Big data is moving beyond the status of ‘tech’ and mingling into the mainstream. Almost every business is now leveraging data integration to consolidate systems, eliminate data, and streamline everyday business operations.
In today’s world, data rules the most new-age organizations. Vast amounts of data are circulating across the globe due to the massive access to the internet.
Businesses now know that this data translates to information to improve customer service, understand market trends, or figure out loopholes that may otherwise bar growth.
The Benefits of Business Analytics
Business analytics offers varied benefits to organizations and helping them to uncover insights into the past, present, and future operations. Rather than depending on intuition or guesswork, organizations can look upon quantifiable data for decision-making in marketing, finances, sales, or internal processes. Business analytics utilizes some set of tools that enable companies to use data in new ways.
The amount of data collected exceeds what humans can process. Still, business and financial analytics tools can process vast amounts of data and provide a more profound vision of what the data means and how to use it.
Real-Life Applications of Data Analytics
Different data analytics applications are currently used in several organizations across the globe. Some are discussed below:
Sorting customer segmentation
Based on data from previous purchases and activities, organizations and financial institutions can identify which customers need specific investment products, insurance coverage, types of mortgages, and other banking products. With data integration and analytics, organizations can identify new markets for existing products and cleverly segment customers to know exactly what products, offers, deals, and incentives are successful for a particular segment.
Detecting fraudulent activities
Big data allows banks and organizations to identify potentially fraudulent activity and get it stopped timely.
In addition, when data from all of the systems are integrated, banks can identify network traffic that can easily indicate a cybersecurity breach, e.g., someone trying to steal customers’ identities or credit credentials.
Develop new financial products
According to past sales, businesses can develop products with higher chances of being sold well in coming times. External data is prevalent to create products that are both useful to customers and lucrative for the organization.
Lowering investment risks
With data analytics, predicting market and investment format is a cakewalk. E.g., banks and financial institutions make money out of investments into ventures that make money.
Therefore, financial analytics is used to consolidate data on market trends, historical performance, property values, and internal data to determine the accuracy of investments and returns.
First Step Matters!
Since the role of data and financial analytics is clear for the Fintech industry, one needs to strive for a better career in analytics. A financial analyst course can be the first and most minor step to start the journey into the world of big data. Chartered financial analyst course, online finance courses, courses for financial analyst help learners understand data and analyze it to help in increasing the overall job efficiency.
At Imarticus, we empower students with Financial Analysis Prodegree (FAP), a financial analyst course that experts professionally tailor to use the proper applications of data analytics efficiently. The financial analytics course syllabus comprises theoretical and practical knowledge through workshops with industry experts, which provides an excellent opportunity to learn.