Importance of data analytics and innovation: A proof of concept how to tackle data analytics for business growth

Abstract

The thesis concentrates on how data analytics can help innovation and business growth in the emerging times of industrial revolution 4.0. As a business grows, multiple internal and external factors can affect it.

The purpose was to determine the most influential factors for a digital transformation. The name says digital. Is the technology the most important or the organization?

To deal with this information, a home lab was created, with different datasets from open sources typically generated in a company. Then using data science framework techniques to gather new insight about existing data is not apparent by just looking at the data since the information is now digitized as rows and columns stored in a database.

The result tells us that in the first stage of a transformation, automation and digitization of a report are the most important and closely related to IT. The organization’s culture and skills are much more significant in the other steps.

The recommendation provides a holistic view and a better understanding of the benefits of analytic data. During business growth, nothing lasts forever. In that case, businesses need to be acceptable to change, triggering a business idea about data analytics in business