It is a widely acknowledged fact that data is an asset and this world is data-heavy. All industries, irrespective of their domains, work with data to draw relevant insights. In short, one can say that it is data analytics and its applications that run businesses. So what is data analytics exactly? This article focuses on giving you answers to such vital questions that sprints in the back of your head. So without wasting any time, let us cut straight to it!
What is data analytics and how is it useful?
Simply put, data analytics is a technique that helps organizations as well as individuals in making meaningful data interpretations. In simpler terms, say if you have raw data in hand and you aim to determine patterns and trends in this data set, data analytics can aid you. The technique is helpful to groups and individuals as they help undercover information using various tools, helping arrive at optimal decisions.
Now, what is the importance of data in analytics? If you work in sales and need to understand consumer behavior, what will be your go-to? Data, for sure. It is crucial to businesses. Why because –
- Having a data set on the operation flow in organizations aids in finding what went wrong where, in different stands of time.
- Not only it helps make informed decisions, but it also aids in problem-solving and making strategic approaches.
- Having reliable ground data also equips you in monitoring work, keeping a track of it by setting benchmarks and baselines.
What are the applications of data analytics?
The hands of data analytics have touched almost all important domains. From collecting data to transforming, cleaning, and modeling it, data analytics work across different fields and industries. To get a fair picture, let us go through some of the important areas of work where data analytics is applied –
Data analytics in healthcare –
Only if the canvas exists, can the painting be made. Where the canvas is the human body. All of us know that when health is gone, everything is gone. Data analytics have a significant role to play in healthcare.
For example, in discovering which treatment to make referring to the trends in a patient’s medical history. Other than a medical perspective, healthcare data analytics also plays key when it comes to management. Say, in physician scheduling by hospital administrators.
Data analytics in manufacturing –
Artificial intelligence and data science, in addition to the technique of data analytics, have an important role to play in the manufacturing field. Predictive analysis and maintenance is an area of significant scope. Using big data analytics in manufacturing, the efficiency in the supply chain of vehicle manufacturing is improved. Product customization in the manufacturing industries are also made easier with the introduction of data analytics.
Data analytics in transportation -
How good it can be if you can foresee traffic or accidents, for that matter? Transportation data analysis enables you to do this. This era has seen multi-modal transport systems. Data analysis in this domain helps carry out a segment-wise analysis. This includes road safety, road, air and rail, and traffic management, route monitoring for waterway transport, etc.
If you are planning to go shopping in a metropolitan city, one major hassle you ought to face is regarding parking. What if you can find a parking lot efficiently? Thanks to new technologies like Geo-tracking, combined with sensors and techniques like data analytics, this has become possible.
Data analytics in logistics –
Data analytics is also applied in the fields of logistics and delivery. Data analysis in these fields enables the logistic companies to figure which is the best route to take for delivery. It also helps the companies calculate the delivery time and transportation options that are feasible. In addition to route optimization, data analytics enables tracking of products in real-time, also giving a clear picture of supply-chain visibility.
Data analytics in finance –
Financial data analytics interprets time-series data to understand risks involved in monetary operations. Possible future scenarios relating to finance can be generated by analyzing past data trends. Data analytics in the field of finance also enables monitoring an organization’s financial performance. This helps configure a company’s financial strengths and weaknesses.
In addition to all these applications, data analytics is extensively used for risk detection and management, customer interactions, city planning, travel, fraud detection etc.
Is data analytics the next big thing?
By now you will be having an answer to this question. Data science jobs are in heavy demand these days. Not just that, the roles of a data engineer, data analyst, and researcher are also highly sought. Getting skilled in data analytics can prepare you to don more than one hat. Meaning, you get an opportunity to work in several job profiles across different domains because the application of data analytics is almost everywhere. You get to make significant decisions being a data analyst and your inputs can make vast differences, influencing the growth of businesses.
So, yes, data analytics is undoubtedly the next big thing. If you are aiming to hike up your learning curve, this is a field that you can approach and get skilled hands-on!
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