For as long as one can look back, industries have been collecting historic data from submitted customer information, feedback and sales reports. However, without proper tools to analyse data to drive actionable information, this data wasn’t doing much toward improving their operations. Since data collection is a manual process, it is time-consuming and highly vulnerable to errors.
Studying the data scientifically helps business managers make informed decisions for making future strategies and achieving the business and organisational goals.
Many industries have improved their business performance by using various data analytics solutions, which come as a blessing for business owners and managers scratching their heads over unorganised data that makes no sense. Data analytics solutions have empowered numerous industries by highlighting patterns and making sense of their data. Some industries that benefitted from data analytics solutions are:
Insurance: The insurance industry has a vast range of products catering to their customers. Calculation of the insurance cost depends on clients’ medical history and any insurance claims they have made in the past. Data mining and analysis help in precisely calculating the risk involved regarding each potential customer. This risk is calculated based upon various criteria that differ for different kind of insurance products.
Travel: Apart from helping travel managers and coordinators in moving their passengers around on time, data analytics solutions have also enabled the travel businesses in analysing prevalent trends related to travel. This includes analysing and finding the most popular times for travelling to specific destinations, along with preferred modes of transport. With this data, travel businesses have been able to offer more lucrative deals to potential customers, while also ensuring they have a seamless experience while travelling.
Finance: Numbers algorithm is a complicated subject to understand. Data analytics solutions help financial institutions in collecting more comprehensive data which, in turn, helps in making informed trading decisions that drive profits. Data mining and analytics also help in understanding live and historic data simultaneously which can be a robust tool in gaining an edge over competitors. Banking and financial sectors, with the help of data analytics tools, help their customers in using their money more efficiently by identifying the security risk factors even before investing!
Telecom: Telecom industry has access to large customer data. With the data tools available, the telecom industry has grown multifold by providing a more personalised experience to their consumers. By analysing the way we use our smartphones, many phone service providers have come up with tailor-made plans that suit the needs of individual customers. The industry itself has diversified its portfolio from delivering the straightforward calling services to offering the World of the internet, accessible through devices that fit in our pockets.
Education: Today’s younger is known for spending their time glued to screens. Education is no more restrained to books. The data analytics solutions can help keep track of the student’s progress and ensure improvement with additional support wherever needed. With data analytics tools, it is easier to understand the best delivery method of information to students. Not to forget, the historic customer data also enables the industry to offer the perfect solutions to their potential customers at the right time. Curiosity to diversify knowledge in multiple fields can also be made available by using the massive data available on various social media networks and forums.
Conclusion:
Data mining is the new way to look at available data from a new perspective by studying the prevailing trends in the related industries. Analysing the existing data manually can be time-consuming and may still not offer the necessary insight to drive better results.
Data analytics solutions help in providing in-depth analysis of the current data from a new perspective altogether. This, in turn, helps in revisiting the organisational goals, which translate to improved business strategies and achievement of business goals.
