Jasz
VIP Contributor
The importance of analytics and big data in business has been widely recognized by companies, which are now investing in this field more than ever before. Analytics is a powerful tool that can help businesses to make decisions with confidence, as well as predict future outcomes, based on historical data. Big data refers to the large amount of information that can be collected about customers, competitors, products and services, or any other relevant topic.
Analytics and big data are used in various industries: from retail to finance and even healthcare. For example, analytics has been used to predict customer purchases based on their previous shopping history; therefore, retailers can adjust their marketing campaigns accordingly. Similarly, big data can be used for fraud detection and compliance management purposes. For example, an insurance company may use big data analytics to determine whether an applicant is likely to file fraudulent claims after he or she receives coverage from them (McKinsey & Company).
In addition to its practical benefits, analytics also provides a way for companies to improve their performance through better decision-making processes. The ability of businesses to gather insights from large amounts of data allows them to create more accurate forecasts about future sales or demand levels; therefore, they can make better decisions about their sales
Analytics and big data are used in various industries: from retail to finance and even healthcare. For example, analytics has been used to predict customer purchases based on their previous shopping history; therefore, retailers can adjust their marketing campaigns accordingly. Similarly, big data can be used for fraud detection and compliance management purposes. For example, an insurance company may use big data analytics to determine whether an applicant is likely to file fraudulent claims after he or she receives coverage from them (McKinsey & Company).
In addition to its practical benefits, analytics also provides a way for companies to improve their performance through better decision-making processes. The ability of businesses to gather insights from large amounts of data allows them to create more accurate forecasts about future sales or demand levels; therefore, they can make better decisions about their sales