Data analysis as all of us have heard has changed the way lot of industries work by making decision taking much simpler and easier. Also, predictive analytics has a huge impact on almost every sector. All the leading companies depend on big data to be ahead of their competitors.
Let’s take an example to find out how beneficial data analysis could be. According to an article by Shruti Appalla, Teacher absenteeism in India: A menace being tackled in theindianeconomist.com based on data gathered from unannounced visits to government schools, 25% of teachers are absent from school on any given working day and only about half of them teach. Extensive reports by organizations like Pratham indicate how in 2013, close to 78 percent of children in Standard III and about 50 per cent of children in Standard V cannot read Standard II texts. These insights about teacher absenteeism and about students would help to keep track of teacher attendance and to improve the quality of education. It would also help in making efficient national education policies and measure their impact.
Big data analytics could be useful in different sectors to get the insights and thus improving the processes and making new strategies. Here is the list of some of some of such industries for which big data analysis can be fruitful.
Targeting the right audience and creating value are two crucial factors to increase the revenues of any organization. Analyzing the data about previous customer transactions, about the product in demand, the demographics of the customers etc. could help identify who to focus on and would help identifying the areas in which improvement is required. This all-in turn will help in increasing the sales revenues.
Using predictive analysis in agriculture would change the whole picture of this sector and would help thousands of farmers. Factors like the location of the crops processed, seasons of highest productivity, the amount of water, fertilizers that give maximum crop yield, the price of the crop and its impact on the sales, etc. would help farmers to increase the productivity, decrease crop damage and thus increase the revenues.
3.Banking and Securities
Banking industry generates a huge volume of data on a day to day basis. Challenges that today’s banking industry faces are scattered data, customer analytics, fraud identification, trade visibility to name a few. Big data analytics can be of uttermost importance in banking in processes like anti-money laundering, demand enterprise risk management, fraud mitigation, etc.
Better insights of the data about patients would help to know more about individual patients as well as large groups of them. It would also aid in providing less expensive care thus decreasing the cost of administration.
Also, the analysis of patient data would ease the decision making for clinical purpose and medications.
Big data can assist in measuring the effective teaching in education sector. Analyzing data can give insights on things like how much time a student spent on course, which course students enrolled the most for. It could also be used in measuring the effectiveness of teachers by getting the numbers about interest shown by students, student demographics, etc.
Let’s take an example to show how big data analysis can be helpful in education system. Analysis of the behavior of the learners in a particular subject or overall like logging in to course; duration spent on that course, etc. provide insights about the interests of the students and even help identifying that which all students are at a risk to drop out which in turn can be used for taking early measures to reduce the dropouts.
These are only some of the industries where big data has proved to be useful. As all of us know that impact of big data is not just limited to tech industry but goes far beyond in almost every sector including above mentioned and others like travel, manufacturing, oil and gas, energy, communications, supply chain to name a few.
Big data has a powerful impact on outcomes and productivity. Big data is the key which will make tasks easier and assist society to fight crime, reduce fraud, waste and abuse in the tax and healthcare systems, combat identity theft and fraud, and many other aspects and would help making a world better place to live in.
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