Role of Data Technologies in Business Environment

Abstract

In the present scenario, data technologies have become an integral part of businesses to better understand their customers and to take faster decisions. Big data analytics is playing a vital role to analyse a vast amount of data, transforming the business model thereby improving operations and efficiency. The enormous availability of data from various sources like social media activities, website traffic and customer transactions will have a great impact on business operations to gain insights into customer behaviour, identify patterns and trends, and make better predictions on future performance. A large and voluminous amount of unstructured data is subjected to a lot of data analytics and visualisation so that sense emerges out of it. In order to be able to take appropriate decisions, data analytics subjects the data to proper extraction and categorisation so that meaningful patterns, relationships, connections and other relevant insights evolve. By the process of data visualisation, one gets the ability to manage, organise and present the data collected from multiple sources. Then one can arrange the data in any graphical representation and take appropriate decisions in near real time. Today, the main challenge is the need to store, retrieve and analyse the voluminous multi-source streaming data. However, with the advent of powerful analytic tools, professionals are able to handle this challenge more effectively than in the past.

Due to fast proliferation of data technologies, it is essential that the companies need to develop new skills and techniques to analyse large amount of data into valuable information, analyse the future trends and patterns. The challenge for businesses is that the data which is either in structured or unstructured form needs to be analysed to gain a deeper understanding into the operations and customers. Machine learning and artificial intelligence will also play a key role in the business environment as AI-powered chatbots can provide customers with 24/7 support. This paper discusses data technologies and their impact on business environment, which will shape the way companies operate in the future.