3 Industries which should bet on Data Analytics

4 Ways Technology is Transforming IT Business Intelligence Strategies

Jun 25 2016

Advanced Analytics, blog

0

Management using business analytics are to gain the most from application of critical data analytics. BI experts explain the benefits the following 3 industries can reap with the ‘moneyball’ technique.

1. Sales

Enhancing employee skills and providing training is one of the productive functions of every company. Data analysis can play a great role for revaluation of these programmes and indicate KPIs. Based on an analytical assessment the following were ranked with the reference to importance of sales skills for their role in the organisation:

  • Identify measurable results: LOW
  • Focus on value creation: MEDIUM
  • Sales presentation: HIGH
  • Rather the analytics told a different story, data analytics suggested the following results:

  • Identify measurable results: MEDIUM
  • Focus on value creation: HIGH
  • Sales presentation: LOW
  • The company could successfully structured their training programme with a proper deciphering data system. Apart from the above, companies can also use the data to engage, retain and develop the workforces. The key benefit is-- Identify employee skills that impact revenue the most

    2. Agriculture

    Agriculture industry has two parts; the farmer, who harvests & the companies, who process. Data analytics plays equally important role for the complete agricultural value chain.

    A holistic approach towards data helps companies identify best locations to build new facilities to aid growth. With the optimal use of advanced analytics agricultural sector as a whole can opt for informed choices.

    Combining factors such as potential, harvesting locations, processing units, transport facilities and the cost all can be evaluated to help the industry make decisions on distribution of resources, money, workforce, and time. It can also help determine the cost for every element and the final selling price.

    Today, all of this is quick and computerized that helps in agile decision making and stay above competition. With increasingly depleting natural resources, a=this fast and profitable approach is the way to go! The key benefit-- Determine Optimal Facility Locations

    3. Pharmaceuticals: Discover New Uses for Drugs

    Data analysis is sure to play a very important role in this industry. Identifying drugs to treat diseases and also discovering new uses for drugs can be aided with a comprehensive data analytic report to save time and efforts of the R&D departments. A true example of the promising results can be read here: http://www.plottingsuccess.com/moneyball-5-industries-bet-on-analytics-1113/

    Summarizing the above, data analytics highlights undiscovered opportunities for the competing industry. Hidden possible discoveries can also be revealed which were previously hinted but the research being stagnant and were shut down. The potencies of this industry can be taken to a new level with help of optimal use of in-depth data mining, warehousing and analysis.

    The key take away-- Discovery of new drugs and treatment methods Data analytics replaces decisions which were earlier made on mere experience and intuitions. The time taking in-depth studies can quickly be done today with the technological advancements.

    By analysing data, smaller companies can reveal previously undiscovered patterns and insights to help level the field with larger organizations.
    As stated by Chris Brooks , “With the interest in and proliferation of big data solutions, more applications are now becoming available that allow companies to apply a tried and tested model off the shelf, so there is no reason why [data analysis] should not be just as applicable for smaller companies.”




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