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What Is the Cost of Performing Data Analytics

Data Analytics can be very beneficial for an organization. It enables a firm to understand its customers better, mitigate risks, optimize its customer experience, etc. Besides this, it helps a business develop and deliver relevant products, prevent fraud, etc.<br>

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What Is the Cost of Performing Data Analytics

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  1. What Is the Cost of Performing Data Analytics? articlebelt.com/what-is-the-cost-of-performing-data-analytics Performing Data Analytics can be very beneficial for an organization. It enables a firm to understand its customers better, mitigate risks, optimize its customer experience, etc. Besides this, it helps a business develop and deliver relevant products, prevent fraud, etc. In short, data analytic can provide lots of advantages to a firm. But how much does the entire process cost? What are the factors that affect the cost of the whole process? These are the answers that we will try to find today. So, today we are going to learn about various factors that affect the cost of the data analysis/analytics process. Plus, we will also try to find out how much the entire process really costs. Here are the different factors that affect the cost of the data analysis/analytics process of an organization. What Are the Different Factors That Affect the Entire Cost of Data Analytics Process? Following are the factors that affect the entire cost of the analytics process of an organization: Cost of software When working with Big Data, you need robust software for processing and analyzing the data. For example, you can use analytic software like Tableau, Rapid Miner, etc. Using these tools, you can analyze Big Data very quickly and efficiently and build reports for 1/3

  2. your organization. However, these tools or software can increase the overall cost of performing data analytics. Yes, many companies offer free desktop programs to users. But if your requirements are big, then you will have to purchase the paid version of the software. As a result, the overall cost of performing data analysis/analytic will also increase. For example, if you purchase the paid version of Power BI, then you will have to pay $9.99 per month for a single-user license. To learn about Power BI and its features in detail, feel free to join the Data Analytics Online Course in Dubai. Number of data sources If a data analytic software is a car, then data sources are its petrol. Data sources help an analyst gather data for analysis and build useful reports for his organization. Why is data important? It is essential because you can’t perform data analytics without data. Moreover, you must have access to a reliable database for storing data from different data sources. For example, you can use relational database management systems like Oracle and MySQL. However, these RDBMS can increase your overall cost of performing data analytic. Yes, you can use software like Excel for storing your data. However, the tool comes with limited functionality and is not idle for working with Big Data. Moreover, as you increase your data sources, it becomes tough to store their data in Excel. Thus it is essential that you have access to a reliable database in which you can store data. Yes, this may increase the cost of performing data analytics. But a sound database system can make the entire process of data analysis/analytics a lot easier and smoother. Staff If the analytics software is a car and data sources are its petrol, then your staff is its keys. They spend a significant amount of time putting all the pieces together and building reports. They are responsible for: Database management. To become proficient in database management, feel free to join the Data Analytics Online Certification in Qatar program. Managing database connection Using analysis tools for extracting insights Creating reports for communicating insights or valuable information But getting a competent staff is not that easy. Furthermore, you will have to pay a hefty amount of money for their services. This makes the entire process of performing analytics very expensive for an organization. How Much Does the Entire Process Costs? The entire cost of performing data analytics depends upon all the above-discussed factors. In short, the cost of performing analytics depends upon your needs and requirements. But on average, you may have to spend around $2370 every month for performing data 2/3

  3. analytics. Conclusion Doing data analytics can be a costly affair for an organization. But the advantages it can provide to an organization can’t be measured with money. Besides this, the entire cost depends upon the needs and requirements of an organization. But overall, performing data analysis can be very beneficial for an organization. 3/3

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