Data Analytics, as the name suggests it is the science of analyzing the data to derive the variable insights, enhance the productivity and draw conclusions. Data is extracted from various sources ranging from databases, web pages, documents etc. The data is cleaned and analyzed for various patterns, trends, meaningful correlations, etc. This information is used for optimizing and enhancing the overall efficiency of business and the system. Different organizations use different techniques for data analytics and these have been automated into mechanical processes and algorithms that work over raw data for human consumption. Today every organization is becoming data-driven, i.e. it is collecting more data regarding its customers, markets etc. Data Analytics is the key to find the new insights and better approaches for business growth.
There are various companies that cannot survive without the using Data Analytics. Better understanding of the customer requirements can prosper various businesses. Analytical tools and technologies have become the weapon for survival of many companies. Data visualization can help in better understanding of the data in Data Analytics.
Importance of Data Analytics
We know that data is ever growing and it is the new fuel for almost all the businesses. Organization are collecting more data to improvise the business conditions and market opportunities. Data analytics is very important for the businesses for the following reasons:
1. Patterns and Insights: On analyzing the data, the hidden patterns and insights are gathered according the business requirements.
2. Generate reports: Reports regarding the data is analyzed and reports regarding the data is generated.
3. Market Analysis: Market Analysis can be performed to understand the strengths and the weaknesses of competitors.
4. Improve business requirements: Data analysis helps in finding patterns and improving business to customer requirements and experience.
Applications of Data Analytics
• Restaurant and Hospitality : In the restaurant and hospitality industry, the reviews and ratings are the most important data. The data regarding a particular restaurant is available through various websites, articles, food delivery sites etc. The individual restaurants can gain insights to various insights about it. The business can be developed in a better way by analyzing the data and implementing it.
• Healthcare : The healthcare domains’ main challenge is to optimize the costs and resources so that they can provide services to every patient with highest quality. The cost of treatment always goes up rather than coming down. It is very important for the hospitals to provide the best services for the patients at the reduced costs. The governing bodies must also keep in check of all the costs of instruments, staff, machines etc. The data analytics regarding all these aspects can help in overall optimizing of the costs and services for the healthcare industry.
• Gaming Industry : Gaming industry is at boom currently in India. Lot of data is generated and is analyzed for various business purposes. The expenses management within and across the games can be optimized using the data analytics. The user interaction, play time, reviews, ratings etc. can provide the best insights for the business optimization.
• Tourism and Travel : Tourism and travel industry is worth billions in India and across the globe. Similar to other domains a lot of data is generated and can provide useful information for the business development. The travel destinations, travel routes, stays etc. can be better managed and delivered to the customers using data analytics. The travel recommendations are provided based on the desires and preferences of the customer with help of Data Analytics. The travel and tour packages are customized using the reviews and ratings of the past customers. The huge potential of this industry can be discovered using Data Analytics.
These are just few examples of the domains where data analytics is applied extensively. There are various industries like Resource management, Power, Sports, Census, pharmaceutical etc. where, DA is used for various purposes. DA has become a vital aspect in driving some of the biggest and best companies across the globe. Oyo, Ola, Flipkart, Bounce etc. are the leading companies using DA extensively for business development and business growth purposes. Thus, any company or business that harnesses the benefits of Data Analytics can beat its competitor without any hitch. You can check out what is data science here.