Data & Analytics
The transformation targets are many, but they all start the same way with data. As enterprises migrate to the cloud, they’re poised to access and use their data in new ways and at impressive speeds. Tremendous value is within reach, but it will require a different way of working with data.
Unlike traditional data and analytics initiatives that lived in a technical silo, Data-led Transformation is about connecting data and people, ideas, and outcomes. It requires aligning the data strategy to business goals, adapting business-wide systems to support data-driven decision making, and nurturing the talent and data culture to drive adoption on a large scale.
A cloud-enabled, data-driven business equipped to use AI in new ways for new growth – whether that’s improving operational efficiency, delivering more exceptional customer experiences, or creating new revenue streams through intelligent products and services. If you are looking for any Data & Analytics services, you can connect with us at any time.
What Are The Advantages of Data & Analytics from EnrichGeo?
- Personalize the customer experience
Businesses collect customer data from many channels, including physical retail, e-commerce, and social media. By using data analytics to create comprehensive customer profiles from this data, businesses can gain insights into customer behaviour to provide a more personalized experience.
- Inform business decision-making
Enterprises can use data analytics to guide business decisions and minimize financial losses. Predictive analytics can suggest what could happen in response to changes to the business, and prescriptive analytics can indicate how the business should react to these changes.
- Streamline operations
Organizations can improve operational efficiency through data analytics. Gathering and analyzing data about the supply chain can show where production delays or bottlenecks originate and help predict where future problems may arise. Suppose a demand forecast indicates that a specific vendor won’t be able to handle the volume required for the holiday season. In that case, an enterprise could supplement or replace this vendor to avoid production delays.
- Mitigate risk and handle setbacks
Risks are everywhere in business. They include customer or employee theft, uncollected receivables, employee safety, and legal liability. Data analytics can help an organization understand risks and take preventive measures. For instance, a retail chain could run a propensity model — a statistical model that can predict future actions or events — to determine which stores are at the highest risk for theft. The business could then use this data to determine the amount of security necessary at the stores or whether it should divest from any locations.
- Enhance security
All businesses face data security threats. Organizations can use data analytics to diagnose the causes of past data breaches by processing and visualizing relevant data. For instance, the IT department can use data analytics applications to parse, process, and visualize their audit logs to determine the course and origins of an attack. This information can help IT locate vulnerabilities and patch them.
What Are The Uses of Data & Analytics from EnrichGeo?
- Data in business :
In Data Analytics, there are many advantages of data, but without the proper data analytics tools and processes, you can’t access these benefits. Raw data is also essential, and you need data analytics to unlock the potential of raw data and convert it into useful information for the business.
- Data in healthcare :
Data is instrumental in this field of medical and healthcare. Most medical devices are big data-oriented. In Data Analytics, uses of data have gone to such an extent that in the healthcare sector, each record, or you can say data is essential where doctors can check a person through the heart and temperature monitoring watch, which is critical information of any patients and kept to be as data fitted on patient’s hand and prescribe him with related medicines.
- Data in media and entertainment :
The business model collects and creates the content, analyzes it further, and markets and distributes the content. We can run through customer data and observable data and gather even minute information to create a customer’s detailed profile. The benefits of big data in the media and entertainment industry include forecasting what the target audience wants, planning, optimization, expanding acquisition, and retention, suggest content on-demand and new.
- Data in transportation :
Data in transportation is very crucial. For proper communication and proper synchronization of transport medium, you need data, and to analyze the information, you need data analytics. Data potential is to examine how many passengers traveled from any source to destination. With the help of data analytics, it can be processed in real-time for the smooth functioning of transportation.
- Data in banking :
Banking is a very crucial sector. Data here is very beneficial and helps in fraud detection in the banking system. Using big data, we can search for all the illegal activities that have taken place and can identify the misuse of credit and debit cards, business precision, you can say for customer statistics modification, and public analytics for business.
Types of Data & Analytics provided by EnrichGeo?
Data analytics is a broad field. There are four primary types of data analytics: descriptive, diagnostic, predictive, and prescriptive analytics. Each class has a different goal and a different place in the data analysis process. These are also the primary data analytics applications in business.
- Descriptive analytics helps answer questions about what happened. These techniques summarize large datasets to describe outcomes to stakeholders. By developing key performance indicators (KPIs), these strategies can help track successes or failures. Metrics such as return on investment (ROI) are used in many industries. Specialized metrics are developed to track performance in specific industries. This process requires collecting relevant data, processing the data, data analysis, and data visualization. This process provides essential insight into past performance.
- Diagnostic analytics helps answer questions about why things happen. These techniques supplement more basic descriptive analytics. They take the findings from descriptive analytics and dig deeper to find the cause. The performance indicators are further investigated to discover why they got better or worse. This generally occurs in three steps:
- Identify anomalies in the data. These may be unexpected changes in a metric or a particular market.
- Data that is related to these anomalies is collected.
- Statistical techniques are used to find relationships and trends that explain these anomalies.
- Predictive analytics helps answer questions about what will happen in the future. These techniques use historical data to identify trends and determine if they are likely to recur. Predictive analytical tools provide valuable insight into what may happen in the future. Its techniques include a variety of statistical and machine learning techniques, such as neural networks, decision trees, and regression.
- Prescriptive analytics helps answer questions about what should be done. By using insights from predictive analytics, one can make data-driven decisions. This allows businesses to make informed decisions in the face of uncertainty. Prescriptive analytics techniques rely on machine learning strategies to find patterns in large datasets. By analyzing past choices and events, the likelihood of different outcomes can be estimated.
EnrichGeo Technologies Solutions Ltd is a global provider of IData & Analytics for businesses of all sizes. Connect with us now if there are any queries because our team is ready to answer all your business queries