Data analytics may offer an array of benefits for organizations, however, this remains a new concept for some businesses.
Data analytics has now become a big part of digital transformation with regards to the business industry. Organizations in our day and age are slowly becoming aware of the advantages of incorporating analytics into their business model. There are also still a few organizations out there that fail to make the most of utilizing data analytics in improving their overall business functions.
In this article, we will be discussing how this technology is contributing to the growth and success of different organizations.
What are the roles of data in business?
With the help of technology, companies of all sizes can easily gather data. These different sets of information help them better understand their customers and their business as a whole.
According to a survey conducted by the American company Deloitte, 49% of business owners reported that data analytics helps them make better decisions. 16% of the respondents, on the other hand, declared that it enables better strategic initiatives. Lastly, 10% said that data analytics helped them improve their relationship with their customers and business partners.
Data analytics, together with big data and predictive analytics, are modifying how organizations are succeeding in the market world.
5 examples of how industries are making the most of data analytics
Part of the many advantages of data analytics is that it enables businesses to uncover valuable insights into their past, present and future operations. A lot may not be aware that this practice has already been in the market for several years. However, different industry sectors are recently slowly recognizing the greater impacts of data analytics to their business.
Here are five examples of how data analytics is being used in different fields:
Enhances the quality of medical care
Through data analytics, healthcare providers are able to collect patients health information and records easily. This helps medical specialists to provide a faster response and accurate medical attention needed by their patients. Another example is the data collected from patients’ smartphones or wearable technologies allows doctors to understand their patients’ current physical state. Through the data given, healthcare practitioners are able to provide them with better care.
Puts a stop to fraud
Data breaches are rampant these days, through data analytics, organizations are able to strengthen their data security. One example of this is by authenticating the users identity, several companies in the banking industry are now using speech recognition to determine their callers identity. Voiceprints confirms callers identities based on their previous call histories. It reduces the possibilities of someone stealing other people’s Personal Identification Number PIN).
Helps promote a smarter energy usage
Utility industries are now leveraging the use of data analytics to create smarter energy systems. Through technological innovations and data analytics, energy companies are able to optimise their processes and enhance their smart grids. This helps them provide better energy efficiency to their customers.
Boosts the insurance industry
The insurance sector is also a data-driven industry, data analytics helps provide custom services to policyholders. This has also become an essential part of the insurance industry as it helps them prevent fraud, at the same time boost their customers’ loyalty.
Helps create more reasonable manufacturer warranties
In terms of the manufacturing industry, companies are able to improve their supply chain management through data analytics. Through the use of analytical tools, these organizations can distribute their production resources properly and effectively.
Data analytics may offer an array of benefits for organizations, however, this remains a new concept for some businesses. Good thing there are outsourcing providers like OP360 that are fully equipped with technologies and expert skills to handle your data analytics process. Click here to learn more about our data analytics service!
