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So, what is data analysis?
Data analytics plays an essential role in the success of my career. Through my experience, I can say that it is the process of analysing the data of a business through different tools to facilitate decision-making. It helped me in tracking the data to make futuristic decision-making through planning and also in understanding customer behavior and preferences. It is also very effective in taking part in marketing campaigns. One of the most beneficial specialties is visual analysis which facilitates my presentation to stakeholders and also for the investments. So, in this article, you will learn about some of the real-world applications of data analytics.
So, what are the real-world applications of data analysis?
There are several real-world applications where we can make use of Data Analytics. Therefore we can build our career in Data analytics in any of these applications because the scope and opportunity of Data Analytics is very vast. Here I am listing some of the real-world applications of data analytics and its succeeded firms:-
Applications | Succeeded companies |
| Pfizer, Mayo Clinic, IBM Watson Health |
| JPMorgan Chase, Goldman Sachs, American Express |
| Walmart, Target, Amazon |
| Amazon, Alibaba, eBay |
| Google, HubSpot, Salesforce |
| FedEx, Uber |
| Coursera, edX, Khan Academy |
| Siemens, Toyota |
| Vodafone |
Healthcare - In the healthcare industry, many companies are implementing data analytics to improve patient care, optimise hospital operations, provide personalised patient care, advance medical research, drug discovery, streamline clinical trials, and many more tasks. You will be familiar with companies such as Pfizer, Mayo Clinic, and IBM Watson Health. These are some of the companies that implemented data analytics for the success of the business.
Finance - Have you heard about companies such as JPMorgan Chase, Goldman Sachs, and American Express? These are the companies that employ data analytics for fraud detection, risk management, customer insights, market trend analysis, investment strategies, customer segmentation, targeted marketing, and many more. So these companies make use of those insights that are obtained from the data analytics for the success of their business.
Retail - I am sure that each and everyone who is reading this article is very familiar with Walmart, Target, and Amazon. These are retail industries that employ data analytics for inventory management, supply chain optimization, personalised customer experience, understanding customer behaviour, optimising product assortment, demand forecasting, inventory management, personalised recommendation and so much more.
E-commerce - In the e-commerce industry, companies like Amazon, Alibaba, eBay, etc are implementing data analytics for customer recommendations, logistics, operational efficiency, market analysis, customer insights, supply chain management, pricing strategy fraud detection, and so on.
Marketing - In the marketing area, companies like Google, HubSpot, and Salesforce are implementing and employing data analytics to optimise ad targeting, measure campaign effectiveness, understand user behaviour, provide marketing insights, optimise inbound marketing strategies, customer relationship management, targeted marketing campaigns, and many more.
Transportation and logistics - Have you heard about FedEx and Uber? I know most of the people who are reading this article have used the services of FedEx and Uber once in their life or at least heard about it. These companies in the transportation and logistics industry have implemented data analytics for route optimization, package tracking, operational efficiency, logistics management, delivery optimization, customer service, ride matching, route optimization, and surge pricing.
Education - In the educational industry, there are companies like Coursera, edX, and Khan Academy that implement data analytics to personalise learning experiences, improve course recommendations, track student progress, optimise online learning platforms, provide personalised learning paths, and measure educational outcomes. This helps the companies to attract customers to take up the courses and do personalised marketing to them thereby increasing the profits.
Manufacturing - Companies like Siemens and Toyota are manufacturing companies that use data analytics in predictive maintenance, operational efficiency, product quality improvement, manufacturing process optimization, industrial automation, supply chain management, production optimization, and quality control.
Telecommunication - I know that everyone has heard about Vodafone or at least used their services once in their life. Vodafone is also a company that implemented data analytics in the telecommunication industry. They used it for network optimization, customer insights, service improvement, customer segmentation, network performance analysis, targeted marketing, operational efficiency, customer retention, and personalised services.
Conclusion
Throughout this article, we have explored real-world applications and the companies that employed and implemented data analytics. Data analytics is a hot profession in the 21st century. So there is plenty of opportunity and scope in every company regardless if the company is big or small. Whenever a company is making business or sales, then they need data analytics to study their whole business. The future of data analytics is much more magnificent because it will have even more integration of AI and ML opening new scope to innovation and efficiency. When you consider data analytics as your career, start by evaluating yourself, and whether you have an interest in playing with numbers and visual data.
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