Data analytics application: Effective use in different industries

Big data has become a necessity for any modern industry to survive. As AI continues to infiltrate our everyday lives, its applications are being actively leveraged by academicians, influencers and eminent international business stakeholders.

There are around  4.8 billion internet users globally, according to a report published by Cisco VNI Global IP Traffic Forecast and it is predicted that 49% of the world’s stored data will be held in the cloud by 2025! This brings with it vast opportunities for data science graduates. 

This increased reliance has led to an exponential increase in demand for data analysts and scientists to collect, analyse and monitor vast sums of data to drive business growth.

Undergoing professional training on data analytics applications can significantly enhance your prospects and help your company reach its objectives.

This article will provide you with a deeper insight into the data analytics applications, tools, practices and technologies that allows business organisations to make more informed business decisions.

Application of data analytics in various industries

Besides assisting business organisations in planning, budgeting and decision making, big data can also be used to detect security fraud, customer data transformation as well as credit risk reporting, amongst other industry-specific challenges.

Let’s take a look at the top industries that prefer to utilise data analytics to support their operations.

1. Banking

This industry is currently using data analytics and network analytics to identify illegal trading activities within the financial markets.

Graduates holding an advanced level diploma in data analytics will be trained to execute market analytics and analyse customer behaviour, helping businesses take a better understanding of their data.

2. Logistics and delivery

Companies within the private sector rely on big data applications for obtaining comparative advantage, optimising shipping movements and consolidating transactions.

3. Education

Data analytics applications are being implemented within the educational sector to analyse the overall progress of individual students’ marks, measure areas of improvement and fine-tune the interaction between teachers and students.

4. Finance

Financial companies rely on data analytics to monitor and assess risk, conduct customer analysis and identify potentially fraudulent behaviour.

5. Government

The scope of data analytics for governments around the world ranges from environmental protection, energy exploration and illegal activities to financial market analysis and more!

6. Transportation

Data analytics is instrumental in improving the efficiency of transportation systems, by reducing traffic and congestion and planning alternative routes when there is a disruption to someone’s journey.

7. Healthcare

The databases of the healthcare industry contain vast sums of information that can be simplified using data analytics and present useful patterns to discover treatments for various illnesses.

Whether you are a striving data scientist or looking for ways to switch professions earning a Higher Diploma in Data Science and Analytics from the London School of Business and Finance in Singapore will open the doors to several exciting opportunities for you.

Our diploma will help you understand the latest data analytics technologies tools such as reporting and online analytical processing (OLAP), Business Intelligence (BI) and machine learning.

FAQs

1. What are the top skills needed for someone to enter the field of data analytics?

The types of data analysis required to handle analytics software include predictive modelling, pattern recognition and personalization systems recommendation, which are all crucial for assisting operational systems to generate insightful data and discover critical insights from them.

2. Is coding required to learn data analytics?

While data science does involve coding, it does not require extensive knowledge of advanced programming or software engineering. The basic coding skills that you need to establish yourself in this rapidly growing industry included in the modules of the diploma programme.

3. Which country is best for learning data analytics?

Singapore is known to be the hotspot for data analytics. The city is home to 8 of the top data science companies: Grab, Lynx Analytics, Crayon Data, Aureus Analytics, DBS Bank, Tookitaki, OCBC Bank and Nugit, which are all seeking fresh talent in the sphere of data.