Light Stings and Hanging Lanterns
Analytics is no longer just for the tech and finance industries. Businesses in various industries are starting to use analytics to improve their decision-making processes. Keep reading to learn how data is being used in different industries.
The Basics of Analytics
There are several applications of advanced analytics in different industries. This is the practice of using data and statistical techniques to help you make decisions that you couldn’t make with just basic analytics. In the retail industry, for example, analytics can be used to improve targeted marketing and personalized offers, as well as to optimize pricing and inventory management. Prescriptive and predictive analytics can also be used in the healthcare industry to improve patient care by predicting patient outcomes and identifying high-risk patients. In the financial services industry, bid data analytics can be used to detect fraudulent activities and identify opportunities for investment. Finally, in the public sector, advanced analytics techniques can be used to improve decision making by forecasting economic trends and analyzing social media data. As you can see, there are many applications for collected data.