Prof. Jayanta Saha, Adjunct Faculty, IQ City United World School of Business, Kolkata
Nowadays, you might have often come across the word ‘data analytics’. At present, it is one of the most popular terminologies. For those who want to begin their journey in data analytics, then this is the right time for you. This blog is a guide to what data analytics is and will help you understand the subject from scratch. For all the beginners who like to play with data, this is your learning curve for an enriching career. What is Data Analytics? Data analytics is the process of exploring and analyzing large datasets to find hidden patterns, unseen trends, discover correlations, and derive valuable insights to make business predictions. It improves the speed and efficiency of your business. Importance of Data Analytics 1. Decision Making Data Analytics discards guesswork and manual tasks. Choosing the right content, planning marketing campaigns, or developing products are part of it. Organizations can use the observations they gain from data analytics to make informed decisions. Thus, leading to better outcomes and customer satisfaction. 2. Customer Service Data analytics allows customer service according to their needs. It also provides personalization and builds stronger relationships with customers. Analyzed data can expose information about customers’ interests, concerns, and more. It gives better guidance for products and services. 3. Operations Data analytics can streamline the processes, save money, and boost production. With an improved understanding of what the audience wants, also spends less time creating ads and content that aren’t in line with the audience’s interests. 4. Marketing Data analytics gives valuable judgement into how the campaigns are performing. This helps in adjusting them for optimal outcomes. And also find potential customers who are most likely to interact with a campaign and convert into leads. Applications of Data Analytics It helps retailers understand their customer needs and buying habits to predict trends, recommend new products, and boost their business. Healthcare industries analyze patient data to provide lifesaving diagnoses and treatment options. Data analytics help in discovering new drug development methods as well. Using data analytics, manufacturing sectors can discover new cost-saving opportunities. It solves complex supply chain issues, labor constraints, and equipment breakdowns. Banking and financial institutions use analytics to find out probable loan defaulters and customer churn out rate. Logistics companies use data analytics to develop new business models and optimize routes.