Data analytics is the act of modifying or changing existing data in order to gain a better understanding of a certain process or aspect. Reports generated from Information and Data Analytics enable employees to examine data in a specific context and make more informed business decisions in order to improve products and services. According to industry research and survey results, over 53% of businesses used Big Data Analytics in 2017, and that number is expected to keep rising in the coming years. This is because more and more industries have adopted data analytics into their processes, which have led to increased gains and thus increased both perceived and actual value of analytics processes within the business market.
Data analysis, according to 72 percent of businesses, will significantly improve customer experience. Big data analytics may also aid in the detection of fraud and payment problems, both of which can be costly to a business. There are many companies that provide such services to clients because data analytics is often a complicated process and not every startup can afford to have its own data analytics unit. These companies dissect both structured and unstructured data for their clients so that they can make sense of what is happening in their business.