It comes as no surprise that the modern world is dominated by data. This simple four-letter word encapsulates an entire universe of facts, figures, insights, and results which allows data analysts to make sense of complex data. In recent times, data analytics has taken off and it now stands to become one of the fastest-growing fields in the future.

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At its core, data analytics is the process of using raw data generated from various sources to extract insights. For example, studying the data from 20,000 festival goers will allow us to learn which gender had more visitors, where were different attendees from, how much did people pay for tickets, how long was a single performance, which artists pulled the biggest crowds, and so on. Using this information, organizers and advertisers can learn about what works and what doesn’t. It allows them to make sense of the different trends that emerge from this data. It gives them the information needed to improve the experience the next time around.

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Data Analytics Applications

In the modern world, data is a tool. In the real world, it is making a significant impact on the way we live our lives and this article will shed light on these applications.

Transportation

Data analytics allows the government and other concerned bodies to plan and optimize transport resources better. For example, if a route is frequented by thousands of vehicles every day, it would be wise to charge a higher tax to maximize revenue. To understand the impact of greenhouse gases on the environment, the number of vehicles can be used as a point of reference when conducting research. During major sporting events like the Olympics or the FIFA World Cup, data analytics will allow different planning authorities to designate routes and resources that ensure that there is a minimum delay.

Risk Management and Detection

In the world of insurance, risk management is an incremental part of their processes. Using data analytics, insurance companies can vet the data provided using a variety of different metrics. Based on their findings, they can realize how much risk is possible. In the past, this was done using underwriters but with big data becoming the norm, their jobs have been replaced with a database of organized information.

Customer Support

One of the most effective uses of data analytics is dealing with customers. Understanding what customers have been made infinitely simpler using data analytics. We can understand how and why they exhibit the behavior they do. This allows brands to adjust their products and services so the customer can extract as much value as possible. In customer service, AI and data analytics can help chatbots become smarter when it comes to answering customer queries. Using data analytics, it becomes easier to extract various insights that can make it easier to target the right demographic. When advertisers extract data about social networks, they are able to understand which network resonates the most with a certain demographic. This allows for better resource deployment.

Healthcare

As a species, we have come a long way in terms of innovation and development. There was once a time when we used herbs to treat illnesses and ailments. In the modern age, we have powerful machinery and a slew of medicines to treat and manage almost every illness there is. Research, innovation, and other advancements in technology have made the growth and evolution of this field fly well past the moon. However, there is still room to go further.

When you incorporate data analytics into the fold, healthcare professionals will have real-world data that allows them to make more informed decisions. For example, healthcare professionals can track different patient treatments or use insights to create custom treatments. Data analytics allows the healthcare industry to see a rise in efficiency which is always a welcome addition. When healthcare becomes smarter and more informed, this paves the way for innovation in medicine and for patients to get better treatments.

City Planning

All around the world, a very commonly ignored problem is poor city planning. Having roads where there should be a park, having high-rise towers where there should be homes, a lack of communal space, impractical engineering, or ineffective sewage systems. The list goes on. These problems exist due to a combination of poor planning, cut corners, or ill-informed decisions.

Using data analytics, this can be avoided. When engineers and planners have real-world knowledge and information along with adequate feasibility reporting and a solid plan in place, cities become better. When you learn from the past, you can improve the present, and perfect the future. Simply wanting to build a set of towers in a particular area does not mean they are good for the environment in that place. Farmland that is built over natural forests is destroying ecosystems that have taken millions of years to evolve. Data analytics makes it easier to gauge the impact of a certain action and allows the relevant department to create more informed decisions.

The world of advertisement has come a long way from billboards and flyers. With the internet infiltrating just about every facet of the world we live in, digital advertising has become the new norm. having billions of people online at any time across a variety of digital platforms makes it very convenient for an audience to be targeted.

Hypothetically, if a billboard is visible to 1000 people in a day, a single banner ad on Facebook can be seen by 10, 20, or 100 times the number of people in a fraction of the time. Digital advertising is also one of the biggest sources of revenue for major social networks and this has pushed them to create a slew of features and tools that make advertisement simpler.

Using data analytics, advertisers can accurately pinpoint exactly which demographic needs to be targeted for a particular ad. They can choose the gender, age bracket, location, and other specific metrics to make the right people see the ads.

Conclusion

Data analytics is as important to this generation as the internet was to the last. It has added another layer of complexity to our decision-making process which now relies on factual evidence. When you make a decision based on facts instead of speculation or assumption, your decision has a higher chance of producing a favorable outcome. It is important to take into account the real-world impact that your decisions have and the only way that one can counter this is by using data analytics to make a more informed decision. When you consider the different situations where your data is used to benefit you, streaming services are a prime example. Based on what you have been watching, you will be recommended other shows. Cconvenient and fairly priced packages for everyone.