Businesses that embrace data and analytics tools transform their business models faster, encounter new opportunities efficiently for customers, products, revenue streams, and services. Data analytics help companies in all aspects of the business, from sourcing materials to forecasting demand to accounting, human resource activities to all sides of marketing, and much more.
How Data Analytics Helps Solve Business Problems
Analytics is the best tool for companies to understand what is going right and wrong for their business. Moreover, it provides detailed insights into what is working and what is not working on all sides of business operations, such as marketing & sales scenarios like content, social media campaigns, email marketing, website traffic, number of sales, and lots more. Analytics allows planning appropriate action towards business goals instead of guessing things that help companies attain almost a sure thing.
Analysis of data provides a large benefit by providing the required knowledge to streamline business activities and results. A company can use analytics to better understand the following scenarios to drive a better outcome from all of their business activities:
- Making sense of unused business data
- Minimize deceptive sales models & forecast
- Highlight micro mistakes
- Diminish challenges in customer service
- Make companies proactive in place of reactive
- Severity of urgent
- Removing the unknown
Since data has become a blood for an organization to run efficiently, and cloud computing services support all possible data mining, data modeling, and data processing requirements, many companies highly benefit from data analytics. Let’s check out top industries using data analytics and leveraging data to foster future growth in their respective domains.
Top Industries Using Data Analytics
Banking and securities, government, media and entertainment, and a few others are the industries where rapid demand for analytical solutions and tools have been witnessed.
1) Banking and Securities
All the so-called big-boys like hedge funds, retail trade, and big banks of the banking and financial markets have deployed big data technologies to check on trade analytics used in high-frequency trading, sentiment measurement, pre-trade decision-support analytics, predictive analytics, etc. Risk analysis, anti-money laundering, KYC (know your customer), fraud mitigation, demand enterprise risk management are just some other hot areas that heavily rely on data and analytics solutions.
By using data analytics tools and solutions, banking and security agencies are keeping a tab over movements in the financial market. For example, stock exchanges use big data and analytics with NLP (natural language processors) and network analytics to track and monitor illegal trade practices in the stock market and catch wrongdoers.
2) Media & Entertainment
How people consume entertainment has changed drastically, especially after the global pandemic. Consumers now expect rich media content in different formats as and when they want it. Instagram, Spotify, Netflix, Hot Star, Amazon Prime are just a few examples of it. These channels ensure on-demand content with personalization for consumers.
Web scraping, for example, is used by these companies that help them collect data from social media channels and identify trending subjects. Data scraping solutions provide access to real-time data and help unlock insights such as user’s concerns, etc. Companies use these data to create better content for different target audiences, measure content performance, and recommend on-demand content based on individual preferences. Spotify is just another company that has used Hadoop’s big data analytics to collect and analyze data from its millions of users to provide better music recommendations to individuals.
3) Pharma & Healthcare
Pharma and the healthcare sector are also investing in advanced cloud technologies and big data to leverage analytics to improve medical services and customer satisfaction. Wearable trackers and RPM (remote patient monitoring) are just small examples of improvement in the healthcare industry, it is also helping to get the information on whether the patients are taking their medications and following the treatment plan properly.
Data collected and compiled over time provide physicians with comprehensive information on patients’ wellbeing and provide them actionable insights. It helps medical practitioners improve care and reduce waiting times.
The education industry is generating a massive volume of data. Whether it’s schools, universities, or corporate coaching, courseware and learning methodologies have employed advanced technologies and solutions generating data that administrators can graph and chart to understand insights about the learning and teaching patterns and work on it to improve the gaps.
Data and analytics are a good way to improve teaching strategies, highlight areas students don’t find learning exciting, and how this thing could be transformed to make the courses interactive and encouraging. The education industry uses data analytics to put data into use to improve education and learning systems beyond the classroom; for example, some educational establishments are using data analytics to plan school bus routes to improve classroom cleanliness.
Manufacturing industries of different types and natural resources such as oil, gas, minerals, metals, agriculture products, etc., are generating a good sum of data from the last many years. The data is not just in huge amounts but is complex and difficult to handle, which makes them a prime candidate for data analytics. But this set of data has so far gone untapped.
Now the industry is investing heavily in predictive analytics tools and adopting digitalization to transform themselves into data-driven decision-making industries. Companies are using all sorts of valuable data, including geospatial data, text, graphical data, IoT data, and temporal data, and ingest and integrate them into datasets to churn out useful information.
Insurance is also one of the top industries heavily investing in predictive analytics. They are using data to increase sales and profitability. The industry is collecting data from a variety of sources. Property and casualty insurance companies use telematics, agent interactions, customer interactions, smart homes, and even social media campaigns to understand and manage their relationships with customers regarding claims, underwriting, future customer requirements, and much more. Companies use data insights to develop new products and improve customer services, helping them generate the most revenue.
The transportation industry has several untapped opportunities with big data. Different countries’ governments use big data to understand people’s requirements, convert cities into smart cities with IoT, control traffic, optimize route planning and intelligent transport systems, and congestion management.
Just like the government sector invested and improved data to day transportation, the private sector uses big data to deliver a better customer experience during holidays, corporate meetings, and other stays. Logistics companies are also using data analytics in revenue management, fasting operations and gaining a competitive advantage. Massive adoption of change has just begun in the transportation industry.
Analytics proved very helpful to Government and government institutions. Whether it is financial market analysis, health-related research, environmental protection, fraud detection or energy exploration, the government is using big data to improve services and satisfaction in all the public services fields. One of the best examples of using data analytics and data science techniques is food and drug administration to identify and analyze patterns related to food-related diseases and illnesses.
9) Energy & Utilities
Companies that come under the energy and utility industry are benefiting from big data and advanced technologies. Data analytics provides many management advances and improve decision-making insights, such as:
- Utility companies are using data analytics to determine energy consumption and energy-saving. The insight helps companies manage power outages, identifying peak times to skillfully draft energy pricing.
- Oil & Gas firms are using data solutions to drive refinery, distribution processes, and real-time adjustments to market demands.
- Energy organizations are using data for smart grid management and regulation. By integrating advanced technologies and tools such as machine learning algorithms, they are also making the best use of weather prediction and maximizing the efficiency of renewable energy sources such as wind and solar power.
10) Retail & Wholesale
The retail and wholesale industry survives on margins and greater customer experience. The industry has massive competition and to surpass it, retailers are using data analytics to deal with growing big data to accurately anticipate the customer requirements and then provide those things. Analytics enables them to deal with the fierce market competition, and stay ahead of their game. Detailed insights extracted from data analytics solutions allowing them to keep their customers happy and return to their stores. Retailers are using data analytics in almost every aspect of their business, such as:
- Personalize customer experience and enhance marketing
- Optimize supply chain management and logistics
- Manage prices to maximize sales
- Take advantage of retail data analytics
Data analytics provides the required technology and tools to create a world of big data with structured and unstructured data sets. Companies can use these tools to put all the data into use to maximize efficiency and minimize wastage of resources and time by improving their decision-making capabilities with data-driven insights. The above industries are the top ones that have utilized data analytics in every step. Many others are in the queue and adopting to become data-driven firms to leverage better and sustainable results.