Data analytics has proved to be highly effective in resolving real-world problems and has been adopted by every other industry for making the right use of the available data and making informed decisions. There has been a significant reliance on analytics with the enhanced usage of computers in our daily lives for business and personal operations.
This has, in turn, brought data analytics to the forefront and has encouraged professionals to take PG in Data Analytics program to increase their chances of getting high-paying jobs in the present market. This article will learn how data analytics has proved its usefulness in the top six industries and greatly influenced our lives.
Data Analytics uses in Industries
These days it has become important to offer personalized shopping experiences to people when they are specific about their likes and dislikes. Retailers are doing their best to provide their customers with the right product.
Firms are using data analytics to give a new direction to their business and analyze the exact demands of customers. For example, customers tend to get similar product suggestions once they look for a product online. With the help of data analytics, firms are also keeping a watch on the preferred price range that most of their customers go for.
Using the information, they try keeping the price somewhat close to the preferences of customers to attract them to their product. Most importantly, analytics helps businesses to know why there has been a sudden drop in the sales or which are the most preferred products among customers.
Agriculture and Farming
Data analytics has helped the agriculture and farming sector to a large extent by providing useful data on water cycles, rainfall patterns, fertilizer requirements, etc. Data analytics has enabled farmers to make informed decisions on the type of crops they should be planting for greater profitability and the right time to harvest crops.
This has helped them get better yields and earn huge profits. Furthermore, data analytics has helped farmers to keep track of their supply chains and connect better with other farmers.
Government and Public Sector
Data analytics has helped the government and public sector to reduce their infrastructure and operational costs significantly. Furthermore, with the help of data analytics, the government has been able to respond to natural disasters in a better way, detect health issues in advance, avoid water scarcity problems and coordinate thousands of people easily and resolve their issues.
Data analytics has significantly impacted the banking sector. It has helped banks in consolidating internal and external customer data for building a predictive profile of each and every customer of the bank.
The customer information collected by banks is used for offering valuable services and customized solutions to customers based on their requirements.
Data analytics has got a significant role to play in sports. Due to better broadcasting of games, teams are now able to analyze the performance of opposite teams and devise their strategy accordingly and increase their chances to win.
Furthermore, with the help of data analytics, it has become easy to know about the weather conditions in advance and organize the matches suitably.
The education sector is again highly influenced by data analytics. Data analytics can be used to predict the performance of students and the likeliness of their drop out from class. Also, data analytics can gather different types of information about students and draw meaningful inferences that can help the educational institutes serve better. Furthermore, data analytics has helped students to gather relevant data for their research work and advance their studies.