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Heard of These Data Analytics Myths? Let’s See What’s True

Publication date: 27 November 2021

With seemingly limitless amounts of data now available and increasing at an alarming rate, the chances for businesses to gain important insights and the ensuing opportunities are continuously evolving.

The more excitement there is in the IT industry, the more misconceptions there are. And, data analytics is no exception. Because of the quick expansion of data analytics, some in the profession have fallen victim to illusions about what can be accomplished with data analytics.

At worst, believing these myths could set data experts up for failure.

In this article, we explore and debunk the biggest data analytics myths!

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The 3 Most Common Data Analytics Myths

1. Data Analytics Require Investing a Lot of Money

A few years ago, creating a data analytics department was a hefty investment. But nowadays, this is far from the truth, and data analytics is more affordable than ever before.

In today’s market, three factors are driving down the cost of data analytics:

  1. Data storage – the cost of data storage keeps decreasing now that companies are shifting to the cloud. According to Profisee, companies such as Google, Microsoft, and IBM have lowered their cloud prices.
  2. Data analytics software – buying multiple software packages is no longer needed for data analytics, as companies keep developing advanced programs at more affordable prices.
  3.  Collecting data – with the numerous devices and Internet of Things platforms, collecting data has never been easier or more affordable.

2. Data Analytics Requires a Team of Data Scientists

Building a data analytics department a few years ago used to require top-tier data talent. This is still needed if your company wants to create cutting-edge data products and applications. However, if this is not something your business deals with, you can create a data analytics team with your existing talent and data.

As long as you equip your employees with the correct data and software that can help them collect, analyze, interpret, and present the data, you’ll be good to go! In addition, you can always encourage your staff and help them to earn the Certified Analytics Professional (CAP) credentials if you’re looking for expertise.

3. Data Analytics Can Improve All Aspects of Your Business

“You can solve all your problems with data! All you need is money and tools!”

These kinds of naive remarks tarnish the reputation of data analytics. Today’s data analytics technologies are advanced and highly capable, but they can’t be applied to all aspects of your business.

Do you need to analyze your digital marketing campaign? There are so many analytics tools that can help you out. Are you interested in analyzing production, client orders, or financial data? You can investigate these areas using data analytics as well.

However, data analytics can’t help you decide on issues such as which manager should be promoted or whether you should cancel a struggling new product. A data analytics strategy that focuses on solving essential business problems with a trusted data foundation can benefit from data.

Would you like to find a way to utilize data analytics properly in your company? HICO-Group can help you out! Whether you are building a data-driven enterprise from scratch, improving existing KPIs, or still trying to connect the dots, we are the team of business intelligence experts you need in your corner.

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