Industries That Make The Most Use Of Data Analytics
Data Analytics has been highly effective in tackling most of the real-world scenarios like enhancing customer experience, cost-reduction, targeted marketing, and it also helps in creating content strategies and developing products based on customer/client feedbacks.
“Data is a precious thing and will last longer than the systems themselves.” — Tim Berners-Lee, inventor of the World Wide Web.
Data is at present considered to be the catalyst for any organization’s growth. As a result, more and more companies are leaning towards data science for their own growth and development. There are many studies that state that DATA ANALYTICS is the fastest-growing job of the current generation.
Let’s quickly look at some of the most common industries that are highly influenced by Data Analytics.
This goes without saying that retail industries are indebted to data analytics to know about the customers likes, dislikes and other interests. A simple poll can result in the collection of a huge bundle of data which are analyzed to know what changes/developments the company needs to bring about, in order to increase the sales and thereby the profit margin.
“The world is now awash in data and we can see consumers in a lot clearer ways.” Max Levchin, PayPal co-founder.
When you use various online shopping sites, you might have noticed how products similar to the previously purchased/searched are displayed across your homepage.. This is Data Analytics.
Data Analytics is by far the most beneficial yet underused and underutilized resource when it comes to the healthcare sector. As we all know, hospitals are technically a data hub. We have data collected from hundreds of patients every single day yet proper efficient use of data for helping patients haven’t started yet. This is mainly due to many difficulties such as not being able to update patient’s details in real-time, network issues due to heavy traffic, not being able to include reports from patients effectively, etc.
“It is a capital mistake to theorize before one has data.” — Sherlock Holmes
All said and done, it doesn’t mean healthcare hasn’t touched data analytics at all. Many initiatives are being carried out by several doctors and hospitals to include and update everyday patient data in real-time with the help of new technologies like smartwatches, health trackers various mobile apps. The use of technologies such as health trackers has proven to be a great aid in early diagnosis and a faster approach to treatment.
3. Media and Entertainment
YouTube, Spotify, Wynk, and any other social media you can think of uses data analytics to enhance customer user experience. The data collected is analyzed to provide customers with recommendations as per individual preferences. Digital media marketing is one of the hottest careers right now!
“Data is what you need to do analytics and information is what you need to do business” — John Owen
What data analytics does here is, it efficiently collects real-time data based on usage by customers. This data is then used to produce the individual recommendation which is highly satisfying for the user.
4. Banking and Finance
“Everything is going to be connected to cloud and data… All of this will be mediated by software” — Sathya Nadella, Microsoft CEO.
The banking and finance sector is the latest to join the data analytics club. The majority of the banks and exchanges have started using data analytics to help them forecast the condition of the financial market. These days, various parts of data analytics such as natural language processors are used in banks to reduce the number of fraudulent transactions.
Stock traders use predictive analytics to forecast and learn how a stock would behave in the coming times. Big traders use data analytics in high precision trading, sentimental analysis, pre-trade decision-support analytics, etc.
Education is another such sector where there is HUGE scope for data analytics and that ocean is yet to be completely explored. There are cases where several schools are attempting to improve the education system by gathering data from each student.
These days the majority of the education is done online, which means great insights such as course progress, and subject-wise performance can be figured out with the help of analytics.
Apart from the above-mentioned sectors, the majority of other sectors such as sports, energy, manufacturing, and even the government have started relying on data analytics. Many studies state that data analytics is the hottest and the most preferred job of the 21st century. According to a study by the U.S Bureau of Labor, there will be an estimated 11.5 million jobs available for data scientists by 2026.
One can never exactly predict how data science is going to grow and shape in the coming years. With the growth of technology happening every single day, It’s going to be very interesting to see how it’s all going to unfold.