Big Data Analytics over Data Analysis

1. Big Data Analytics over Data Analysis

2. Data is the lifeline of Artificial Intelligence. Or shall we say it uses fuel for the business that helps gain new insights and ensure to enhance business growth? There is a need to understand data insights and data analytics. We are listening to these words quite several times. It is important to use the data which helps to derive the business insight of the enterprise. Data Analysis looks into the past where the data comes from. Data analytics refers to the use of data in future insights and how to use it to the most advantage of the business. Data analytics helps in predicting the result. If we take the example of retail mall, data is being analyzed for the past, will use machine learning tools to identify the trend from the data in the past, analyze it and will interpret to launch the new products and forecast future profits. Data analytics is the broader term whereas data Analysis is the subcomponent. Data analytics helps in analyzing the potential of the past data and helps in gaining insights about the opportunities that would help to strategies the future plans. This helps in reducing business risks, cutting costs, and thus inducing business growth.

3. How to use data analytics Improve customer service –You can customize the customer service according to your needs. It also provides personalization, builds strong relationships with customers. Career opportunities with Kockpit Data analytics can help to understand the customer interest, need, choices, interests, and more. It helps you give better recommendations for products and services. Effective decision making — This helps to make correct decisions and eliminate guesswork. While using data analytics, organizations can make uniform decisions, better results, and customer satisfaction. Reduced costs- It helps to streamline the process, saves money, and helps to increase production. This will help to reduce the cost of spending on ads which is not in the line with customer’s interests. Predict future sales and consumer behavior.

4. Data Analytics is being used in different sectors Health- They analyze patient data to prescribe them life-saving medicines and treatment options. It also helps in new drug development. Manufacturing — Using data analytics, they can help in solving cost-saving methods. They can solve supply chain issues, labor constraints, and technical issues. Banking –Major advantage of data analytics in the finance industry is to detect fraudulent transactions. It helps to see the customer’s churn-out rate and list of probable loan defaulters. Logistics –Developing new business models. Optimizing new routes. Data analytics also ensures that the product reaches in on time in a cost-efficient manner. Communications- Here data analytics can help to gain new subscribers, retaining customers. Energy Management- Most data firms are using data analytics for energy management, energy optimization, energy distribution. Automation in utility companies. Utilities have the ability to integrate the millions of data points in the network performance. Gaming –AI-driven big data analytics helps gaming companies to get to know user’s likes and dislikes. This helps to optimize data to optimize within the games.

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