In a data-driven world where people and devices are connected in a 24/7 ecosystem, a lot of data is generated every second. Unless this data is analyzed for insights, the data is of little use. Businesses, institutions, government agencies, and non-profits around the world use the data to power decisions related to their products, services, and growth.
If you are keen to work in a data-driven setting, you must register for a Data Analytics program and watch your career grow in the most relevant career today.
Every field uses data analytics. It works behind the scenes even without your knowledge, analyzing voluminous data and uncovering meaningful information. All sectors apply data analytics: education, healthcare, e-commerce, banking, entertainment, travel, and more. It enables quick decisions, better customer relations, product innovation, and so on. Millions of use cases in data analytics thrive every moment as the data collected at every point of activity, transaction, or business growth is used to power decisions.
Data Analytics Examples
Every time you log on to Facebook you see ads. They are based on your preferences, browsing history, likes, group activity, what your friends liked, and so on. All this data is analyzed for profiling and targets you with the most relevant ads. Every time you go online to book an air ticket online, you see that prices vary on the basis of the flight route, demand, expected last-minute demand, how early you book, and so on. This is based on the data generated from user logins and demand for the particular flight. These are all instances where data analytics were used.
Here are some examples of data analytics use across industry applications:
Public Healthcare analytics
During the pandemic, data analytics helped analyze the outbreaks by geography and demography. Outbreaks were predicted, and vulnerable age groups were predicted. What preventive measures to take? How to mitigate the spread? What action points should the healthcare system take?
In rioting and arson, various crime stats and drone surveillance data are brought together and analyzed to understand the pattern of rioting and what pre-emptive measures to take for preparedness and management of the situation.
Banking and Finance
The banking and financial services sector handles humongous data every second of the day. Analytics is deployed at every point. One such example is the use of deep insights into customer data, credit/debit card use, credit card scoring, transactional data, and other customer data for preventing the misuse of credit/debit cards.
Ridesharing cab aggregators like Ola use data analytics to connect riders to the nearest cabs. Route data, traffic jams, traffic signals, and customer data is analyzed to find the best match, and the cab is assigned to the customer against a predicted ride fare.
Data analytics is used at several points in your everyday internet search. Your historical search data, search patterns and keywords, are analyzed to suggest the most relevant ads and search suggestions to you in the form of personalized search results.
Food order recommendation
If you use food order apps like Swiggy, you will most likely come across recommendations of food delivery restaurants based on your eating habits, past food order history, billing, and reviews. It’s data analytics!
Push notifications of hotels
Have you noticed that each time you book a flight, you immediately get recommendations of hotels to book on your flight app, email, or even as a push notification as a mobile SMS? Your flight’s stats, city, duration of stay, location, and other customer data are analyzed to send you recommendations for hotel booking.
Politics has become hotter with the use of data analytics in elections. A political party uses data such as voter profiles, demographic patterns, district data, social and cultural habits of a voter base, and historical preference for a political party, to analyze whether a party candidate will win or by how much margin.
Government agencies functioning
Governments handle a huge amount of data on an almost daily basis. They maintain databases of their citizens, energy use, water use, survey data, census stats, and much more. The analysis of any particular set of parameters helps government agencies to have the latest data on their hands to enable planning and resource use. For instance, a coastal district will have data on the number of fishermen, boat types, fishing habits, etc. by location. This helps agencies to keep track of the fishing community during coastal cyclones, as well as to allocate welfare schemes and subsidies.
Data analytics is used in various segments of the entertainment industry to spur growth and manage marketing campaigns. Audience data, online booking stats, first-day reviews, and bookings are analyzed to predict audience interest and optimize on-demand schedules in media distribution, advertisement displays, and online recommendations.
Traffic is managed in real-time by leveraging data analytics. Route clogging data and traffic patterns are processed to depute traffic policemen and manage congestion.
Online grocery store
When you order at your online grocery store, it analyses your purchase habits, cart abandonment history, and other data to make personalized upsells or cross-sell recommendations of other grocery items that the store thinks you may like to buy. Such personalized recommendations are also the results of data analytics.
The supply chain of medicines and vaccines
Data analytics is used to understand and predict the requirements of essential medicines and vaccines during the pandemic. Region-wise and city-wise data of disease incidence, probability, hospital admissions, vaccine bookings, etc., are analyzed to understand how much stock is required at each location and manage the distribution.
From the above real-life examples, you have seen how data analytics exists in your everyday lives. No business or organization can work without using data analytics. So if you want to be a part of this exciting world of analytics, take a post-grad course in data analytics to build your career prospects in a data-driven world.