What are Big Data Analytics Use Cases?
Before we get into defining Data Analytics Use Cases, it is important to understand the two senses in which the phrase ‘use cases’ is used.
In the first sense, a use case refers to a potential scenario defining a set of interactions between the user and the system for the accomplishment of a particular objective or goal. In this sense, Data Analytics Use Cases refers to the different ways in which business enterprises would make use of the analytics mechanism and data available, in order to extract insights that would guide business decision making.
In the second sense, a use case refers to a usage scenario defining the application to which the entity can be put to use. In this sense, Big Data Analytics Use Cases refers to the different forms in which Data Analytics is utilized by industries across sectors for achieving their business objectives.
Data Analytics Use Cases: Potential Scenario
In this section, we will consider some of the Big Data Analytics Use Cases strategies which companies employ in order to make optimum use of data available to them.
Customer Segmentation
The foundation of the idea of customer segmentation rests on the belief that consumers are unique. Their tastes and preferences are not universal and hence in order to fully cater to their needs, it is important to categorize them into different groups and consequently develop marketing strategies that are specific to different groups. But what is the basis of forming these groups? Data Analytics in the form of Customer Analytics help in carefully analyzing the data collected from customer interaction and help in comprehending the attributes and traits of consumers. Consequently, this understanding helps in grouping the customers into different categories.
Sentiment Analysis
Business organizations do serve a purpose. They cater to the commercial needs of society and operate on a profit agenda. In doing so, it is only beneficial if they are somehow able to gather information on the opinion of the people on their products and services. This has been made possible through Customer Sentiment Analysis which is again one of the prominent Data Analytics Use Cases. It is also referred to as Opinion Mining and helps in detecting opinions from a given context. Online data provide the subject matter for analysis; while Data Analytics not only helps in detecting polar opinions but also helps in recognizing and identifying emotions.
Personalized Marketing
How many times have you received notifications from online shopping apps or food delivery apps which addresses you by your name? or How many times have you received notifications from service booking apps which seem to provide you with the exact options of services which you were looking for? I believe that this has become quite a commonplace phenomenon. It is a deliberate attempt by companies to try and strike a personal chord with the consumers. However, it is not that these apps are reading your mind. It is through advanced Data Analytics conducted on the data collected from your interaction with these apps, that these personalized automated messages are specially curated for different customers.
Potential Use Cases for Big Data Analytics: Application Across Industries
In this section, we will look at the second sense in which Data Analytics Use Cases is understood. It refers to the application of Big Data Analytics in industries across sectors and the way in which it has helped them.
Data Analytics Use Cases in Retail
- Data Analytics is held to be useful in determining appropriate retail locations. Analysts believe that the best prospective location for business is one where the targeted customers are believed to spend most of their time. But how will you determine that? It is a technology like Data Analytics and Machine Learning that helps in deciding upon the best possible spot for your business.
- Data Analytics Use Cases in Retail is believed to spread across the different stages of the retail process – predictions for new product launch, in-store optimization, forecasting demand, and so on.
- Data Analytics help in anticipating the demand of consumers. This is conducted by analyzing the past and existing purchasing patterns and linking the same with the market success of its existing products. This helps in developing predictive models for new products.
- When a retailer looks at the mass of its customers, he can see some of them as being more valuable as others. One of the potential use cases for Big Data Analytics within the field of retail is the assessment of customer lifetime value. By way of assessing purchasing patterns and customer behavior, the retailer identifies his best customers. This helps in curating marketing strategies with special emphasis on alluring this specific group.
Data Analytics Banking Use Cases
- As one of the prominent Data Analytics Use Cases; financial institutions are increasingly seeking to exploit Big Data.
- Data Analytics in Banking provides for an improved understanding of customer needs and market trends. This helps financial institutions in providing for improved decision-making and consequently driving innovation.
- One of the prominent Data Analytics Banking Use Cases is in the form of fraud detection and ensuring of regulatory compliance. Financial institutions are alluring targets for cybercriminals and Data Analytics, combined with Cyber Security helps in providing robust Cyber Security Analytics solutions. These tools not only provide for early threat detection; but also help in supervising regulatory compliance.
Big Data Analytics Use Cases in Healthcare
- As far as Data Analytics Use Cases within the field of healthcare is concerned, the technique helps in streamlining and improving the healthcare infrastructure in the pursuit of better delivery of services to patients.
- One of the significant potential use cases for Big Data Analytics has been within the field of genomic research. It helps researchers to pinpoint biomarkers and disease genes which could help patients to understand issues that they might develop in the future.
- Data Analytics is useful not only in terms of ensuring profitability for the healthcare institutions; but also helps in enhancing the quality of treatment and healthcare. Big Data Analytics seeks to adopt a panoramic view of a patient’s state of health and consequently provide personalized treatment.
Conclusion
Data Collection and the effort to derive valuable insights from the same is an activity that is not restricted to a particular economic sector. The significance of Data Analytics has reached insurmountable proportions in business organizations on a global scale. Consequently, a career within the field of Data Analytics is certainly a prospect worth aiming for. We, at Syntax Technologies, bring to you an exciting opportunity of developing skills as a Data Analyst expert, right from the comfort of your home. Be a part of this enriching Bootcamp and witness a difference in your career. Enroll now for our Data Analytics and Business Intelligence course.
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