Currently, it is essential for companies to be well informed and prepared to receive state-of-the-art technology, without cultural obstacles, as we live in an era of digital transformation and technological innovation will help in the agility and security of data relevant to the processes executed.
Data analytics is the process that will analyze the information of companies to assist managers in decision making and optimization of operational activities.
In foreign trade is no different, organizations need to be ready to understand and to empower themselves in the use of data information to help in important decisions in the execution of the usual tasks in international trade.
“Data Analytics stands for companies today as oil was for the industry when its multiple possibilities of use were discovered there by the 19th century.” (Alay Banga, CEO of Mastercard, 2020).
What is data analytics and how does it work?
Also called Big Data Analytics (BDA), data analytics is simply a data analysis that processes the information that will help you reach satisfactory conclusions, providing strategic opportunities for companies to better explore.
The great differential in the use of this technological tool is not only in the consideration in analyzing data, but in the intensity and colossal volume of information that is processed without limitations, reaching the level of use of any type of information, without the importance of its origin or by what type of media is provided.
Nowadays, the process of operation of data analytics has become popular, because the tool is based on the advanced use of capture, storage and processing of data in large volumes.
That is, the principle of data analysis at this time is to “mine”, organize and structure all available information and collectedthrough powerful software and hardware, which bring diverse sources.
At this higher speed and volume, they support management to make better decisions that will improve the company’s performance.
Splitting the data analysis process into steps
The process used by data analytics is based on some steps, in which they may require the rework of the previous step, mediating the learning scans of the later stage and thus making the analysis process cyclical.
That is, the great importance of this circular journey is that the transformation of the processes is successful because of the automatic repetition, in the analysis of the pertinent data, among all the stages.
This cyclic data analysis procedure is divided into the following steps:
- data entry;
- data preparation;
- exploitation of the data;
- data enrichment;
- application of advanced data science methods;
- combined results of data, software, infrastructure and business process;
- reporting;
What types of Data analytics can be used?
Considering the variation of objectives, quality and volumes of data needed to be evaluated, according to the focus of each company, there will also be differentiated evaluations through the techniques that will be used together or isolated.
The types of analytical techniques of data analytics unfold into:
Predictive analysis
In this modality, the intention is to seek to predict “what will happen”, with the anticipation of the effects of decisions, performed through statistical calculation and machine learning resources, assisting in the verification of behavior based on historical data.
That is, in this diagnosis a cause-and-effect relationship is established, involving the study of patterns and trends, with the objective of identifying future opportunities.
Descriptive analysis
However, in this modality the analysis is concerned with knowing “what happened now”, to answer several questions of managers who lose money and resources for years, because of the “invisible bottlenecks”.
With less difficulty in analysis and also lower value, it seeks to organize historical data, understanding what happened and identifying the standards for the improvement of processes.
Diagnostic analysis
In this mode of analysis the objective is to help companies that have experienced problems and experienced turbulence, so that in the future they have the necessary means and know how to deal with the same unforeseen events, if they arise again.
In other words, the diagnosis will serve to understand the current context, based on past data, “explaining” what occurred and its causes.
Prescriptive analysis
In this analysis, the probability before a given decision is sought, that is, “how can it make it happen”.
It has a higher level of difficulty, but also has greater potential for value among the others. It is a complete analysis, suggesting actions and implications through methods used with artificial intelligence and machine learning tools and algorithms .
What are the core tools of Data Analytics?
The data analytics process goes through a job in data preparation, with the help of tools for the organization of dashboards and the creation of graphs. They are:
Data collection
This is the basis of the following processes and follows the business objectives, and can be collected in several ways. It is important for the company to know what types of data it has, using the right tools to handle them.
Data processing
At this moment the manager maintains the quality of the data, filtering and cleaning everyone, in a way that enables the strategy that the company needs to build a logical sequence.
Data analysis
At this stage, the separation of a set of data is performed, with the help of software, until the analyst reaches the necessary conclusions, with the formation of statistical data that will enable the encounter of existing patterns and anomalies.
Data interpretation
In this process there is the review of the data collected through the definition of the patterns to arrive at a conclusion, with the interpretation of the information to understand what was found, translating to the reports and graphs.
What are the advantages of Data Analytics for foreign trade?
Companies that have their data well analyzed can transform the reality of their business for the better.
For, it will be based on data analytics that foreign trade managers can strengthen their decisions at times when they need to change something in the routine of port operations.
In the Supply Chain the aim is to boost the performance of the business, improving financial results, optimizing inventory, enabling greater efficiency through reports and the use of an omnichannel logistics.
In this sense, the company has many advantages, such as:
- process improvement;
- anticipation of competition;
- assistance in decision-making;
- understanding of market trend and customer behavior.
