Unless you’ve been living in a cave for the past couple of years, you know how important data has become virtually for your business and every consumer on the planet. There is certainly a lot of data out there. The recent calculation says that the current data is estimated to be 40 times more than the stars present in the observable universe.
The key is undoubtedly knowing the right way to mine the data, analyze it, extract value from it, and implement it in tangible business solutions. Companies across several industries and government organizations use big data analytics and data science to create solutions most dramatically.
This article will focus and talk most about the industries that embark on success using data analytics and how. Here are some of the sectors that were refined the most by big data analytics:
It becomes essential to provide a personalized shopping experience in a world where people have become very particular about their likes and dislikes. It is required for the retailer to put the right product in the hands of the right customer. Only then the brand or business can get success in the long run.
Companies are using data analytics with the means of re-marketing. It means the customer who shows interest in one type of product displayed on the web, he/she will receive similar suggestions from other sellers in the future.
Analytics can also help in determining the pricing of the product. Want to know how?
Big brands like Walmart are keeping a check on the products purchased and requested more than others. These products are being analyzed for their quality and pricing. Further to this, a new pricing model is developed based on data analytics. Also, the analytics keeps a check on which product experienced a sudden drop in sales and a spike in sales.
Agriculture and farming
The power of AI and data analytics is helping the agriculture industry and farmers to a great extent. Big data practice is already at the implementation stage in the US by an agriculture manufacturer John Deere that has launched several data-enabled services.
Today, there are many supply chains of agriculture across the world connecting the farmer, dealer, retailer, and the customer. All thanks to Big Data and Data Analytics that can keep track of all of them and bind them together for their individual development.
Government and public sector
These terms, big data, analytics, and data science, have collectively helped many cities become smart cities. Many smart city initiatives have been enhanced due to data collection, analytics, and IoT combine to create public services and utilities across the city. The public sector uses data analytics, natural language processing (NLP), machine learning, and image recognition to solve problems that come up as big trouble.
For example, the Durham, North Carolina police department using technologies to observe patterns and watch for criminal practices to look for crime hotspots so that police can enter and change the scenario.
Another example is The Defense Advanced Research Project Agency (DARPA), which has developed a way to recognize online ads that give an idea about human trafficking crime rings. These technologies have helped police and such departments to rescue millions of victims and catch hold of prosecutors.
Predictive analytics has created a lot of impact on the banking industry. It is also planning to consolidate internal and external customer data to build a predictive profile of every banking consumer. The insights gathered by financial institutions are further used to provide consumers with valuable services. These solutions are customized for every individual based on the specifications and needs.
Let me elaborate with the help of an example. A US bank made use of advanced analytics to understand discounts that private bankers were giving to customers. It has proven to the bank that they were offering discounts too often to the customers. The mistake was rectified, and it led to an 8% rise in revenue in just a few months.
The premium sports of the nation have already embraced technology data analytics. In premier league football games, cameras have been installed in and around the ground. It is implemented to track each player’s movement through the pattern recognizing software created about 25 data points for every player every second.
Add to it, the NFL (National Football League) players could install sensors on their shoulder pads which gave them timely insights about their performance with the help of data mining.
This sector is capable of producing heaps of data through courseware and learning methodologies. The situation of the pandemic has also accelerated the investment of technology in the field of education.
“Few traditional higher education institutions were prepared for such disruption, resulting in evolution of technology-based teaching models more frequently aligned to migration of face to face teaching than ‘digital-first’ design,” said Tony Sheehan, Senior Director Analyst, Gartner.
Several EdTech majors have been using the power of data. It includes Udemy, Testbook, and BYJU’s. They use data analytics and ML (machine learning) to check the most relevant topics to get the right instructor’s right content at the right time. Also, these technologies will assist in putting data to use for everything from planning school bus routes to improving classroom cleanliness.
Why is the implementation of data analytics important?
Most of the businesses are running online nowadays. They make a distinctive image by creating a simple website or a complex website or creating a user-friendly eCommerce shopping app that allows people to order online.
Data analytics for any business are calculated using several factors such as bounce rates, demographics, conversion rates, predicting client behaviors, and assist in decision-making. It certainly generates a lot of advantages, such as:
- Personalized customer experience
- Informed business decision-making
- Alignment of major and minor operations
- Tackling risk and solutions to all setbacks
- Enhanced security for all confidential data
Every industry should recognize and understand the role of competition in the process of development. The right way to analyze data, learn from the results, and utilize them can help every business cut down losses and ultimately boosts profits.
These industries, including retail, sports, banking, education, and agriculture, are all here to stay and grow exponentially. And in today’s situation, only data and analytics can help an industry or company to flourish. Those who haven’t turned to data and analytics have it as the next thing in their mind.
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