In this article we will learn:
Can you imagine how cocoa, coffee and oil relate to the data? If you can’t think of something, I’ll give you a hand. With a little bit of history, we will discover the importance of data for our society and companies today.
Let’s start with cocoa. We know that in South America it has been consumed for 5000 years. When the Spaniards arrived in Venezuela during the colonial era, cocoa was a widespread product. The first plantations date back to the 1600s. The Spanish exported it like crazy to Spain being the most exported product of Venezuela at that time.
Then at the beginning of the 19th century, coffee arrived to dethrone cocoa from its position. The first coffee plant arrived from Brazil and a decade later it was already all over the region. Both Colombia and Venezuela owe much to these addictive fruits that were an important muscle for their economies.
In the 20th century we moved from fruits to fossil fuels. Although the Indians were already using oil for many things such as medicine, weapons and waterproofing hundreds of years before, its industrialization occurred almost in parallel in both nations many, many years later at the beginning of the 20th century. With the help of foreign companies that possessed the technology to refine oil, a revolution began in the region.
Is data the new black gold?
Do you already know what they have in common? It’s simple. Data is like the oil of today. This is a revolution that has been simmering but has reached its peak. Like cocoa, coffee, and oil, which initially had rudimentary, everyday uses but decades later reached industrialization, data followed a similar path. Over the years, processing and storing data has become easier, faster, and more affordable. To give you a point of comparison, the smartphone you are currently using to read this article has more RAM than the Apollo spacecraft used for the first mission to the moon. In other words, your phone is a thousand times more powerful, but you were completely unaware of it.
How much data is there in the world?
- It is approximated that there are currently between 37 and 40 zettabytes in the world. 1 zettabyte is equal to 44 billion GB. For better understanding that would be the equivalent of 44 trillion Game of Thrones chapters weighing approximately 1 GB.
- 90% of the data we currently have was created in the last two years.
Perhaps we do not realize the immense amount of information that exists because it is something intangible, which we are grateful for because otherwise we would be drowning if it could materialize. Data is everywhere and every second that passes, more and more is generated. It is impossible for a human being to process all the information that comes to them without help, but for that there are experts and the necessary technology to do so because like oil that is nothing without refineries, data is nothing without all the artificial intelligence, machine learning and analytical consulting behind it.
What is analytical consulting?
Analytical consulting oversees “refining” those data (raw data) and analytical processes to turn them into the fuel for your company to perform better. Experts with the help of technology and different methods will be able to identify problems, find the necessary solutions, to convert all that information that was previously ambiguous and not very useful in a sustained competitive advantage for companies and that they can achieve the analytical maturity they need
What are the stages in analytical consulting and how does it help your company?
1. Descriptive analysis: What is happening?
As the question indicates, here you get a picture of what’s going on. At this stage you take the raw data and turn it into something easy to manipulate, organize and understand, providing important insights about your data.
2. Agile Visualization: Why does it happen?
Agile visualization helps you view and interpret data more easily using graphs. You can then more easily identify trends using BI methods such as OLAP.
3. Advanced analytics: What will happen?
At this stage, projections and predictions begin. Thanks to predictive analytics we can get a glimpse into the future, find the best scenario, and then ensure that the company operates optimally.
Each stage of analytical consulting is a step that brings you closer and closer to analytical maturity through organic and realistic processes that ensure real and sustainable progress over time.
I mentioned, this data revolution is something very new. Don’t feel bad if you just found out about it and think you’ve wasted valuable time by not applying all these complicated methods or tools in your company. Most don’t have the information or expertise to do so, but it’s never too late. Besides, that’s what we’re here for, ready to put our chests out and help you with all the challenges
Are you ready to join the data rush?
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