11 Industries That Benefits the Most From Data Analytics
The increasing number of industries and domains are waiting to be disrupted and enhanced by data analytics methodologies, thereby creating a thousands of data analytics jobs for professionals with the right data analytics skills and background.
If you are wondering whether data analytics is the solution for you and your company, VCA has rounded up top industries that benefit the most from data analytics.
1. Healthcare
In the healthcare industry, where most data is unstructured, and it is not easy to access and analyze all the data, hospitals and healthcare centers seek data analysts who can assemble fragmented heterogeneous data. From electronic medical records, clinical trials, and genetic information to billing, wearable data, care management databases, scientific articles, data analytics has made it easier to manage all the information. The healthcare industry has surprisingly emerged as the top creator for data analytics jobs in recent years.
Data analytics has also contributed to designing and evaluating healthcare strategies that improve equity, opportunity, access, and health services quality. This sector requires professionals with technical but most importantly, with “soft” skills like storytelling and excellent data communication skills to derive and communicate the desired results.
Some of the areas with enormous scope for data analytics applicability, include:
- Drug Discovery
- Delivering more precise prescriptions and customized care
- Post-Care Monitoring
- Recognizing health risks and recommend prevention plans
- Hospital operations
- Diagnosis of diseases
2. Travel
The travel industry has always depended on treating statistics to provide the best possible service for its clients. Using data to predict when people will travel, how and where enables companies to provide the exact service their customers need at the best time and at the right price.
Using historical data collected on customer journeys you can predict when there will be higher and lower demand for fares. Of course, train and airplane companies have always done this to a degree, but predictive analytics can help you dig down into even greater detail and give you the edge over competitors in a tight market.
3. Education
Education is one of the largest markets in the world, yet educators have often failed to see how data can help them provide better and more appropriate services to students. Numerous apps are using data collected in school to provide teachers with a more unified insight into their students’ academic progress and data analytics allows them to spot problems and provide additional support when needed.
4. Retail
Retailers have always been laser-focused on putting the right products in the hands of the right consumers. Data analytics are now being used to not only offer to buy recommendations (such as the next best offer on a shopping site) but also to hyper-personalize the entire customer experience online. Based on past user behavior, companies can dynamically offer promotions and content to keep users engaged. Analytics is also used to optimize pricing.
Data Analytics in retail helps to:
- Analyze people’s past searches and purchases and help them find relevant products.
- Create a recommendation and personalization system.
- Analyze customer behavior and market insights.
- Improve customer experience through predictive analytics.
5. Banking
Data analytics is having a big impact on the banking industry as well. Much like retail, banks are learning to consolidate internal and external customer data to build a predictive profile of each banking consumer. Financial institutions can use the insights they gather to provide consumers with value-driven services that are customized and personalized for each individual, rather than pushing out mass marketing programs that treat all consumers alike.
6. Telecommunications
Now that subscribers consistently connect to telecommunications networks through voice, text messages, social media, etc., telecom providers have access to vast amounts of data. Other data sources, including website visits, past purchases, search patterns, and customer demographics like address, age, gender, and location, have proved to be crucial for the telecom businesses, and this is where the role of data analytics comes in.
Useful classification and utilization of this massive data have been groundbreaking for telecom companies and have helped them cater to their more extensive range of consumers more accurately.
Data analytics enables telecom companies to:
- Make personalized offers to customers
- Order predictive maintenance
- Allow optimization and predictive maintenance of the networks
- Product innovation
- Optimized pricing
- Targeted campaigns
- Allocate network resources
- Ensure smarter network deployment
- Detect fraudulent activities
- Contextualized location-based promotions
Real estate firms are leveraging data analytics for better property analysis, better trend analysis, and better understanding of their customers and markets.
Similarly, property management companies are utilizing data collected from their building systems to optimize performance, surface areas of concern, and streamline maintenance processes.
8. Media & Entertainment
The big players in the field of media and entertainment industry, including YouTube, Netflix, TikTok, etc. have started applying data analytics to understand their customers and offer them the most relevant, customized and personalized recommendations. Even the regular entertainment channels and gossip newsfeed are relying heavily on user data.
This new face of digital reality aims towards matching the personal preferences of the users and is evoked in the concept of addressability, along with the ability to interact with consumers as per their choices.
Data analytics has scaled up the media and entertainment industry through:
- Customer sentiment analysis
- Real-time analytics
- Leveraging mobile and social media content
- Hyper-Targeted Advertising
- Smart Recommendations & Personalized Content Experiences
- Programmatic Ad Buying
- Optimized Media Scheduling
- Predictive Modelling for Targeted Content Generation
9. Government and Public Sector
Public sector organizations across the globe are using data analytics, natural language processing (NLP), machine learning, and speech and image recognition to solve problems before they erupt into crises. Data Analytics is used to observe patterns and relationships in criminal activities to identify crime hotspots so police can intervene quicker. In addition, platforms are developed to monitor dubious online ads and connect them to human trafficking crime rings. using data analytics has helped agencies locate and rescue millions of victims and prosecute traffickers.
10. Energy
The energy industry needs to find a constant balance in providing the right amount of energy.
Using data insights, can help make energy provisions even more efficient and significantly cut costs. Again, by studying historical demand, power plants can predict minute-by-minute, hour-by-hour energy demands depending on anything from the season to time of day, then use this to provide the exact quantity of energy required.
11. Automotive
The deployment of data analytics has led to the development of autonomous automotive systems including sensors, cameras, radar, and much more. Data analytics enables manufacturers to gain greater control over their supply chains, including logistics and management. With automobiles getting more complex and capable of collecting more data, data analytics makes it possible to monitor and report on mileage, fuel efficiency, and routes.
The role of data analytics in the automotive industry is not limited to:
- Enhance vehicle safety with cognitive IoT
- Decrease repair costs
- Create and manage schedules more effectively
- Improve production line performance
- Identify defects in produced components using predictive maintenance
Being data-driven is no longer an ideal; it is an expectation and necessity in the modern business world. Almost every industry is trying to leverage the power of data to thrive in the market. If you too want to ride the data analytics bandwagon then consider enrolling in VCA Data Analytics BOOTCAMP.
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