In addition, systems and algorithms can also be optimised, especially when the companies have intentions to grow their businesses. Certain algorithms can operate when the data size is small, but might start to get inefficient with the increasing amount of data. Optimisation in data analytics will help prepare these companies for challenges ahead. Lastly, it is important that companies are well-informed regularly with regards to the new technology, both hardware and software, which can be applied to them.
Data analysis may seem like a daunting task, but with the right guidance and strategy, companies can harness big data to provide a treasure trove of information that helps stakeholders make the right business decisions. The key is to embark on the journey in incremental steps, planning for a build-up of capabilities while enhancing the systems and processes required to support and maintain a data analytics exercise. It is also important to identify the assets (amount and type of data, employee capabilities, and existing software), as knowing what you already have can save both time and money.
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