolutionizing data analytics today can be thought of as oil rigs!
The Potential of Modern Data Analytics
The applications of data analytics are extensive. Like the IT revolution in the late 90s, we are only starting to explore its potential to radically change the way we go about running our companies, societies, and even our very own personal lives. From predicting the spread of epidemics, traffic jams, and crimes beforehand, to the detection of behavioral anomalies in real-time, or the mining – for insights – of unstructured data sources that are impenetrable for traditional analytics tools (e.g. texts, videos, images… etc.), or increasing the efficiency of commercial and industrial processes, and tweaking products and services to appeal to a wider range of customers; these are but very few ways data analytics is being employed today.
It is estimated that it will take a few more years before we come of age in this regard. Therefore, it is an urgent matter for any organization that wishes to continue to thrive, and we even dare say survive, in the near future, to start building their data strategy and capabilities today.
Data Analytics Challenges in the Middle East (and Worldwide!)
Nevertheless, a severe shortage in the supply of professionals who have the skills to manage and mine data, is a stumbling block in the road of most companies wishing to utilize data to their advantage. For instance, although recent polls in the Middle East have identified 75% of businesses as interested in using data analytics to help improve their overall business performance, only 4% of them presently have the skills and technological resources required to do so. The chief future challenge of data analytics in the Middle East, lies mostly therefore, with equipping organization with the skills and resources they need to harness the power of data while there is still time to better achieve their missions.
We at Delphi Data Analytics are here to help you navigate your way through this ever expanding ocean of data. So are you ready?