Data has become indispensable for large parts of our lives as well as for different industries. Data is not the most valuable commodity for businesses that are looking to stay ahead of the competition and come up with solutions that benefit them and their customers. Data analytics is an important part of parsing and understanding this data so these industries can take advantage of it or use it to make data-driven decisions. So, in which industries is data analytics crucial?
Retail
Every retailer wants to put their products in the hands of as many customers as possible. In the past, businesses could get the results they wanted through mass advertising and marketing. As the business environment has become more competitive, businesses have become laser-focused on targeting the right customers with the right products.
The use of data analytics in predictive analysis is now part of all retail businesses, being used to provide recommendations and to nudge people forward in their purchase journeys.
Data analytics is also a crucial part of messaging and message personalization. Personalization helps people feel more connected to businesses and brands which in turn makes them more likely to become customers.
Retail businesses also use data analytics to optimize pricing. Pricing is one of the most important factors for making a sale, as it can make or break it depending on how low or high it is.
Civil Engineering
There are a lot of challenges that civil engineers have to solve. Technologies such as CAD now go a long way in helping engineers come up with solutions to these challenges. Civil engineers are also now taking advantage of analytics to solve some of these challenges.
A combination of geospatial data technology, Geographic Information Systems (GIS), and an understanding of engineering, for example, is helping with the evaluation and management of infrastructural projects.
Engineering firms that want to take advantage of infrastructure analytics and related technologies can have experts with experience in leveraging to help with their asset and infrastructure management requirements. These include companies with extensive experience in engineering and leveraging GIS to solve nagging challenges. Companies should learn the different infrastructure analytics St. Louis services and solutions provided to see how they can leverage them.
Banking
Just as in retail, banks need as many customers using as many of their products as possible. Banks are using data analytics to combine their external and internal data to create predictive customer profiles. With these insights and profiles, banks know which products to push to which customers at what time.
Banks can also create such profiles for inactive customers. By predicting which customers are more likely to reduce their activity with the bank, it can create targeted marketing campaigns that can reduce churn by a significant amount.
Banks are also using data analytics to prevent fraud. Data analytics combined with machine learning and artificial intelligence algorithms can suggest which transactions look fraudulent so a human can take a closer look.
Data analytics is everywhere these days as it is behind most of the modern world and the technologies we use. Although all industries use it in different ways, some are using it to solve unique challenges whose solutions would be difficult to find any other way.
