Most companies comparatively didn’t have the tools or they don’t know how to use it to develop their business , Even if they could get sales figures and customer impressions, drilling full into that story and getting insights from it was time-consuming . Data analytics is becoming an integral part of organization’s business strategy and the trend is expected to spread to more industries in the times ahead.
Banking and finance
Analytics is also used to reduce chances of money laundering by identifying suspicious activity such moving money to different accounts, finding large cash deposits on single day, opening a number of accounts in a little period of time or sudden activity in long-dormant accounts. Using analytics, by providing an insight into customer behavior and attitudes. This will help your marketing team deliver the right message at the right time to the right customers. Companies like Amex and City Bank widely uses analytics
Financial institutions use a large range of data analytics whose trace is only increasing with time. While risk management may be the most common, customer analytics, product analytics and branch network analytics are all widely in use. Predictive analytics can use data from meters to forecast which customers will have high bills that month. This can be used to boost customer satisfaction by alerting households about high bills before they arrive.
The insurance industry is highly competitive, heavily regulated, and subject to a number of legal restrictions. Staying on top of regulations is a constant battle, as is staying ahead of the competition. Companies must differentiate themselves from their rivals, and usually do so by offering lower prices, greater efficiency, and customer satisfaction, or offering products that target a certain market. In order to achieve these objectives, insurers are turning to data analytics .With big data and machine learning techniques, algorithms can be applied to all of an individual’s data – financial, health, actuarial, claims, risk, and so forth. Premiums must be set at a level whereby the insurer can make a profit by covering their risk, but will also be affordable to the customer with help of predictive Analytics.
Data analytics can be used to compare the cost and effectiveness of treatments. Organizations can use cost and outcome data to check the effectiveness of medicines and stop prescribing medicines that are not effective.
Analytics is driving the healthcare industry towards an upgrade and upliftment. The customer satisfaction is the priority with the minimal chaos in the management on this side. Sensor-driven data has led to various steps being taken like coaching for elderly people including real-time feedback. Patient care analytics solutions are yet another boom. The market is offering several options to choose from to select the appropriate healthcare data analytics solution provider. “If all the important information is on one electronic dashboard, clinicians can easily see what needs to get done for a patient, and what has already been done. They can then make clinical decisions right on the spot Novartis (Healthcare) uses it effectively
Communication and Media
Communication and media service providers worldwide today face increased competition for new customer acquisition, customer retention and revenue growth in much saturated markets. With ever increasing Internet usage, smart devices and newer ways of consuming, sharing and monetizing services, these providers are continuously challenged to find innovative ways to reach the right customers with the right service/content and through the right channel. Building predictive analytics capabilities will help Communication Service Provider identify the patterns of customer purchasing style accurately. Finally, organizations need intelligent analytics to target right customers at the right time.
Deeper customer understanding through customer analytics is essential to deliver superior service. This understanding helps engage better with customers through personalized services, contextual offers, cross-selling and up selling. In addition, for effective and targeted customer campaigns. Connecting with audience directly through scheduled media streaming can maximize revenues for media companies
Media companies can develop the best promotional and product strategies to attract and retain customers. Consumer data collected from social media user behavior often reveals overlooked factors that have the potential to drive consumer interest
Big data gives a better understanding of the digital media and the consumption behavior of users across various platforms. Media and entertainment companies can also increase digital conversion rates by offering micro-segmentation of customers to their advertising networks and exchanges with help of cluster analysis
Scientific devices will be valuable in helping transportation organizations. Analysis of customer traveling patterns help companies to mine and refine information to figure out which data is profitable for advancing business results and also in various aspects such as Predictive analytics can be used to analyze the vast amounts of information to reduce blockage and contamination and also we can use the Machine learning algorithm to enhance security and get individuals where they have to go quicker. Ola, Jugnoo (Transport)
Shodhan has completed MCA from RVCE, Bangalore. Currently he is working as Analyst Intern with Nikhil Guru Consulting Analytics Service LLP (Nikhil Analytics), Bangalore.