Today, every business relies on data analytics as their core pillar. Business units produce and collect a lot of data on a daily basis. The sources of these data can be varied like web, internal database, surveys and different type of media circulated around.
How is all this data helpful to a business concern? Which all sectors use these data analytics techniques? These are some questions that are asked on a preliminary basis. Let’s discuss some points.
DATA AND ITS USEFULNESS
Data is not used in its raw form as it is collected, instead one needs to work extensively through the data to find meaning in it. This is where data science becomes helpful. Using various tools and techniques data is sorted, grouped, analyzed and presented to the management. And then that data is used in automation and algorithms for solving different customer or performance related problems.
Data science is interdisciplinary in nature and brings many subjects and their experts together to solve any problem. Disciplines included are mathematics, statistics, computer software programming, and business knowledge.
The pipeline of data cycle is complex and need expertise. It involves several steps with are equally important and any discrepancy means getting wrong insights. Steps usually use micromanagement and research, machine learning and data processing as tools. It starts from data collection and storing them according to their source and utilization, followed by cleaning and exploring the data using statistical models and coding and finally ends by algorithm building and communicating the results.
Businesses harness data from various open and closed sources to:
- Solve problems regarding many operational, marketing, production and workforce.
- It helps to understand and keep a check on the organization’s performance in various spheres.
- For improving processes and workflow of a unit, it helps in innovation and researching a new way and execution of the same.
- It helps in knowing one’s customer and their demands and reviews and also gives insights about the market opportunities and risk.
- Help to interact with the customers through the digital platform.
SECTORS INVOLVED IN DATA ANALYTICS
Data science is overall used by businesses to increase their value and keep the profitability up. Some sectors use it for pure commercial and profitability purposes and some for public betterment purposes. Some of the sectors are:
- Manufacturing: industries as such use historical datasets, as well as predictive data to keep a tab on both current issues and issues of the future. Analytics help in demand and sales forecasting, inventory management and keep a check on shop floor activities.
- Retail: today entire retail business is leveraged on digitization. From merchandising to post-purchase analysis everything is data-driven. Currently, social media data are used extensively for sentiment analysis.
- Travel: datasets from various itineraries and travel schedules, travel companies are creating personalized offers for different groups of customers. From route planning to hotel reservation and even the safety of travelers are taken care of using sensor data.
- Finance: one of the very first sectors using analytics to understand market trends and customer behavioral pattern. Analytics also help massively in mitigating risks and frauds.