7 Businesses That Benefit From Data Analytics
Start writing a post
Lifestyle

7 Businesses That Benefit From Data Analytics

Data Analytics

26
7 Businesses That Benefit From Data Analytics

Data analytics is the process of examining data sets to find trends and draw conclusions.

And it’s carried out with the help of specialized systems and software.

Data analytics technologies are widely used in different industries to make informed decisions. Scientists and researchers also use data analytic tools to verify and disprove hypotheses and theories.

OnlyDataJobs and other organizations use big data to make adequate decisions and increase profits. With the use of candidates’ data, organizations like OnlyDataJobs can identify the best candidates who can help them meet organizational objectives.

Businesses that use data analytics tools have transformed how they run their operations. As a result, they have been able to meet their clients’ needs, increase revenue streams, and improve the quality of their products. Data analytics helps businesses in all aspects, from sourcing to forecasting demand and human resource activities.

Businesses That Utilize Data Analytics

There is a lot of talk on the internet about how big data is the next big thing, how it’s going to change how we work and how it’s going to disrupt everything.

There’s certainly a lot of truth in the idea that big data analytics will hugely impact businesses. However, all that hype can feel a little abstract. To give you a clearer insight into how data analytics is changing companies, we have a list of some industries benefiting from data.

Source: Pexels

  1. The Banking and Securities Sector

The so-called big boys, like the banks of the banking and financial markets, have employed big data technologies. This has enabled them to check on the trade analytics used in:

  • High-frequency trading
  • Sentiment measurement
  • Pre-trade decision-support analytics
  • Predictive analytics like anti-money laundering

These are the areas in this industry where they heavily rely on data and analytics solutions. The use of data analytics enables banking and security agencies to keep tabs on the movements in the financial markets. Stock exchanges, for instance, use data analytics with natural language processors and network analytics to track and monitor illegal trade practices.

  1. The Manufacturing Sector

For several years, manufacturing industries of different types and natural resources like oil and gas have been generating data. That data is not only in large amounts. It’s also complex and difficult to handle. That makes this sector a prime candidate for data analytics. This set of data, however, has so far gone untapped.

Recently, entrepreneurs have been heavily investing in predictive analytics tools. They have also been adopting digitalization to transform themselves into data-driven decision-making industries.

Organizations utilize all kinds of valuable data, including text, IoT, and graphical data, to ingest and integrate them into datasets. This enables them to churn out useful information.

  1. Governments their Institutions

Data analytics has proved very useful to government institutions. be it in health-related research, financial market analysis, fraud detection, or environmental protection.

Governments use data analytics to improve service provision in public service fields. One of the best examples of the areas where governments use data analytics and data science techniques is in the food and drug administration.

Governments use these techniques and tools to identify and analyze patterns related to food-related diseases and illnesses.

  1. Retail and Wholesales

The retail and wholesale industries can survive through greater customer experience and margins. There’s great competition in this industry. As a result, retailers are now using data analytics to deal with the growing volume of big data.

This enables them to accurately anticipate the requirements of their clients and provide for those needs. Data analytics allows businesses in this industry to handle the fierce market competition. It also helps them to stay on top of their game.

Detailed insights from data analytics allow them to keep their clients happy and increase the chances of them coming back. Retailers are using data analytics in many aspects of their businesses. That includes:

  • Managing prizes to increase sales
  • Making use of retail data analytics
  • Utilizing supply chain management and logistics
  • Personalizing customer experience and improving marketing
  1. The Media and Entertainment Sector

How audiences consume entertainment has significantly changed since the Covid-19 pandemic. People now want rich media content in various formats as and when they need it.

Instagram, Netflix, Spotify, and Amazon Prime are examples of the various forms of media. With this medium, you can ensure on-demand content with personalization for your audience.

Web scraping, for instance, is used by entertainment companies to collect data from social media platforms. That’s how they identify trending subjects. Data scraping solutions give access to real-time data. This helps with the unlocking of insights such as the concerns of consumers.

This data is used by organizations to create better content for different target audiences. They can also measure their content's performance and recommend on-demand content based on individual preferences.

Spotify, for instance, uses Hadoop’s big data analytics to gather and analyze data from millions of users. That’s how they can provide better music recommendations to users.

  1. The Education Sector

The education sector generates many data, whether universities, corporate coaching, courseware, or learning methodologies. Advanced technologies and data-generating solutions have been used to understand insights into learning and teaching patterns. This enables experts in this sector to make adjustments and improvements.

Data analytics helps to improve teaching strategies and highlight the areas that don’t excite students. This information makes it easy to make transformations that will make the courses interactive and encouraging.

The education sector uses data analytics to put data to use. This helps to improve education and the learning systems beyond the classroom.

  1. Telecoms

Telecom companies have access to a lot of customer data. By analyzing this data, they can provide more personalized services to clients.

In the past, providing telecoms was almost straightforward. You would connect clients to the network and allow them to contact their friends and family, including their associates.

But with the emergence of the internet and more communication devices, telecom providers must provide more diversity in their services. Data analytics can help by segmenting the market more accurately. It also makes it easy to offer exact deals to various clients.

Final Take Away

Until recently, many organizations didn’t have the tools or the know-how to analyze and explore data. Even if they got broad sales figures and customer information, drilling into the data and gaining insights was time-consuming. They probably thought they needed a data scientist with a Ph.D.

An explosion of data analytics tools, however, has changed the game. Now anyone with a little training can create a powerful visualization from the organization’s data. Then use it to re-route the organization’s strategy.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
houses under green sky
Photo by Alev Takil on Unsplash

Small towns certainly have their pros and cons. Many people who grow up in small towns find themselves counting the days until they get to escape their roots and plant new ones in bigger, "better" places. And that's fine. I'd be lying if I said I hadn't thought those same thoughts before too. We all have, but they say it's important to remember where you came from. When I think about where I come from, I can't help having an overwhelming feeling of gratitude for my roots. Being from a small town has taught me so many important lessons that I will carry with me for the rest of my life.

Keep Reading...Show less
​a woman sitting at a table having a coffee
nappy.co

I can't say "thank you" enough to express how grateful I am for you coming into my life. You have made such a huge impact on my life. I would not be the person I am today without you and I know that you will keep inspiring me to become an even better version of myself.

Keep Reading...Show less
Student Life

Waitlisted for a College Class? Here's What to Do!

Dealing with the inevitable realities of college life.

86354
college students waiting in a long line in the hallway
StableDiffusion

Course registration at college can be a big hassle and is almost never talked about. Classes you want to take fill up before you get a chance to register. You might change your mind about a class you want to take and must struggle to find another class to fit in the same time period. You also have to make sure no classes clash by time. Like I said, it's a big hassle.

This semester, I was waitlisted for two classes. Most people in this situation, especially first years, freak out because they don't know what to do. Here is what you should do when this happens.

Keep Reading...Show less
a man and a woman sitting on the beach in front of the sunset

Whether you met your new love interest online, through mutual friends, or another way entirely, you'll definitely want to know what you're getting into. I mean, really, what's the point in entering a relationship with someone if you don't know whether or not you're compatible on a very basic level?

Consider these 21 questions to ask in the talking stage when getting to know that new guy or girl you just started talking to:

Keep Reading...Show less
Lifestyle

Challah vs. Easter Bread: A Delicious Dilemma

Is there really such a difference in Challah bread or Easter Bread?

52295
loaves of challah and easter bread stacked up aside each other, an abundance of food in baskets
StableDiffusion

Ever since I could remember, it was a treat to receive Easter Bread made by my grandmother. We would only have it once a year and the wait was excruciating. Now that my grandmother has gotten older, she has stopped baking a lot of her recipes that require a lot of hand usage--her traditional Italian baking means no machines. So for the past few years, I have missed enjoying my Easter Bread.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments