WHAT IS DATA ANALYTICS?
Data analytics is no longer an unknown term. Data analytics is simply collecting, organizing, analyzing and gaining useful insights from raw data. It is explained as evaluation of Big Data, the enormous datasets containing business data, using the methodologies and techniques specifically designed for that purpose. Such analytics transforms the organization into a more effectively managed entity. It is not only beneficial for the organization but also for those choosing data analytics as a career option. It has drastically changed the way businesses work nowadays.
KEY CHALLENGES COMPANIES HAVE TO FACE WITH BUSINESS ANALYTICS
1. HANDLING ENORMOUS DATA – A COMPLEX TASK
Managing and processing data of any business or industry is in itself a challenging task but at the same time handling an enormous amount of such data is extremely complex and difficult for the skilled professionals. This not only requires skilled personnel but also the adoption of the techniques and methodologies which can allow personnel to perform their work effectively and efficiently. This challenge can be overcome by using the tools designed for analytics such as Hadoop and Python.
2. VISUAL AND PROPER REPRESENTATION
These analysts are not only trained about handling of data but also its presentation in a form that is easily readable and understandable by the audience. The challenges associated with visual representation can be overcome using graphs and tables.
3. SCALABILITY FACTOR OF APPLICATIONS
The data streaming in the organization is increasing day by day. The management and the storage of this enormous amount of data is becoming the toughest challenge for the organization. The multiple layers present between the databases are making it difficult and time-consuming for the organizations for data traversal. But if the organization takes care with its architecture and technology then performance issues can be reduced and scalability can be enhanced.
4. SHORTAGE OF DATA ANALYSTS AND SCIENTISTS WHO UNDERSTAND BIG DATA ANALYSIS
The organizations who have adopted the tools and techniques associated with big data analytics lack the skilled personnel who have the understanding of how to deal with Big Data. The shortage of the skilled professionals (data analysts, business analysts, data scientists) is another challenge for any organization irrespective of the size and nature of the business entity. And this shortage has resulted into superb job opportunities and made this job quite attractive among the job aspirants.
5. SECURITY OF DATA
Collection and organization will not be fruitful and beneficial if the organization is not able to make the data gushing in their data warehouses secure. A risk related to security and privacy of data might lead to exposure of this data. As the amount of data increases, the security concerns increase automatically. It is yet another challenge in front of companies as to how to manage the data without hampering the security and privacy security measures.