Many organizations and industries adopt the power of data to reconstruct their present business scenario, where data generated every minute is increasing exponentially.
The raw data generated by the company needs to be modified or transformed into a valuable piece of information, which is also reckoned as big data analytics so that it can be utilized to get the full benefits towards the company growth. This not only adds value to the cost of companies but also scales-up revenue and boosts the overall performance of the company.
Let’s delve deeper in where Business Analytics is applied:
1.Security
Data analytics applications – predictive analysis helped in dropping crime rates in certain areas. In a few major cities like Los Angeles and Chicago, historical and geographical data has been used to isolate specific areas where crime rates could surge. On that basis, while arrests could not be made on a whim, police patrols could be increased. Thus, using applications of data analytics, crime rates dropped in these areas.
2.Transportation
Data analytics can be used to revolutionize transportation. It can be used especially in areas where you need to transport a large number of people to a specific area and require seamless transportation. This data analytical technique was applied in the London Olympics a few years ago.
For this event, around 18 million journeys had to be made. So, the train operators and TFL were able to use data from similar events, predict the number of people who would travel, and then ensure that the transportation was kept smooth.
3.Risk detection
One of the first data analytics applications may have been in the discovery of fraud. Many organizations were struggling under debt, and they wanted a solution to this problem. They already had enough customer data in their hands, and so, they applied data analytics. They used ‘divide and conquer’ policy with the data, analyzing recent expenditure, profiles, and the other important information to understand any probability of a customer defaulting. Eventually, it led to lower risks and fraud.
4. Delivery
Several top logistic companies like DHL and FedEx are using data analysis to examine collected data and improve their overall efficiency. Using data analytics applications, the companies were able to find the best shipping routes, delivery time, as well as the most cost-efficient transport means. Using GPS and accumulating data from the GPS gives them a huge advantage in data analytics.
5. Healthcare :
While medicine has come a long way since ancient times and is ever improving, it remains a costly affair. Many hospitals are struggling with the cost pressures that modern healthcare has come with, which includes the use of sophisticated machinery, medicines, etc.
But now, with the help of data analytics applications, healthcare facilities can track the treatment of patients and patient flow as well as how equipment are being used in hospitals. It has been estimated that there can be a 1% efficiency gain achieved if data analytics became an integral part of healthcare, which will translate to more than $63 billion in healthcare services.
6. For Travelling :
If you ever thought travelling is a hassle, then data analytics is here to save you. Data analysis can use data that shows the desires and preferences of different customers from social media and helps in optimizing the buying experience of travelers. It will also help companies customize their own packages and offer and hence boost more personalized travel recommendations with the help data collected from social media.
Finally Wrapping up :
It is clear that data analytics applications are taking great strides in almost all avenues across the globe. If we are able to understand data and analyze it, it can help in increasing our overall job efficiency a lot. However, misuse or inefficient use of data can cause several problems and lead to the lowering of overall productivity.
So, it is important that data scientists know how to make use of data efficiently and engage in the right applications of data analytics. If used in the right way, data analytics can bring about a major positive impact on our society and world at large and increase the overall productivity of specific sectors.