Recognizing the value of data in business operations : Data analytics for business operation

Abstract

The aim of this study was to demonstrate the hidden value of data that can be extracted with few commercial and open-source software tools. Any given business can collect, organize, and extract data for analysis that can be vital in making informed decisions in business operations. Subsequently, with good data analysis skills, it is possible to optimize the quality and quantity of data to be analysed in order to achieve desirable outcome. Data have become an important asset in business operations since they provide insights that could have not been gained otherwise. Finding ways to explore the riches hidden in data will profit businesses in their daily processes.

The experimental method was used in the study. Various technologies for data collections, storage, handling, and analysis were considered to achieve the outcome. Furthermore, the study focused on database technologies, data analytics tools for manipulating and modelling data in order to get clean and reliable results that can be visualised for better understanding.

The results of the study demonstrated that if businesses in different sectors pay attention to the collected data within their daily operations, beneficial insights can be gained for better decision making. Moreover, businesses should use insights from data to follow trends and megatrends and to follow different developments thus enabling them to learn from the past and predict the future.