There are few solutions more in-demand right now than data analytics and business insights. That’s because businesses of all kinds are realizing the potential benefits that come with effective data usage. A better decision making process is what leads some companies to success, while others to fail – and data can be a big component in that equation.
Here are five industries that thrive after leveraging data analytics.
Ecommerce is a logical choice for utilizing data analytics tools because nearly every interaction between a customer and brand can be digitally traced, and by extension, turned into data these companies can use to distinguish themselves in this saturated field.
There are several data analytics tools that work well with ecommerce sites. Google Analytics is a must-have for anyone who runs an online business. You can track just about all aspects of your ecommerce site’s engagement with this tool.
A manufacturing plant is all about efficiency. So it only makes sense that this industry is one of the best fits for integrating data analytics tools.
A manufacturer will have to implement some kind of enterprise software to take full advantage of data collection. This will build a much more specific picture of what actually happens on the factory floor over time, as opposed to appearances. Manufacturing companies will be able to identify inefficiencies in certain areas of operations and leverage those opportunities.
If there’s an area in your operation that needs attention, it will become evident through the data.
Logistics and shipping is another industry in which businesses need efficiency in order to achieve success. Utilizing data is the best way for companies to do optimize their processes in this field.
Fuel usage is one of the greatest expenses for a shipping company. However, there is often a ton of inefficiency in energy consumption because trucks and other vehicles are operated by humans—who are imperfect by nature. While you can never get a person to do the absolute best job possible, it’s reasonable to improve their performance through data-driven metrics. Modern enterprise software platforms allow shipping companies to do things like track the fuel efficiency of each vehicle and driver.
By identifying individuals or machines that aren’t performing up to par, companies can intervene—saving money and increasing employee value.
Healthcare in the U.S. is a Leviathan if there’s ever been one. It’s estimated that the healthcare industry will be able to save up to $300 billion annually if it’s better able to use data. That’s a jaw-dropping amount of money. This makes sense, however, when you consider how many moving parts are involved in the healthcare system.
Better data usage won’t just mean that hospitals can save money. It will also likely lead to lower insurance costs and lower costs for consumers. This is something that most people can agree will be extremely beneficial for society as a whole.
The phrase “government inefficiency” has been around for a long time. A few years ago, 83 percent of government managers rated their agencies as ineffective. When people on the inside are that critical of their results, you know there’s some major inefficiency there.
There are many reasons why government tends to be inefficient. One of the reasons is the fact that, unlike companies, they use the public funds, and thus tend to invest less in strategic forethought when it comes to spending that money since poor performance doesn’t necessarily mean there will be a loss of income.
Implementing data analysis tools will help keep spending under control for government agencies, and ensure that taxes are spent in more efficient ways.
Almost all businesses can benefit from using data analysis tools in their decision-making processes. The aforementioned areas in particular will see a huge boost from working these tools into their repertoire.