Data analytics, examine a large amount of data to uncover hidden patterns, correlations and other insights. The prevailing technological advances, it is possible to analyze your data and draw an inference from it immediately. Speed and efficiency is the call of the day followed by immediate decisions.
There is no storage of data today. This digital era calls for analytics to be infused in every role, business process, decision making, and action taken. Data analytics immensely targets on cost reduction, identifying more efficient ways of doing business. Nowadays the decision making is made faster by the in-memory analytics and exploring new sources of data that analyze information immediately.
Analytics is not totally about numbers but discover new ways to improve lives. In the retail industry, armed with an endless amount of data from customer loyalty programs, buying habits of customer the companies have an in-depth understanding of their customer such that they can predict trends and launch new products with this knowledge thereby boosting profitability.
Data analytics in the health care industry where patient records, health plans, insurance information help to manage the health care by providing lifesaving diagnoses and treatment options almost instantaneously .Analytics has found a place in response to major natural disasters, to identify health issues, co-ordinate thousands of displaced individuals, prevent water scarcity and have an effective resource allocation.
Analytics has a role to play in preventing financial crimes and directly impacting terrorist organizations. Data Analytics has been used to detect anomalies and irregular behavior preventing fraud and cybercrime.
The travel and hotel industry thrive on analytics. Resorts and casinos also are in the business of keeping customers happy by identifying potential problems by using these techniques.
The government faces challenges with law enforcement and to keep the crime rate down. Data Analytics gives the government agency a more holistic view of criminal activity. In the government, the quantitative data shows larger trends and the qualitative data explains why certain actions happen.
Hydroponics is another industry that relies on data analytics. It is a science with very defined and controllable variables. It allows farmers to understand what works best and why things have gone wrong.
Data Analytics provides tremendous benefits to the public sector. Its response to the local disaster, easier governance, protecting endangered animals from extinction and even in answering the profound questions of our universe.