We are living in the world of data. Everywhere data is following. Either
its fortune 500 companies or small start-up, they are highly depended upon
Data. What this data is? In simple words, Data is a collection of facts, such
as numbers, words, measurements, observations or even just descriptions of
things. Data could of any form.
Data has become the most powerful and fascinating tool for today’s economic
world. The World’s wealthiest person, the founder of one stop shop for
everything ‘Amazon.com’, Jeff
Bezos has placed data at the Centre of his corporate culture.
People, who might have wondered how Amazon,
Google, Facebook and such companies innovates so
quickly, the answer is there approach to business is driven with data analysis.
They institutionalizes the finding, questioning and testing of data through
machine learning. In a way, data analysis gives the vantage point from where
one can watch the streams and patterns of the business operations.
New Business Mantra is data
On many
occasion we all did some prediction, like which team will win the ongoing
match, how much we will score in exam
and most interesting and common what has been cooked in dinner tonight. In day
to day life we all have taken our predictions just as a prediction because we
do not have any factual evidence to proof that our belief is right. Let’s suppose
we have some fact and we do some data analysis before making any prediction.
Like this, many companies have come up with data analysis and now we are
witnessing the utilization of data based recommendation and many other business
facilities of e-commerce sites, food delivering apps, Ola-Uber like cab apps and
Netflix and other entertainment websites. Whether it is search engine Google, the
social networking sites, Twitter, facebook, Instagram, etc. and financial services
providers’ banks and investors, they understand the fact that data analysis is very
critical to business today.
Data
and data analytics has become extremely
important in today’s business environment. Investors and companies have
realized that only ‘gut feeling’ and experience are not enough to grab new opportunities.
If you are not open to changes you might face hardship in survival, is Darwin’s
theory but applicable all the time. Taking an edge from the competitor is the
mantra of business and to stay ahead in a highly competitive marketplace, which
is changing constantly, is feasible only with data interpretation. We can say
that data has become the new business mantra.
How
Data has become the profit making tool for Business
In
our homes we have seen our parent to maintaining the budget diary, income
versus expenses. Like this a small shopkeeper to multinational companies have
their fact sheet. Alike traditional pattern companies have been now using
machine learning techniques to analyze data. In the manufacturing side, companies
are collecting and analyzing data extensively to measure productivity, analyze
performances and optimally manage factories. They are providing corporate
training to their employees and hiring specially trained professionals in data
Science. Those companies that have made use of these analytical tools have
benefited greatly from the findings. Most of the manufacturing units that are
doing well are those who have not only understood the importance of such tools
but also implemented and learned from the same.
Data
analysis in Banking Sector
Bank
business runs over loans and we all are aware about NPAs of Indian banks. We are witnessing
the bank going in crisis due to Non- performing asset (NPAs). Have ever thought
about the solution? If banks stop lending money then they will lose business
and if the borrower turn defaulter they will have NPAs. Foreign and many financial
service providing banks have a separate risk analysis team. Risk analysis team
analyzes data of customer and give the prediction about the applicant whether
he will repay the loan or is a probable defaulter.
Consumer
based analysis in retail Sector
Retail
Industry is also highly utilizing consumer data to make success. Retail
industry is using innovative tools to collect data for analytics. Collecting
data on how people are shopping, what are the products they are picking up,
what kind of store experience they have. Retail stores are rearranging their inventory
according the customer choice.
Retailers
are constantly thinking out of the box to grab eyeballs and keep the cash
counters moving. Digital platforms are being used extensively to attract the
younger generation in particular, and data collected from such campaigns are
vital information for the companies.
Conclusion
The
Internet and mobile have bring the world in the pockets of the consumer. Where it
is a small town or metro cities market is just on the tip of finger. E-shopping,
e-entertainment, e-business are giving the personalized experience to
consumers. Even they are getting the recommendation what they would like to
shop, what they would like to watch and what they would like to eat. This
business is open for 24x7 hours. For the player of the industry data of the
customer is the new treasure.
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