TOP 5 INDUSTRIES USING DATA ANALYTICS

All of us are familiar with the term data analytics; today, almost all sectors and industries are using data analytics to boost performance. Data has always been an integral part of business organisations across the world. But as we have progressed more and more into the 21st century, it has become key to business growth. Over the last two decades, we have seen rapid technological advancements in data mining and analysis, which have allowed business organisations, big and small, to realise its importance and incorporate it into their business processes.

But before we head any further, let's quickly go over what data analytics is.

WHAT IS DATA ANALYTICS?

Data analytics refers to the process of collection, storage, examination, and application of data to gain insight and develop strategies that help guide businesses towards success. Companies collect large amounts of data on a daily basis. This data can be beneficial if examined and analysed correctly in real-time.?

Data analytics is an invaluable component in providing a competitive edge to business organisations in a world where competition is fierce, and customers are smart. Data Analysts usually use advanced tools and software to examine and analyse a company's raw data. They are responsible for deriving valuable insights and metrics from said data, developing competitive strategies, and guiding the company leaders in efficient business decision-making.

5 INDUSTRIES BENEFITING FROM DATA ANALYTICS

In a world that is driven by data, almost all industries are using Data Analytics to stay ahead. Below we share 5 industries using data analytics to reshape their fields.

1. RETAIL

The growth of technology and prevalence of e-commerce in the retail industry leads to the generation of vast quantities of data on a daily basis. This data is crucial in providing valuable information to retail organisations that can help them boost their sales as well as improve customer management. Predictive data analysis can be critical in examining consumer patterns and buying preferences to devise marketing strategies and personalised campaigns for a better customer experience, leading to a happy consumer. Data analytics also allows organisations to keep tabs on changing trends and customer preferences, which gives them the means to update their business decisions accordingly. Retail organisations using data analytics gain a competitive edge in an industry that is continuously evolving.

2. TRANSPORTATION AND TRAVEL

A vast amount of data is collected daily in the transportation industry due to people travelling from one place to another, whether it be through roads, rails, or air. This data is helping this industry in providing better management for its users. Using data analytics, the organisations are able to detect routes with traffic, closures, or development/construction and consequently suggest alternate routes, thereby providing better services. Airways and railways also use data analytics for ticket booking, system maintenance, and overall operations that help them in cost-cutting as well as providing improved services to their users.

3. HEALTHCARE AND MEDICINE

Data analytics in healthcare and medicine aims to deliver better and more efficient services to patients. A large amount of data is collected every time a patient visits a healthcare facility. Additionally, devices like fitness trackers and smartphones with health monitoring apps record health-related data in real-time. Data analytics allows such complex data to be collected, stored, and analysed by healthcare organisations and professionals, effectively reducing cost and providing better patient care. It offers doctors the possibility of identifying any risks before it may cause any significant complications, and then subsequently act on it.

4. BANKING

With banking going digital, interactions between banking professionals and customers have become few and far. So how does a bank figure out the needs of its customers? Data analytics. By collecting and monitoring customers' data through online transactions and banking, banks are able to observe a customer's pattern and behaviour. It allows them to customise their approach toward individual customers and present them with offers and proposals that are interesting to them. Furthermore, data analytics also helps banks identify risk cases and avoid fraud by analysing the financial history and health of their customers. Data analytics is an essential part of driving the banking business and security in today's world.

5. GOVERNMENT AND PUBLIC SECTOR

One sector that has a wide array of data at its disposal is the public sector. The government has been collecting data on people and continues to do so for various purposes. This data is vital in making decisions that can affect millions of people across the states and country. Data analytics allows government organisations to store and manage this data effectively and gain valuable insight. It makes their job efficient. The government utilises data analytics for security, transparency, minimising fraud, reducing costs, better decision making, and many more. Data Analytics in the public sector has enormous applications that benefit the government as well as the public.

As technology advances with each passing day and more data is accumulated, data analytics continues to rise. Data analytics has massive potential, and almost all fields and industries are leveraging it to reduce costs, streamline processes, and improve their services. Organisations across sectors are keen to include data scientists and analysts in their teams to give their companies an advantage over their competitors and stay ahead in the market.