We deal with a tremendous amount of data in today’s world. Businesses need to manage huge data resources. The data is translated into useful information on which the business decisions are based.
Therefore, data analysis is very important for business development. Data is analyzed to draw inferences on the basis of which important decisions are taken regarding improving customer service, understanding the latest market trends, doing market research, or finding loopholes in their decisions.
Data analytics have many real-life applications. In fact, it is being used in almost each and every field today like online shopping, transport systems, military, security system, civic bodies, and many more.
Let’s take a look at the various data analytics applications in different fields:
Security is an area of major concern for organizations. The future of any business depends on the confidentiality of its important business information. Security analytics is one such way to deal with online protection where on the basis of the available information proactive safety is ensured.
Security applications are also employed by security forces for predictive analysis which helps in dropping the crime rates in certain places.
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2. Risk detection
One of the earliest data analytics applications was in the field of risk detection. There were many organizations struggling under debt scenarios and couldn’t find a solution. They had customer data with them, and then they applied data analytics.
The recent expenses, profits were analyzed to understand the probability of a customer defaulting which led to lowering the risk of fraud in companies.
You can transport a huge crowd to their specific areas seamlessly by applying the data analytics techniques.
The data analytics technique was used in London Olympics a few years ago. Near to 18 million journeys were to be made during the event. The transportation authority used data from similar events to predict the number of people who are going to travel.
The predictive method of data analytics is used to solve transport problems such as traffic, network congestion, etc.
4. Online gaming
Data analytics has revolutionized the area of online gaming. These days there are more strategy-based online games like https://20bet.com/live etc which can be played live by players all over the world. Without the advancement in data analytics, such a type of gaming is impossible.
5. Logistics and Delivery
The top logistic companies use data analytics to analyze the collected data and improve their efficiency.
They can find the best shipping routes, lessen the delivery time, lower the transportation costs and track the real-time status of dispatched goods. The use of GPS has given them an added advantage.
The travel companies can fix packages thereby boosting the personalized travel experience. The travel information of the customer is collected from social media which is used to optimize their experience in the travels.
6. Healthcare sector
Data analytics has a huge role to play in the healthcare sector. It has helped in the easier discovery of treatment choices for different diseases. We know that the medicines and the sophisticated machinery used are way too costly.
With the help of data analytics, the healthcare facilities can keep the track of the treatment of patients and patient flow and how the equipment is being used in their hospitals. This helps them gain efficiency regarding the use of equipments and other facilities.
7. Education sector
This is another major sector influenced by data analytics. Various techniques of data analytics have been employed in the education sectors like that of adaptive learning, new innovations, adaptive content, and many more.
The student’s information is detailed in such a way that you can easily comprehend and streamline their learning process.
8. Manufacturing sector
Data analytics applied in the manufacturing sector has helped in maintaining the overall working through tools such as predictive analysis, regression analysis, budgeting, etc.
The number of units of the product to be manufactured can be easily figured out on the basis of data collected and analyzed from the demand samples. This increases the efficiency of the operations as well as the profitability of the business.
9. Web searching
When we use Google, we are actually using one of their many different data analytics applications. Most of the search engines like Google, Bing, Yahoo, AOL or Duckduckgo, etc. uses data analytics.
Different algorithms are used to deliver the best results for a search query which is done within a few milliseconds.
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10. Digital advertisement
Digital billboards and banners on websites we see today use data analytics. The past behavioral pattern of the user is analyzed and new data algorithms are developed.