Data-driven analytics has changed the way businesses in the real world operate. It not only influences their performance in the market but also how they perceive issues in the corporate world. By adopting and implementing this concept, companies are able to change their insight because they have gained a better understanding of market data. The platform provides an avenue for the examination and organization of data for the purpose of serving customers in a better and more effective manner. Using data analytics has become a global phenomenon that drives establishments to formulate sound decisions and take plausible steps that would facilitate contextualization and personalization of the message it intends to send to its customer base ( Forbes Insight, 2015 ). From the video, it is evident that data analytics has revolutionized business by the way it uses a mathematical approach to identify anomalies in a given field.
Getting the right results is critical for success because it can help organizations reduce costs and make things cheaper. Better results can, therefore, be yielded because a new and more efficient model has been derived from the interpretation of the data. As I have come to discover, it is becoming a multifaceted methodology that has cut across various fields and still seems to be yielding positive results. At the end of the day, the type of leaders we have influences its role in the area it is applied. It requires a transformational leadership style to be applied because the goal is to see the bigger picture and be able to tell the story of evolution based on the discoveries that are made. Janert (2010) notes that unlike other models, decisions are made based on facts, and as such, it provides a sense of assurance to those who apply it in their establishments.
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With the current economic issues such as inflation, recessionary periods, low employment rates, and a decline in GDP, data-driven analytics can be considered to be the change that we have been waiting for for so long. As far as my course is concerned, data-driven innovation forms the pillar for the confluence of different trends and has such become a core asset for the economy. It promotes the optimization of growth, revenue, operations, and reduction of cost to create a better economy.
References
Forbes Insight. (2015, April 9). The Role of Data & Analytics Today. Retrieved from https://www.youtube.com/watch?v=fxroi4beKhE&feature=youtu.be
Janert, P. (2010). Data Analysis with Open Source Tools . Sebastopol: O'Reilly Media, Inc.
