Data-driven industries and business sectors
Data has always played a key role for organizations, business, and industries. From the paper time sheets and manually managed rosters and schedules of the past to the smart, high-tech and automated management systems, solution and applications of today, the methods of data generation and acquisition have evolved with time as well as the organization’s changing and growing needs.
From physical to virtual
Today, in an age where advancing technology has created a virtual replica of the world in the face of web 2.0 and cyber sphere, business organizations have pushed also the confinements of their physical entities and have ventured into the expansive domain of e-commerce and cloud.
'You can’t manage, what you can’t measure' - Peter Drucker
This tech-driven transition and overhaul is not attributed to a specific sphere or industry, nor is the data that is being produced is restricted to serve a specific task such as sales or finance. Big Data has validated its significance for qualitative as well as quantitative functions in multiple industries and organizational spheres such as HR, marketing, sales, retail, supply chain, education, finance, manufacturing industries as well as healthcare.
A bird’s eye view on various data-driven Industries
Here’s an overview of how the advancing technology has quantified various industries and organizational sectors and has tied them into a loop of digital data and information for optimized strategic management.
Big data has revolutionized the domain of HR management in a way that the entire human resource management function now drives and operate through the catalyst of data. From employment need analysis to talent acquisition, from job designs and task allocation to progress reports and payroll generation, big data has made it convenient for the HR management and organizations to quantify their essential tasks. Whether it is the absolutely quantified function of wage calculation, or the intangible or the qualitative functions such as employee engagement, data analytics have circumscribed and converted everything into numeric and statistical information. This way, it has made it convenient at the organizations to assess their employee’s work and performance on concrete and factual grounds and improvise their management strategies accordingly.
Operational analytics, conversion analytics, strategic predictive analysis, product and service innovation, market need and gap analysis, customer response and feedback analysis, fraud prevention and legal compliance, customer outreach and enterprise data warehouse optimization are the most significant areas where data is doing wonders and optimizing performance and rewards in sales, retail, and marketing. The cumulated impact of big data and its associated tech-driven systems, software and applications have now made it impossible to incorporate intelligence in hypothetical, contextual and abstract marketing ideas and strategies.
From the manually-maintained stacks of patient history and information of the past to the digital and transformed Electronic Health Record (EHR) of today, data has changed its form for good and is effectively making it convenient for healthcare professionals, practitioners, paramedical staff and healthcare facilities to improve the quality of healthcare services. Furthermore, it has also made it possible to forecast the onset of an epidemic in certain areas and vicinities, based on the analysis of archival records. This way, data is helping the healthcare industry to take proactive measures against potential threats, to nip them in the bud, and minimize the magnitude of consequences. Additionally, electronic data has also brought about certain innovations in the contemporary methods of medication examination and treatment through smart techniques such as telehealth and virtual healthcare services
Big data has been transforming the sphere of education and academia and has brought about an incredible improvement in the methods of teaching and learning. Based on the analysis of various segments of the student population, it has become possible for the modern academia to personalize the provision of education and services, as per the needs and aptitude of each individual student. By providing better assessment tools for the pupils enrolled in a program, the big data is making a significant contribution to improving the classroom culture as well as the outcomes of learning and curriculum. Additionally, it has reduced the magnate of annual dropouts and through a more enhanced and analytical method of evaluation, has increased the efficiency and accuracy of student’s performance and results.
Obviously, the data will be a new raw material for businesses in the near future. A data-driven company will reach its goal faster and more cost-efficiently. Therefore using the right analyser tool is crucial to understand your data and extract the necessary information for you.
AnswerMiner, the cloud based application, helps you to explore your data in the fastest way.