The rich data generated by companies contains valuable knowledge, and data
analysis is a very good way to open it up. Data analytics can help a business
customize a specific customer’s market presentation to identify and mitigate
business risks. But what is data analytics exactly?
Let’s learn from the best data analytics company in Dubai, UAE.
What is Data Analytics?
The efficient running of a business includes proper knowledge of data analytics and
it’s constitutes. In simpler terms, it is the process of tallying large datasets in order
to locate hidden patterns, unseen trends, or to discover and derive valuable
insights in regard to your business.
Data analytics not only helps to identify certain trends and patterns that might
otherwise be lost in a plethora of information, but also to optimize processes in
order to ensure a methodical increase in the overall efficiency of the company
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What is Data Analytics in finance?
Undoubtedly, the recent corona virus pandemic has produced a tremendous
amount of uncertainty and unpredictability in the finance sector. Therefore, as
Bassem Hamdy - the author of “The Importance of Data Analytics in Finance”
comments, “The lighthouse in this uncertainty is the ability to use advanced data
analytics to better manage financials.”
It is evident that for a systematic functioning of a company, a thorough strategic
planning and a predictive financial vision are extremely essential. Moreover, a deep
and concrete understanding of the existing financial position of the company is
highly necessary to implement such future planning. And, this is the point at which
a financial data analytics professional is sorted after!
Financial data analysts offer a thorough study of the financial data for your
business and recommend potential courses of action to boost the overall
performance of your company.
How Financial Data Analytics help business grow?
- It plays a crucial role in making financial predictions, calculating profit and sales, and suggesting business improvement strategies.
- It's prompt, timely, and advantageous.
- It helps in proper managing of the organization's assets.
- Create and manage spreadsheets and dashboards to draw conclusions and derive further insights for financial models.
- Develop strategies and suggest approaches to boost the performance of a business by carefully analyzing the financial outcomes, market condition, and much more.
- Assist businesses with budgeting and expense planning.
- Less time consuming, thereby increasing the business value.
- Conduct market research to compare competitors' offerings to help internal financial analysis.
- Extensive technological knowledge to quickly adapt and respond to market changes.
- Data analytics enables finance teams to carefully examine and analyze Key Performance Indicators (KPIs) which includes information related to revenue generated, net income, payroll costs, and much more.
- It plays an important role in detecting fraud in revenue turnover as well.
- Reducing the component of human error and providing a new perspective on financial data.
Looking for Data Analytics consultancy services?
PRF provides data analytics consultancy services to clients by critical evaluation of
their financial and nonfinancial data from different sources, enabling effective
utilization of data for strategic decision-making in business which is sourced by
intensive descriptive, diagnostic, predictive and prescriptive analysis. Realize the
true potential of your business with the best data analytics consultancy services in
Dubai.
PRF ensures your healthy growth with effective and fast solutions!
- Critical and thorough evaluation of both financial and non financial data from various sources.
- Designing and implementing interactive reporting dashboards.
- Use of advanced analytic tools.
- Automating the processes of data analytics with the use of several algorithms and pioneer techniques those work over raw data for decision making.
For more information, contact PRF Management Consultancy.