The concept of statistics and data analytics does not belong to the present climate, as it had birthed long time ago, when in ancient Egypt, the periodic censuses were drawn for building pyramids. Even in ancient times, censuses were created using statistical data for numerous planning activities by the government.
Retrieval and analysis of data from various sources, and their integration gets great insights into the trends and patterns, for perspicacious strategy planning and informed decision-making.
According to MicroStrategy 2018 Global State of Enterprise Analytics Report, 90% of enterprise analytics and business professionals said that data and analytics played key-roles in digital transformation of their organizations.
The businesses that run on data-driven strategies are growing at the rate of more than 30% every year. It is expected that by 2021, they will make it to $1.8 trillion on an annual basis from those not leveraging from data analytics, as reported in Forrester Insights-Driven Businesses Set the Pace for Global Growth Report.
The numerous benefits of Data Integration and Analytics have already been revealed by businesses.
According to NewVantage Venture Partners, Big Data analytics has been adding value to enterprises by reducing costs by 49.2%, increasing innovative growth prospects by 44.3%, and is allowing new opportunities for revenue generation.
Source: NewVantage Venture Partners
Well, apart from the ability to – reduce cost, make instant decisions, mitigate risks, draw higher efficiency, and increase productivity, that data analytics renders, there are certain data-driven discoveries and inventions that led to some surprising benefits in various sectors!
Marketing involves enticing the customers, and to entice you need to present what excites them – a discount, deal, or a combo deal! That requires smart analysis of determining what goes best with which item, so that more can be sold. Offering a pouch of milk powder with a pack of green tea may really seem weird to the customer, and may even drive them away. That’s where Market Basket Analysis comes into play!
The analysis is about matching the items and their compatibility, and tying them to the matrimony of a combo deal. Toothbrush and a tongue-cleaner with toothpaste, a cramp-soothing lotion with sanitary pads, a motherboard with CPU cabinet, and a spatula with a pan are the combinations that make sense to the customers and convince them to buy more.
Apart from this, the potential customers are identified on the basis of purchases they made in the past, and determining the next offering to be made to them. With price optimization, demand prediction, discount strategy, and lot more, data analytics has come a long way to benefit the retail business.
To us, what is just a static image, may be a great deal of data for the computer, to be mined for analysis. The implementation of image processing techniques for data or information extraction is already grabbing the commercial ground.
Computer Vision (CV) demonstrates the computer to extract the data embedded in both digital images and videos. It helps categorizing the stock in e-stores. Without requiring the human intervention, the stock gets categorized automatically. The historical data is analyzed and images of categories or classes of commodities are fed to the machine learning algorithms; the machine learns the data, and performs predictive analysis.
Data analytics is about analyzing the historical data to draw inferences for future courses of plans and actions. Interestingly, data analytics can be used even to update daily operations!
Analyzing the daily activities in all aspects, the analytics are adopted in daily operations to improve performance at a constant pace.
Realizing the extent of excellence that can be reached in bare minimum time, Allegis Global Solutions took the growth to the next level. “Now we have set our sight on a goal of 100 percent internal adoption on a weekly basis. Our end users, because they are using the data on a day-to-day basis to improve performance, are also keeping a closer eye on the information, driving data quality to a new level of excellence,” exclaims Tim Johnson from Business intelligence at Allegis.
Another very interesting finding about the power of data analytics is – what initially seems to be negative, may turn out to be a positive outcome in the longer run. This indicates that data analytics may not always prove to be ‘beneficial’ in the beginning, but may certainly turn up the other side of the coin, in the long haul.
Data analytics may inspire decisions capable of transforming the entire scenario like the way it did to Trulia, a real estate firm, which was underperforming initially, due to their faulty marketing approach. A change in the strategy and approach prescribed by data analytics initially disappointed them, but as the time passed, they could see beyond, and witnessed what they would have been dreaming of – a gradual progress in upward direction.
Businesses and brands are majorly about customer reactions and feedbacks, analyses of which help them to optimize their products and services effectively.
Sentiment analysis automates the analysis of customer feedback received as data through the surveys conducted, social media interactions, reviews, and many other sources. The analysis is performed at numerous levels like fine-grain and emotion detection to aspect-based analysis. It sorts the huge amount of data received as tweets, comments, and reactions; identifies the issues pertaining to escalation of reactions and thereby, resolving them.
The Natural Language Processing (NLP) implemented in Sentiment Analysis works on various systems like – Rule based system, Automated systems, and Hybrid systems.
While the machine still needs to perfect the art of interpreting irony and satire laden comments, sentiment analysis has come a long way in helping brands to take customers and prospects in their stride.
The power of data analytics can thus be estimated by its envisioned role play in various organizations, industries and even in the development of COVID vaccination, which is the highly anticipated topic by the entire world in current scenario. While the research labs are constantly emitting the rays of hope, a lot about the vaccine development is getting published as research papers, media articles with numerous clinical trials, business events, conferences happening around the globe. They certainly may be carrying valuable insights for vaccine development and therefore, need to be compiled and integrated together, so that a lot can be saved on time and effort.
Well, that’s much easier said than done as compilation, management, and drawing valuable inferences from the huge integrated data will take ages by the human effort, and owing to the enormous disconcertment caused by the quarantines and lockdowns at all levels, the timelines for vaccine development are pretty critical.
That’s where advanced data analytics is working, with Natural Language Processing (NLP) techniques to extract and generate meaningful insights. A lot has already been done in this regard, like development of synthetic mRNA and DNA vaccines.
Just like in the development of COVID vaccine, data analytics is all set to bring about the most transformative inventions in the times to come.
Know about the developments in healthcare industry with artificial intelligence.
Tarika Technologies offers Data Analytics services as one of its pillar specializations. We provide customized analytics solutions that add value to the businesses with increased revenue generation, reduction in operational costs, and faster decision-making ability.
By turning data into insightful solutions for actionable insights through predictive analysis, we enable the businesses to take informed decisions crucial for their growth. Learn more!