Today’s modern world is a data-driven world. There has been an explosion of data that is being generated from all the different sources, be it businesses, organizations, or at an individual level. Data has become the holy grail for this generation, and everyone is leveraging data analysis to gain insights and make informed decisions. Whether it’s giant tech companies like Microsoft, Google, and Facebook, or small retail companies trying to analyze sales trends and customer behavior, everywhere we can see how data analysis has become the heart and soul of every business in this world.
Like Satya Nadella, the CEO of Microsoft has said “Data is the main currency of any ongoing business”. It gives you answers to the questions you have. What happened? Why did it happen? And simultaneously predict things that might happen in the future, so you can avoid disruptions.
ADVANTAGES of Data Analysis
Data analysis makes decision-making solid and foundational. It helps you make data-driven, well-informed decisions rather than based on “gut feeling”. It helps in providing data-driven insights to inform business decisions and strategies. Data comes in this haphazard, chaotic form, but analyzing this data is what reduces this chaos and gives businesses a new way to look into the data. Data analysis is this agile methodology, that gives value to speed and is about the freshness of the data and the tools that are delivering it, their flexibility, and their ability to keep up with the business change. It gives businesses a competitive advantage by reducing decision-making time and hence, costs. Even though at the beginning you might need to spend a little more on data analytics, however at the same time you’ll be spending a lot less on other things as Data analytics is a way for you to understand your business. It helps in conducting market research to understand the competitive landscape and identify opportunities for growth by analyzing customer data to understand their behavior and preferences. The goal is not to be data-driven, it is to be “data-informed”. The key opportunity for any organization is to convert data into intelligent action.
Different industries where data analytics play an important role are: –
IRON & STEEL:
In early 2017, TATA Steel India leveraged data and analytics to improve its operations and achieve global recognition. The plant was facing challenges such as high production costs, low efficiency, and unsatisfied customers. To work on this, they started by gathering and evaluating data from all its functions, including production, supply chain management, and customer opinions. This aided the firm in locating areas for improvement such as cutting down waste, enhancing production methods, and providing superior customer experiences. The plant also adopted machine learning techniques to anticipate equipment breakdowns, thus reducing downtime and maintenance expenses. Finally, the results showed. The outcome of this data-centered approach was remarkable. The company managed to lower expenses, enhance efficiency, and enhance customer satisfaction. It also gained worldwide recognition for its endeavors, attracting both investment and skilled workers. In July 2019, the World Economic Forum declared tata steel as one of 44 Lighthouse sites that are leading in the adoption of Fourth Industrial Revolution technologies.
In 2014, data analytics is what helped Germany win the FIFA world cup. German software company SAP helped the team with precision engineering and intelligent design of the football team play. They analyzed the videos captured by video cameras on the pitch, analyzed the data to produce insight into the tactics used by the opponents, and helped the German team to improve performance. Oliver Bierhoff, the then SAP brand ambassador and manager of the German national football team claims to have used the insights produced by the SAP to reduce their average ball possession time from 3.4 seconds to 1.1 seconds. They studied the way Christiano Ronaldo “moves in a box” and how the French were “very concentrated in the middle but left spaces on the flanks” and targeted those areas against the matches with them. Now, data analysis has become a necessary tool in sports as it helps players identify their strengths and weaknesses, improve overall team performance, and develop data-driven team strategy.
Amazon took commerce to the next level by targeting potential customers. They mine data from 310 million customer accounts to recommend products from user behavior. They keep a track of not just what you buy, but also what you DON’T! They also have a record of what are the items that you just viewed, but did not proceed to buy. They know your needs, desires, preferences, and opinions. They read your mind by reading your data. They analyze this data to provide personalized recommendations which not only help to improve the customer experience but also increase sales. They also use data analysis to optimize their supply chain and ensure that it always has the right products in stock. By analyzing customer data, Amazon can predict demand for products and adjust its inventory accordingly, reducing waste and increasing efficiency. Amazon won the retail war years ago using big data technology.
HDFC Bank used data analysis to become one of the largest private sector banks. The most important usage of data analysis for them was Fraud Detection. By analyzing the transaction data, they can identify unusual activity, anticipate probable fraud, and prevent it from happening. That is why HDFC is one of the most secure and trustworthy banks. This also helps them in risk management as they can analyze loan data and predict which loans are most likely to default. This saves them from experiencing losses, ultimately drives growth, and improves customer experiences. It also helps them give direction to their marketing efforts They can determine which products or market spaces are currently trending, and then gives various offers in those particular areas. The bank’s focus on data and technology has been a key factor in its success, and it continues to use data analysis to drive innovation and growth.
APOLO is one of the largest healthcare organizations in India, and data analytics is one of the reasons why they are where they are. They provide clinicians with real-time data support during patient visits. By analyzing patient data, they can provide recommendations on the most effective treatments, reducing medical errors and improving patient outcomes. Using data analysis, they can also identify high-risk populations and target their outreach and care management accordingly, which helps significantly in improving health outcomes. They also use data analysis to advance precision medicine. By analyzing genetic and clinical data, they can develop personalized treatment plans for patients, improving patient care and reducing costs. They also keep a track of Patient Engagement. The organization can determine which patients are most likely to miss appointments or skip medications and target its outreach efforts accordingly.
Advances in technology and data analysis had made it easier for companies to take big data sets, uncover patterns, and make predictions that could help them attain performance improvements. The volume of data coming in is larger than ever, the velocity at which it’s coming in is higher than ever, and the variety of sources from which this data is coming is larger than ever. Data is everywhere. Humans can’t manage such an amount of real-time data without the help of necessary tools. They say that data is like the new oil. But like oil, even data needs to go through refinement to gain some value. Raw, disconnected data is of no use. We need to make the data talk to each other; connect and work with each other, in other words, analyze all this data. And that is exactly what we do at VENTURESATHI. We strive to equip your business with the powerful tool of data analysis and help you to uncover patterns and relationships within large sets of data, and help you transform your business and take it to the next level.