Big Data Analytics and data science are everywhere we see in
the modern technology industry and even our daily lives. Data analytics and
artificial intelligence are pretty closely knit together. Modern-day data
analytics companies make it possible for us to leverage the power of analytics
and make lives easier through automation.
the modern technology industry and even our daily lives. Data analytics and
artificial intelligence are pretty closely knit together. Modern-day data
analytics companies make it possible for us to leverage the power of analytics
and make lives easier through automation.
As the advent of data analytics rises, and companies depend
on automation more, it is natural we see the same in our daily lives. This also
applies to any corporate data analytics company. Here are some examples of how brands are using big
data analytics:
on automation more, it is natural we see the same in our daily lives. This also
applies to any corporate data analytics company. Here are some examples of how brands are using big
data analytics:
1. Customer
Retention:
Everything a company does or can do these days depends on its
actions and the data it collects when running its business. The more data a
company collects, the more conclusions that can be drawn, allowing companies to
better cater to their customers. That is because with increasing amounts of
data, it is possible to use big data analytics to make sense of it and use
actionable insights, such as assessing how customers preferred to be contacted,
what time of day or day of the week they are more likely to shop, and which
products they are most likely to purchase. This helps to change the course of
business by effectively targeting customers for better customer retention.
actions and the data it collects when running its business. The more data a
company collects, the more conclusions that can be drawn, allowing companies to
better cater to their customers. That is because with increasing amounts of
data, it is possible to use big data analytics to make sense of it and use
actionable insights, such as assessing how customers preferred to be contacted,
what time of day or day of the week they are more likely to shop, and which
products they are most likely to purchase. This helps to change the course of
business by effectively targeting customers for better customer retention.
Data analytics
can help tune the accuracy of business decisions to allow for better prediction
of customer actions and business risks as well.
can help tune the accuracy of business decisions to allow for better prediction
of customer actions and business risks as well.
2. Marketing
Insights:
Marketing and sales teams often face the brunt of acquiring
potential customers. If something doesn’t work on the marketing and sales
teams, it affects the entire backend work of the company. If marketing is not
effective, it is difficult to retain, get new leads and acquire clients.
potential customers. If something doesn’t work on the marketing and sales
teams, it affects the entire backend work of the company. If marketing is not
effective, it is difficult to retain, get new leads and acquire clients.
Data
analytics helps in deriving insights to deliver personalized ads and targeted
marketing for new and existing customers. Increasing the accuracy of marketing
means better targeting, a better reputation and better return on investment.
analytics helps in deriving insights to deliver personalized ads and targeted
marketing for new and existing customers. Increasing the accuracy of marketing
means better targeting, a better reputation and better return on investment.
Also Read: How Data Help Making Marketing Decisions
3. Risk
Management:
Being able to predict something is the best use of data
analytics. Seeing how old patterns can give rise to a certain outcome or consequence
can help determine crucial business decisions. That is where risk management
comes into play. Being able to recognize potential downfalls, evaluate certain
path or decisions, and create alternate business scenarios for a best and
worst-case scenario is what risk management is all about. With access to old
data and previous situations, algorithms and use of data can help create
insights to see where one can go wrong and correct it as best as possible. In
other words, being self-aware and taking action to correct mistakes or bad
decisions before they happen is possible with the use of data analytics.
analytics. Seeing how old patterns can give rise to a certain outcome or consequence
can help determine crucial business decisions. That is where risk management
comes into play. Being able to recognize potential downfalls, evaluate certain
path or decisions, and create alternate business scenarios for a best and
worst-case scenario is what risk management is all about. With access to old
data and previous situations, algorithms and use of data can help create
insights to see where one can go wrong and correct it as best as possible. In
other words, being self-aware and taking action to correct mistakes or bad
decisions before they happen is possible with the use of data analytics.
4. Innovations and Inventions:
Because of
the nature of data analytics, data science and artificial intelligence in
general, the world of technology is ever expanding, and the innovations are
endless. We see it in the daily use of our products like the iPhone, in medical
advancements, and even with electric-powered cars like Tesla.
the nature of data analytics, data science and artificial intelligence in
general, the world of technology is ever expanding, and the innovations are
endless. We see it in the daily use of our products like the iPhone, in medical
advancements, and even with electric-powered cars like Tesla.
Whether it
is face recognition, self-driving cars, AI-powered smartphones and
applications, companies are using big data analytics in their company models to
bring up new innovations and uses.
is face recognition, self-driving cars, AI-powered smartphones and
applications, companies are using big data analytics in their company models to
bring up new innovations and uses.
5. Security
and Real-World Applications:
As mentioned above, big data
analytics and data science are useful in many of the products that we use daily.
But, it is also good to know that real-world applications are far superior
to face recognition and AI applications. Governments and corporations across
the world are making use of big data analytics to monitor and predict crime
(even terrorism), real-time traffic, cybersecurity, and even automate both
simple and large parts of our lives. AI and facial recognition is even used
during major events, such as the FIFA World Cup 2018 in Russia, to detect
aggression in large crowds, in order to protect the attendees in places where
police couldn’t always be at once. Neural networks are also able to assist in
solving complex real-world problems, even in astronomy and weather.
analytics and data science are useful in many of the products that we use daily.
But, it is also good to know that real-world applications are far superior
to face recognition and AI applications. Governments and corporations across
the world are making use of big data analytics to monitor and predict crime
(even terrorism), real-time traffic, cybersecurity, and even automate both
simple and large parts of our lives. AI and facial recognition is even used
during major events, such as the FIFA World Cup 2018 in Russia, to detect
aggression in large crowds, in order to protect the attendees in places where
police couldn’t always be at once. Neural networks are also able to assist in
solving complex real-world problems, even in astronomy and weather.
Big Data Analytics is more than a plain analysis and
prediction technology. It requires careful analysis, algorithms, and processes,
that when used right, can help any company begin to turn profits and improve
their business strategies, and is helping to change the world today.
prediction technology. It requires careful analysis, algorithms, and processes,
that when used right, can help any company begin to turn profits and improve
their business strategies, and is helping to change the world today.