Due to the explosion in internet users over the last decade, India has seen tremendous growth in the data analytics business. According to the World Bank, internet penetration has increased from 20% to 41% in 2019, with over 900 million new users predicted by 2025. This expansion has helped the data analytics business by increasing the data collection for new industries. This tremendous growth has compelled aspirants to take a course in this field. So, if you want to upscale your career to new heights, we suggest you enroll in the Data Analytics Training in Gurgaon.
Data Analytics: Meaning
Data analytics helps business organizations and government agencies in collecting data and identify patterns in the data. This contributes to superior decision-making results for the organization. In some cases, data analytics helps to automate the decision-making process. However, it may help business change and lower the cost and time it takes to make decisions. Moreover, the analytics sector impacts Indian businesses, particularly their day-to-day operations. It has allowed the sector to automate many elements of operations. As Data is the new oil, corporations and governments are focused on data analysis to develop better goods and deliver better services.
Benefits of Data Analytics
The analytics sector provides various advantages and has assisted the government and businesses in collecting data and providing highly efficient goods and services. However, these advantages include the following:
● Data collection and analysis
Data analytics can help the government acquire enormous data and tackle critical problems. For example, the government has collaborated with several IT corporations to reduce power outages. Also, the Union Power Secretary has cited in his statement that they would deploy smart meters to collect massive amounts of data to analyze power sector issues to create meaningful policies. Moreover, the government intends to engage with various technological service providers and start-ups to solve each challenge in the electricity industry.
● Exploring the possibilities of undiscovered markets
Data analytics may help to identify, analyze, and enter into various untapped markets in India. For instance, BharatPe, an Indian fintech firm, saw market potential among small and medium-sized businesses (SMEs). The organization was able to fund these SMEs by measuring their creditworthiness using data analytics and artificial intelligence (AI) and granting loans.
● Efficient Resource allocation
Data collection and analytics may assist a government, organization, or even an individual allocate resources more effectively. Many businesses have employed data analytics to manage resources. Moreover, the government has already used data analytics to improve resource efficiency, and several commercial enterprises, like Zoho and Greythr, have used performance management systems to analyze employee data.
● Increased Efficiency
Data analytics assists businesses in increasing efficiency. For example, the government created the Cowin platform to ensure efficient vaccine allocation in various vaccination centers, preventing overcrowding during the pandemic.
Applications of Data Analytics
You can see data analytics in every sector, which are as follows:
Data analytics assists retailers in understanding their customers’ requirements and purchasing behaviors to forecast trends, offer new items, and grow their business. Also, they optimize the supply chain and retail operations for each customer’s journey.
The healthcare industry examines patient data to deliver life-saving diagnoses and treatment options. Also, data analytics helps in the discovery of innovative medication development.
With the help of data analytics, the manufacturing industry may identify new cost-cutting options. They can resolve complex supply chain challenges, personnel shortages, and equipment breakdowns.
● Banking sector
Banking and financial firms employ data analytics to identify potential loan defaulters and customer attrition rates. It also helps in the instant detection of fraudulent transactions.
Logistics Organizations can use data analytics to establish new business models and optimize routes. As a result, it guarantees that the delivery arrives on time and at a low cost.
● Information & Communication Technology
You can use data science in the most modern cyberdefense systems. However, data scientists’ skills are beneficial in information technology. Furthermore, they can collaborate with cybersecurity professionals to address the sector’s difficulties.
To conclude, we have compiled the benefits and applications of Data Analytics in this article. These benefits and applications specify that this industry is vast and growing at a rapid pace. So, if you want to make a career in this domain and work as a data analyst, we suggest you to go for Data Analytics Online Training.