Myths about Data Analytics

Through working in the Data Analytics field, I hear the same 5 myths about data analytics all the time. After doing data analytics for as long as I have been, I’m still surprised that businesses aren’t adapting analytics based on the following myths:

It’s new

Data analytics has been around for many years. Companies have to using data analytics to gain actionable insight for a long time. I’ve personally been in this field for close to 15 years and I’m still amazed when clients view this as being new or the “Next Big Thing”. It is the current “Big Thing”.

It’s expensive

Data analytics can be performed with software that most businesses currently have installed on their computers such as Excel. Other programs that can be added on to Excel for only a few hundred dollars can significantly increase your ability to perform data analytics.

A basic computer can be used for initial data projects. There is no need for a supercomputer when you first start analyzing your data. As you experience a return on your investment you can updated the software and hardware that you are using but to begin a basic laptop will help you enjoy the many benefits of data analytics.

Only computer ‘geeks’ can do this

Anyone that can think logically can embrace data analytics. I’ve worked with people with varying backgrounds in the data field and most are not been IT gurus but self-taught individually with a curiosity for patterns and finding outliers.

It’s a fad

As mentioned above, I’ve been in the field for many years and it is here to stay. With organizations creating more and more data every day the need to analyze the data is growing as well. Many businesses are currently investing heavily in the fields because they know data analytics are here to stay.

My company doesn’t need it

You may think your company does not need to being using data analytics but your competitor is probably realizing they need it, giving them a competitive advantage. I’ve worked with clients from small owner operated businesses to multi-billion dollar companies and they have all found uses for data analytics. From reviewing payroll data, identifying tax recovery opportunities, modeling sales and new product lines, reviewing inventory to analyzing marketing numbers, data analytics can provide the information needed to take your company to the next level.