Facebook. Uber. Yahoo. Under Armour. All these large names have one thing in common: they have been (or in the case of Facebook, still is) involved in global scandals concerning data. They have all opened up the discussion to address issues on data security but what is data, exactly? One can argue that data itself is useless; it is just a bunch of information – massive information – that is recorded and stored. The reason why breaches and scandals about data concern people greatly is not the data itself but what you can do with it. To illustrate, the majority of the world’s population didn’t have a problem sharing a lot of information on Facebook’s platform until they found out that someone used said information to do something that they consider wrong. What is essential, then, is the ability to analyse, act on, and secure data – something that businesses globally, no matter what size, should strive to have. The problem with data analytics is that it is a huge and expensive undertaking. Companies who are able to fully utilise their data are enterprises who have the resources to build and maintain data analytics tools. How are the rest of the other businesses to keep up?
DATAVLT is an on-demand, self-service data analytics platform designed to provide its users with an integrated overview of the state of their business based on the data available. They make data analytics and security available to businesses of any size by taking on the complexity of data analytics and providing companies with an easy-to-use platform to manage and analyse their data. Having access to the DATAVLT platform means that businesses of all sizes can no utilise their data for:
- Fact-based measurement: Data analytics is not a new technology; most of the tools are new but the concept and action of using gathered information to measure performance has been in use for as long as there have been commerce.Today’s fast-paced, borderless, digital business environment has called up the need for better tools and platforms that would allow businesses to quickly gather data for more accurate measurement. Data analytics would give businesses fact-based measurements on employee performance, campaign effectivity, product utility, and all other types of measure that would allow them to gauge the performance of their business, team, and products.
- Objective action plans: People often have preconceived notions about why certain things result in a specific way. This is especially true for people who have been in the business for long and have seen many different trends.Data analytics bridges that very important gap between what businesses think they know and what is actually happening. Businesses who analyse their data can take actions based on a clear set of accurate information that could lead to better results, more information for future actions, and better projections.
- Increased targeting accuracy: One of the most important results of analysing data is making informed projections. The end result of data analysis is always an action to either improve performance either by seeing what was previously done wrong or by predicting and capitalising on where the trend is going.Data analysis gives businesses the capability of creating long-term plans based on data-driven projections and allows them to have ammunition to create strategies for exponential growth and development.
Empowering the future of data analytics
Data is the oil of the digital age and having the tools and capability to mine it, analyse it, and take actions based on it puts businesses at an advantage. DATAVLT uses artificial intelligence and machine learning to track and gather data, analyse it, and identify and correlate connections to provide businesses with the ammunition to take informed actions. Powered by blockchain technology, the DATAVLT platform ensures data transparency and autonomy, with clear auditable trails and minimised probability of data manipulation, making sure that the data is secure from theft, tampering, and unauthorised access. The platform is designed to make data analytics available not only to large enterprises but to all types and sizes of businesses that may need it, incentivising third party developers to create tools with their platform. DATAVLT’s aim is to empower businesses – no matter the size – by democratising data and giving them the capability to efficiently grow their internal capabilities.
Disclosure: This article is produced by the e27 content marketing team, sponsored by DATAVLT. Featured image credit: ijeab / 123RF Stock Photo