The concept of data analytics

In any given business area such as manufacturing, banking, healthcare or insurance, the data analytics concept helps in boosting productivity by quantifying and qualifying various techniques and processes by pulling out data in order to identify its impact on the key variables incidental to a business process and analyzing thereupon the behavioural data which may be subject to various characteristics of a particular business. It, therefore, helps in concluding the potentialities of the data that the analytical tool has extracted in order to enable the business to undertake various decisions based upon such available information. Accordingly, this process can be used in various businesses in the following ways:

• Data analytics shall help businesses in manufacturing, healthcare or in other service-related industries by classifying the applications right from the primary step of Business Intelligence to the advanced stage of analysis of information thereupon. It, therefore, helps in analyzing business data using advanced analytical
• This process can be used in the business to seek the advantage of generating more revenues by remaining updated about the business decisions pertaining to the respective field of business along with improvising upon its operational activities starting from the production processes to the marketing functions so as to keep the customers satisfied and loyal towards their businesses and in case of any expected changes in the market dynamism, seeking less time to adapt itself to such a change, thereby enabling flexibility to the
• For every business, data analytical tools could be customized with the requirements of the business in the case of the Insurance sector, the historical analysis of the data pertaining to a particular policy performance is essential while in the case of production and marketing activities, determining the future demand of the produced goods and the innovative techniques to be applied thereupon is important through the use of real-time data
• Businesses can analyze quantitative data which is usually in numerical form and especially useful to the securities and exchange-related agencies or markets, insurance agencies, banking and in other financial domains while the qualitative data so acquired from data analytics help in the businesses of marketing and advertising agencies and also to some extent the Production team by understanding the trends and preferences of the customers towards a particular product.

• To the Top-level management, the Business Intelligence modules would help in identifying the key variables incidental to the performances of the Organization’s business and accordingly take actions
• The overall advantages of Data analytics tools to Businesses would also include the classification of enormous data so available by discarding the redundant or irrelevant data in the field of decision making, analysis of trends and patterns of various key variables pertaining to the business, predictive analysis in case of banking and insurance and also in case of manufacturing business and the machine learning advantage to automatically analyze highly complex data without manual
• In the case of banking and insurance businesses, data analytics could help in preventing fraud or theft by understanding the customer’s spending patterns. It helps the marketing giants to analyze eye-falls on websites or foot-falls at stores, towards their Organization’s offered products and services thereby evaluating the potential buyers and helping to design such activities that convert these potential customers to actual customer databases.
• In the case of Healthcare businesses, the Customer Relationship Management of Data analytics shall play an important part in keeping the information of the patients updated in order to evaluate the effectiveness of the various treatment that the organization provides to the patients, especially in case of critical

References

https://searchdatamanagement.techtarget.com/definition/data-analytics

https://www.healthcatalyst.com/data-mining-in-healthcare

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Discuss the concept of data analytics.

The concept of data analytics

How can this process be used in manufacturing, banking, healthcare, or insurance?

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