Top 4 Sectors Leveraging BI and Analytics Services
Gone are the days when the future was predicted by gazing at the crystal ball. BI and analytics services are all set to unlock the future through the potential of data, using predictive analytics. Insights have been turned into actions. And that's what this blog talks about- the application of predictive analytics in business and the top 4 industries leveraging it.
Sectors Leveraging BI and Analytics Services
While we've always been taught that prevention is better than cure, it is now that the healthcare sector has taken prevention to another level. Prevention and prediction walk simultaneously. There is a chunk of data floating around in the healthcare sector-records of patients have now gone digital, and computerized images have replaced the x-ray films, and so forth. To prevent the occurrence of any disease, the prediction made by leveraging these data is hugely beneficial.
Business intelligence tools help in creating risk scores based on biometric data, lab testing, patient-generated health data, and data provided by healthcare providers. Individuals with elevated risks of developing severe health conditions can be identified before the occurrence of symptoms by using this data. It also allows healthcare providers to maintain the quality of services, keeping the cost intact for the patients.
The crucial questions about demand always hovering about the minds of retailers are "Why, what? and how much?" Business analytics companies have gifted retailers with predictive analytics for all these queries. Customer behavior is unpredictable. But these behavioral patterns can be studied to amplify customer satisfaction, ameliorate customer service, and augment customer experience.
BI and analytics services also tune the marketing mix for retailers. Predictive analytics help the retailer understand the needs and wants of the consumer, the sensitivity of consumers toward the price of the product, suitable promotional campaigns, and the channels of distribution and delivery. And, we all are aware of what the right marketing brings to the table.
Though bring-your-own-device (BYOD) and work from home have given flexibility to employees like never before, it has also opened gates to cybercriminals. A sea of data flows within the organizations daily. Predictive analytics enables organizations to identify patterns and detect anomalies in real time so that the data can be prevented. It can predict where cybercriminals are likely to hit next, where the soft spots are, and how armed you are to counter an attack before the damage has been done. Well, "forewarned is forearmed" is the principle that predictive analytics operates on. Where handling colossal data is a pain for organizations, it is a gain when it comes to predictive analytics.
BI and predictive analytics have bestowed HR with multiple applications. They can predict the profile of an employee who would be the perfect match for the firm and can predict how long the employee is likely to stay with the organization. The productivity quotient of an employee and the kind of skills lacked in the organization can also be measured via predictive analytics. IBM used predictive analytics to find out which employees will quit with an accuracy as high as 95%.
BI and analytics services are assisting clients in getting 360 degree insights about their business, customers, and products. It will not only predict the future but also analyze the risks beforehand.
If you are a part of one of these sectors, or any other for that matter, and are mulling over leveraging the power of BI and predictive analytics for your business, we can help.