Last updated on April 8th, 2024 at 04:41 am
In modern times, big data has taken the world by storm. Initially, the analysis of huge amounts of data was a time-consuming process and often prone to errors. However, with the advent of technology, the process could be automated. New analytical tools have changed the way in which we analyse, manage, and interpret data, and have made it easy for businesses to make data-driven decisions.
As these new technologies have emerged, a career in data science looks like a lucrative option that many youngsters are opting for. There are many data analytics courses that have come to prominence as they are helping youngsters gain an edge in their careers.
This article discusses the number of industries that have been transformed by data analytics and how a data analytics course can give a vent to new career opportunities. Read on to find out.
About Data Analytics
Before we delve deeper into the discussion, let us have a look at what data analytics is. Data analytics refers to the process of analysing humongous amounts of raw data and identifying trends in order to answer certain questions. It is an amalgamation of business, technology, and statistics that help in providing a clear picture of a scenario at different points in time.
Data analytics aims at maximising the productivity of businesses and by figuring out ways in which the results can be enhanced. The main processes in data analysis include the collection of data, data processing, analysis, and finally presentation of the results.
Data analytics is used in multiple industries as it helps business leaders to make decisions that are backed by data. Data analytics techniques help businesses make informed decisions that are backed by strong evidence. For instance, a company that manufactures sneakers may use data analytics to understand customer preferences and determine which design is liked by the customers, and which one they should retire. Data scientists incorporate the use of OOPs concepts and reduce the complexity of data, which can streamline the process of analysis.
This article talks about the industries that rely on data analytics for the most accurate decisions. You will also get an idea about how a data analytics course can open up a plethora of opportunities for you. Read on to find out.
Industries that Use Data Analytics Techniques for the Most Accurate Results
Health Sector
The healthcare sector is one of the largest sectors that incorporates the use of humongous amounts of data. With the advent of technology in different spheres such as laboratories, claims systems, radiology systems, and health records, there are exorbitant amounts of financial as well as clinical data. But for some advanced technology, it is not possible to analyse such huge amounts of unstructured data.
The use of AI and machine learning has helped to reform the health sector by providing improved healthcare services to patients, better diagnosis, automation of tasks, and so on. The healthcare sector deals with sensitive information which may have life-altering outcomes. Big data allows the possibility to gather data and analyse it in a jiffy, which makes it easy to make prompt choices related to treatment and other long-term plans.
Banking and Finance
The use of Big Data has facilitated banks and other financial institutions to simplify their operations and service delivery systems. With the help of advanced analytics, banking, and finance institutions can cater to the needs of customers by determining their transaction patterns and banking history. This helps the customers enjoy a personalised experience.
Just like the health sector, the banking and finance industry also houses a lot of sensitive data, which should be safeguarded against fraud. Advanced technologies have unique algorithms that can smell the stench of dubious activities. This helps to make sure that sensitive data is not leaked and that fraudulent activities are avoided.
Financial institutions also count on big data analytics techniques to assess the creditworthiness of customers before lending a loan and understand if a customer is financially stable enough to be able to repay a debt. An understanding of a customer’s spending habits and the nature of transactions can help financial institutions in effective risk management.
Transportation and Logistics
Data analytics has proved beneficial for transportation and logistics as well. Companies use advanced technology to gather data from their fleets. These data help to improve the driving behaviour, or optimise the routes so that the deliveries can be made on time.
Not only this, but data analytics is also useful in efficient stock management. Warehouses have digital cameras and shelf-level sensors that monitor stock levels. There are pre-set programs that send alerts when the stocks need to be refilled.
Apart from these, two other sectors that deserve a notable mention for incorporating the use of data analytics are agriculture and the manufacturing sector. The use of data analytics in the field of agriculture helps to reduce wastage through accurate forecasts of demand and supplies. Similarly, in the manufacturing sector too, data analytics helps to identify trends and decide on the factors that can deliver the most effective results.
Conclusion
It is quite evident that data analytics techniques have resulted in the transition of decisions based on guesswork to decisions that are backed by robust data. Big data technologies and analytical tools help to solve issues while also increasing the scope for newer opportunities.
If you are looking forward to developing a career in data science, a postgraduate data analytics course by Imarticus Learning may be of great help to you. This course will teach you a wide range of topics starting from the basics of Excel to more advanced topics such as Python programming, data visualisation using Tableau and Power BI, SQL, statistics, etc. The course will help learners acquire knowledge about the real-world implications of data science, through which they will be able to optimise the business outcomes of an organisation.
Check out the website of Imarticus Learning to know more.
