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The concept of data analytics

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 to identify its impact on the key variables incidental to a business process and analyzing thereupon the behavioral 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 to enable the business to make various decisions based upon such available information. Accordingly, this process can be used in various businesses in the following ways:

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  • Data analytics shall help businesses in manufacturing, healthcare, or other service-related industries by classifying the applications from the primary step of Business Intelligence to the advanced stage of information analysis. It, therefore, helps in analyzing business data using advanced analysis.
  • This process can be used in the business to seek the advantage of generating more revenues by remaining updated about the business decisions about the respective field of business along with improvising upon its operational activities, starting from the production processes to the marketing functions 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 to the requirements of the business. In the case of the Insurance sector, the historical analysis of the data about a particular policy performance is essential. In contrast, in the case of production and marketing activities, determining the future demand for the produced goods and the innovative techniques to be applied thereupon is essential through 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 identify 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 critical variables about the business, predictive analysis in case of banking and insurance and also in case of manufacturing business and the machine learning advantage to analyze highly complex data without manual automatically.
  • In the case of banking and insurance businesses, data analytics could help prevent fraud or theft by understanding the customer’s spending patterns. It helps the marketing giants analyze eye-falls on websites or foot-falls at stores towards their Organization’s offered products and services, thereby evaluating potential buyers and helping design 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 to evaluate the effectiveness of the various treatment that the Organization provides to the patients, especially in case of critical

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Discuss the concept of data analytics.

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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