Innovation Knows No Boundaries
We live in an exciting time in the world of data because data can be collected from innumerable sources and can be used in innumerable ways to improve our daily lives.
As an analytics software development company, StatSoft is all about innovative data analysis. Data and analysis are central to our business. We analyze data for our own benefit, such as customer behavior on our website and marketing initiatives. We also enable our customers to analyze data with our products, as we provide the means for them to harness the power of the data that they collect.
So, for instance, this helps a power plant generate more electricity while producing fewer pollutants. This helps a hospital reduce re-admittance rates, which lowers costs and at the same time improves quality of care. This helps a bank extend credit to maximize its profits. This helps an insurance company determine what rates it should offer for an insurance policy to be competitively priced while maintaining a profitable offering.
Data analysis helps pharmaceutical companies develop and manufacture safe and effective drugs. It helps high tech manufacturing companies produce high-quality products at the lowest cost. Data analysis can be used to increase productivity, reduce scrap, predict who your best customers are, and help a company know which market segments to target and how to grow and develop its business.
The biggest challenge that data analysts face is how to communicate to others what the data tells us. What does that data tell us to do? There is so much data, how do you know what results should be “paid attention to,” and which results really matter?
That is where data analysis tools like STATISTICA come into play. With graphics and dashboards that help us to visualize results, we can instantly grasp what we should do as a result of the analysis that has been performed.
As we celebrate Data Innovation Day, we must never forget that it is not the data itself that matters, but it is the innovation that matters. And having tools that make it possible for us to communicate the results from that innovation makes everyone a winner.
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