Data analytics is not an unversed term for the enterprises as the business decisions and strategies are now based upon metrics instead of perceptions. Whether it is customer segmentation or stock price prediction, the businesses take the support of analytics to do so. People around the globe generate 2.5 billion gigabytes of data each day sending more than 2.4 million emails, doing 1805 Skype calls, making nearly 10,000 tweets, uploading five hours of YouTube video, and creating more stuff on the internet. According to an estimate, we will produce 40 trillion gigabytes of data by 2020. It seems next to agriculture and industrial revolution would be the information revolution the key of which is the data analytics.
What Is the Data Analytics?
Data Analytics refers to the qualitative and quantitative measures used to give a boost to the business, pushing the productivity and revenue. It includes examining data with specialized systems and software to draw conclusions about the particular information.
Data Analytics is primarily conducted in business to customer (B2C) applications to study purchasing trends and patterns. Global organizations gather, categorize, store and analyze the data related to the customers, business procedures, market economics, and practical experience.
The data analytics help the entrepreneurs to make decisions and devise strategies. For instance, Facebook gathers data relating to user preferences and interests; categorize that data according to the age, gender, and demographics. The analysis reveals trends and helps strategies alignment of Facebook content and layout.
Why Businesses Need Data Analytics?
More and more small and large scale companies are beginning to take the support of data analysis to gain information to better serve the customers and raise business revenue. Data is generated collectively through users and industries, and analyzed for successful online business prospects in coming future.
Anticipation and Pro-Activity
There is an increased competition in business world not just to acquire customers but also to understand their needs, interests, and preferences to develop a longstanding relationship with them. On the other hand, the customers share information, publicize their thoughts and opinions expecting companies to know them and get their needs fulfilled providing flawless experience. This information helps companies stay competitive and anticipate what market demands to provide the product or service before it is requested. Analytics can be applied for designing, controlling the operations, and optimizing business processes to produce goods or services to fulfill customer expectations and achieve excellence.
Smart Decision Making
With more information on hand, the companies can make quick decisions. It is unquestionable how much important fast decision making and its careful consideration is to stay one step ahead of the competitors. Making quick decisions is easy but making smart decisions in a short period of time is more important and that’s only possible due to analytics. Make the access to the data analytics possible for everyone and not just for the higher level workforce. It will help to ensure that each new idea or project will drive the business to success rather than setting it back.
Generally, a scattered form of data cannot provide a clear and faster insight of the particulars. On the contrary, data visualization, numbers can be a faster and better way to sink into the details. Data analytics can provide you visuals to expose details faster and make a decision without wasting much time to understand what the market is up to. Charts, graphs, numbers and other visuals make the decision-making process easier and faster resultantly keeping the business moving consistently ahead.
How Data Analytics Supports Banking Sector?
Data Analysis helps banks to fine tune their business processes, design marketing campaigns, generate work reports, go along with the regulatory requirements and remain competitive and cost-effective. The banking business relies on investments and loans, so there is always a risk factor. Data Analytics can give banks new insights into their transactions and customers to avoid certain risks. For instance, banks can analyze the factors that can prevent a debtor from paying back the borrowed amount and can design new programs to evade those factors. Meanwhile, the banks can make their system transparent to detect internal and external fraudulent activities and can identify the past incidents to avoid such happenings in future.
How Data Analytics Supports Healthcare Sector?
As the healthcare industry is generating more and more information with each passing day, it is almost impossible to manage that data in hard or soft format. Data Analytics offer healthcare businesses to organize information, develop insights, shape up future vision, and accelerate the outcomes.
The analytics approach can help public health sectors to identify disease patterns and record public health issues and disease outbreaks to determine prerequisites, offer required services and forecast or avert future crises. Moreover, the analyzed information can ideally improve the healthcare, save scores of lives and lower down the cost of the health services.
How Data Analytics Supports Education Sector?
Data analysis is driving the education sector in a new dimension. By the use of technology, monitoring employees behavior, gadgets tracking, and software in education, the IT department can help educationalists identify the more beneficial tools and ways of getting students learned in an easiest and effective manner. Analytics can also help encourage competency-based learning system allowing students to master skills at their own. It can facilitate monitoring and visualize student behavioral patterns and make decisions leading towards not just boost up student performance but also enhanced capacity and financial investment.
To cut a long story short, data is the whole thing if you want to push your business towards success. Analyze it and have improved business prospects in the time yet to come.