With technological advancements on the rise, data science and analytics seem to be the next big thing in the business world as more industries adopt this technology. This is because data analytics can provide industries with a different outlook on things and help them solve real-world problems. Several industries have been benefitting from this technology, some of which are mentioned in this article.
What is Data Analytics?
This term is broadly used to define the process of collecting data over a period of time, examining it, and applying it on various occasions to come up with solutions and strategies. Several industries are constantly compiling and analyzing data to provide consumers with the best possible results to boost their performance.
They do this using the right tools and software to develop an algorithm to analyze the raw data and highlight the important data. They are also trying to develop a method that uses the highlighted data to create graphs and metrics that allow them to make strategic and competitive decisions. These decisions can help you seem more attractive to consumers.
To enjoy the benefits of data analytics fully and improve the chances of your business becoming a huge success, especially if it is a part of any of the industries mentioned below, try and get an MS in data science online. You can also hire a data analyst who has academic credentials and can help your business bloom.
Here are six industries with many competing businesses trying different techniques and data analytics to stay on top.
The travel industry collects data regularly to determine how people travel daily and the preferred routes. Transport companies then use this data to find ways to make their company stand out and persuade more people to use it by including the routes that most people travel by and offering competitive rates.
Buses and other road transport companies use data analytics to find traffic hours on specific routes and come up with new routes to allow passengers to reach their destination in a shorter time. On the other hand, data analytics is used by railways and airlines to maintain their system and operations. They collect data and find out why people prefer a certain company over theirs.
# 2 Retail
Data analytics is a must for every retailer who wants to succeed and make their business a big success. They need predictive data analytics to develop ways to offer consumers a personalized shopping experience and display items they prefer buying by looking into their shopping history. Moreover, the collected data of each consumer can help retailers find ways to develop products that attract the masses and help them increase their sales.
Big data and analytics allow retailers to analyze and compare their prices and sales with competitors offering similar products. Then they can finalize their new price point according to it through reduced-price offers and promotions. This will help their product sell more and optimize pricing according to the needs of the consumers.
The use of data analytics is becoming essential in improving health. Medical industries use data to track patients and ensure they receive the best treatment.
For example, wearable trackers are being provided by physicians to patients. These trackers record the patient’s vitals and other necessary data daily and summarise it for the physician. This way, a physician can plan out the best treatment by looking at the data collected throughout the year instead of the data collected during their short in-person visits.
Hospitals use big data and analytics to improve their services and ensure they provide the best healthcare possible. They do this by collecting data on the time each patient has to wait for their treatment and analyzing the hours at which the hospital gets the busiest. By knowing such details, hospital managers can hire more nurses and doctors for the active hours to reduce the waiting time and improve the quality of treatment.
#4 Media and Entertainment
The Media and Entertainment industry is surrounded by a myriad of datasets. Cleaning and using this data to produce valuable insights and make business decisions has become the new norm. Entertainment consumption has completely changed, primarily during and after the pandemic. The demand for quality content in different settings has massively increased from the consumer’s end, and several platforms can deliver them, such as Instagram, Spotify, TikTok, and Netflix. These sites have built algorithms that track user activity and try to appeal to each audience according to their respective areas of interest. Analytics tools such as web scraping (used to identify trending subjects) and data scraping (used to unlock access to real-time data) are now the buzz.
Simply put, the companies in the media and entertainment industry that analyze data and benefit from it have a much higher probability of gaining success than the ones that don’t.
The manufacturing sector has been producing massive amounts of data recently. Unfortunately, all the data is unstructured and difficult to deal with if not analyzed properly. So, companies in the manufacturing industry are now heavily investing in predictive analytics tools, which explore all the past data available and create visualizations in the form of reports and dashboards. Companies are also investing in valuable data, including geospatial, text, graphical, IoT, and temporal data, to make their manufacturing business stand out and provide the best possible services.
One of the biggest marketplaces in the world is education, and now it is using data to help offer students better and more appropriate services. It can be challenging to monitor each student’s progress when they switch between several classrooms and teachers throughout the day. However, several applications use school data to give teachers a more comprehensive understanding of their student’s academic achievement, enabling them to identify issues and offer more support when necessary.
Incorporating data from many vendors and sources and using them on platforms not made for diverse data is another challenge in the education sector, where data science and analytics can help. Hence, big data is used to evaluate teachers’ performance concerning various factors, including the subject matter, the number of students, demographics, and aspirations.
Undoubtedly, data analytics is an invaluable component every industry in the 21st century needs to incorporate, as it will allow you to develop better strategic plans. It will also give a competitive edge to all those businesses who follow it and understand its importance. After all, the competition is unbelievable these days. With the number of options available to consumers, you need to try out every method that makes you stand out from the crowd.