In today’s times, data has become the key to benchmarking success in almost all aspects of businesses. Amid the pandemic, the use of data analytics has moved a step ahead with a boom in video conferencing – some companies have been using analytics solutions to gain meeting insights while others are leveraging workplace analytics to keep track of the changing work patterns.
At a time when data analytics has become more crucial than ever for the operation of businesses, it is imperative that organisations remain informed about its minute details and be able to differentiate between the myths and facts associated with it. Based on our experience, our team at WGD Analytics has enlisted some common data analytics myths that companies need to be aware of.
One of the most common misconceptions about data analytics is that it is extremely costly and time-consuming. However, the truth is, data analytics can be affordable and cost-efficient too, depending on the type of solution one opts for. To reap the most benefit out of it, it is imperative to do in-depth research. Why are you adopting data analytics? What would you like to achieve from this?
Secondly, when it comes to data, many executives tend to see only two things – data is either accurate or inaccurate, overlooking the ‘use’ factor. Many a time, data collected can be accurate but not exactly useful in any way. Therefore, we, at WGD, recommend categorising and cataloguing the data based on how you intend to use it, in addition to knowing its accuracy level.
Furthermore, being able to derive value from analytics is no rocket science and one does not necessarily need to be an analyst. Owing to the use of AI and ML these days, anyone can leverage data analytics and gain meaningful insights from a pool of data. Moreover, with all kinds of analytics software available today, keeping track of business performance has never been easier.