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How Data Analytics Is Revolutionising the World?

Autor:   •  September 18, 2018  •  1,238 Words (5 Pages)  •  508 Views

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Looking at the given selected industries we cannot say that the impact of this data revolution is restricted to these industries only. Accessing huge amount of data has the potential to boost development across industries, from agriculture to medicine to transport. For instance, in agriculture, cultivation techniques can be analysed and refined in a way that’s never been possible before. Analytics is not only observed as useful process in these fields but in various departments as in:

- Manufacturing

As technology is improving the manufacturing businesses are increasingly on the lookout for newer and more effective ways of automation, and it is clear that big data and machine learning will play a huge role. Industries are gathering huge amount of data, including machinery and details of production so that any amount of improvement can be made. With the help of Industrial IoT[7] (IIoT) and predictive analytics we can foresee future breakdowns and what are the causes of these breakdowns so that we in the future we can detect these kinds of failure sooner. Servicing can also be done on the basis of the data collected and not on the fixed schedule.

- Finance

Long-time back, financial institutions faced a lot of problems due to the time lag they had between data received and data analysed. To overcome this problem real time analytics provides the industry to fight problems like financial frauds where the companies analyse the transactions and alert the customer if any suspicious activity is found and improved credit rating where continuous feed in the data helps to calculate the credit score. The Billion Prices project is an example of this phenomenon in action. Every day, their software collected half a million prices of products sold in the U.S. and analysed the results.

- Marketing

Now a day’s companies have started to use facial recognition software so as to analyse how much the advertisement are effecting the customers and how much interest is getting generated in the customers by seeing the ads. Now many institutes have conducted studies to find out which kind of ads customer watches and which ads he turns off. This kind of studies have helped companies and marketers to create something that will attract customer and improve their sales.

The main aim of this article is to explore the role of data analytics in various fields. Data analytics is a powerful tool that makes things ease in various fields as said above. Data analytics is being used in so many applications as in banking, agriculture, chemistry, data mining, cloud computing, finance, marketing, stocks, health care and many more With so many emerging trends around big data and analytics, organizations need to create conditions that will allow analysts and data scientists to experiment. As the reach of data analytics extends from delivering consumer business intelligence to addressing global problems, the future scope of this phenomenon remains to be seen.

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