The importance of Data Analytics in top industries

Wednesday, June 12, 2019 at 1am

Data analytics is a game changer in terms of how one manages, analyzes and leverages data that permeates almost every industry today.  

With data warehousing, reporting, dashboards, and advanced visualization these technologies harness valuable business insights and intelligence like no other. In fact, more companies want to leverage its power with an impressive 53% adoption rate by leading industries 

Here are key industries that have been benefited from the fast adoption of data analytics:  

Finance Industry: 

Today's financial institutions are compelled to deploy analytics and data-driven capabilities to increase growth and profitability, lower costs and improve efficiencies, drive digital transformation and support risk and regulatory compliance priorities—all while supporting and driving the business strategy and priorities. 

The finance industry comprises of a sea of data. From banking transactions, to economic projections and stock prices, to financial sector deals one comes to deal with a lot of numbers and mind-bending algorithms, and even uses big data analytics to predict client behavior. 

This is where data analytics provides potent solutions. Using historical and live data feeds, you can explore better systems for fraud detection, regulatory compliance, and management. 

Entertainment and Media Industry: 

Today, customers persistently demand rich media formats on a bevy of devices. This media and entertainment industry faces data management challenges like leveraging social media content, collection of customer information, analyzing consumer insights, and reading patterns related to the real-time content.  

Data analytics helps in creating targeted information and recommends on-demand content, which invariably improves the user experience, streamline business processes and identify new products and services to offer customers. 

Healthcare Industry: 

One of the most promising areas where it can be applied to make a change is healthcare.  

Due to massive influx of data, healthcare industry is consistently plagued by the inconsistencies in data utilization. Inefficiencies in systems stifle medical benefits meant for the patients in need.  

Healthcare analytics have the potential to reduce costs of treatment, predict outbreaks of epidemics, avoid preventable diseases and improve the quality of life in general.  

Manufacturing Industry: 

Over the past 20 years or so, manufacturers have been able to reduce waste and variability in their production processes and dramatically improve product quality and yield. Given the sheer number and complexity of production activities that influence yield, manufacturers need a more granular approach to diagnosing and correcting process flaws. 

The volume and velocity of data in the manufacturing industry makes it difficult to track it and optimize it. Underutilization of this valuable information is a major impediment for the industry. It prevents reliability and credibility in the processes.  

Analytics meets these challenges with predictive modeling. Supply chain management can be improved by exploiting its capabilities to the maximum potential.  

Insurance Industry: 

In this sector, lack of personalized data and targeted services can impede growth. Information is collected but not utilized to optimum limits. Analytics helps to collect specific customer data and insights to predict and analyze customer behavior.  

It ensures high customer retention and easy fraud detection. In claims management, big data provides predictive analytics during the underwriting stage to quash any fraud mechanism.  

Transportation Industry: 

The transportation industry has been experiencing unprecedented amounts of data captured from different sources such as on-board sensors and data collection points introduced by passenger counting systems, vehicle location systems, ticketing and fare collection systems, and scheduling and asset management systems. 

The high-speed data is affecting travel behaviors as well. At the same time, research related to analysis of this data isn’t progressing at the same pace.  

In the transportation industry, analytics facilitates governments in implementation of intelligent transportation services while the private sector can leverage its benefits for revenue management and technological advancements.   

To explore amazing career trajectories in these industries fueled by data analytics, you have little choice but to brush up on your data analytics skill sets capabilities. You can opt for a strategy-oriented role, take up reporting tasks, or become a data scientist. But, a deep understanding of data analytics field is imperative to get started.

QS Global-Workplace

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