Top 5 Industries Revolutionized by Data Management

Top 5 Industries Revolutionized by Data Management

Much has been rightly saying about data management and its importance. Data management and analytics have improved the way we work. Companies from all industries using data management systems are more responsive and competitive because they can make quick data analyses based on quality data. Generating reports and taking a decision has become far easier because of data management and analytics tools.

Those days are gone when it would take considerable resources-months and even years to collect data, interpret and analyze this data, prepare reports, and make a decision based on it. The whole process could take years. On the contrary, all industries gather data from different sources such as emails, purchase patterns, and trends. This data is authentic and reliable. It is available in one spot and with advanced tools, you can draw quick reports and take decisions accordingly.

In this blog, we have discussed the top 5 industries which were improved, shaped, and even revolutionized by data management. Let’s take a look at them.

1. Banking and Finance Sector

The world of banking has changed completely owing to data management. The data trends and charts indicate consumer mindset and psychology. This data can be used to formulate policies and incorporate consumers’ concerns. Tools such as Splunk and Microsoft’s Power BI are widely used in assessing financial trends and formulating new policies.

As banks deal with finances and monetary aspects of people, the information becomes very sensitive. There can be many hackers and scammers trying to get access to bank accounts. Therefore, data management is now a need of the banking sector because they cannot afford any safety risk.

Banks use high-quality and well-maintained data to assess the performance of branches scattered in other locations, and also use the information to guide other branches on how to achieve performance goals.

Financial markets such as stock exchanges are already using data analytics with NLP (natural language processors) to monitor, check, and control malign trade practices. In the future, with the help of artificial intelligence and the knowledge of consumers’ psychology, analytics will be used to cultivate ideas in consumers’ minds regarding money spending.

2. Healthcare Data Management

Healthcare data management has contributed significantly to improving medical services and customer satisfaction over time. Medical professionals use accumulated data to conduct new research and to find the answer to complicated health questions. Comprehensive and detailed information about patients, retained in a data management system, helps medical practitioners as they can access required information in one click, and see the situation of other factors as well. Availability of complete and authentic information improves the quality of services and reduces waiting times.

Wearable trackers, Smartphone trackers, and RPM (remote patient monitoring) are other manifestations of digital data management. They allow doctors to use the information of patients’ routines and lifestyles in devising more personalized and effective treatment plans. With a better understanding of patients’ lifestyles, and all required information available to them readily, medical professionals can save a lot of time and also provide better treatment.

Other healthcare data management tools and analytics include Flatiron, Ayanda, and Health Fidelity.

3. Media and Communication

Data management is continuously shaping the trends and content of media. Media houses and network service providers use data scraping solutions to gather data and statistics. This data gives an insight into the consumer’s mind as it helps identify the popular programs or subjects which audiences find thrilling. Furthermore, it also indicates the suitable timing for airing which content. Based on all this information, companies monitor their content and also determine which content should be advertised to whom. For example, different media channels and social media sites will show the same kind of content to people having the same demographics and interests.

Netflix, Amazon, and other OTTs also recommend content based on your previous watch and interests.

Google Analytics, Sprout Social, HubSpot, and Tap Influence are among the highly used data analytics tools for media.

Other than media, the communication sector is also shaping itself in the light of data analytics. Due to 5G, data management has become inevitable as it helps in network planning, monitoring, and management.

4. Government departments

The digital record of people helps improve the government’s affairs. Various departments use this data for their respective functions to improve their services and also for people’s welfare. It is used for security purposes, health policies, resource requirement analysis, job market research, economic analysis, environmental protection, resource exploration, settlement planning, food management, ensuring transparency, and so on. With access to people’s income records, government institutions can levy taxes and also analyze whether it is good money or they need to probe into details. Policies are formulated in the light of data analysis, and new laws are enforced accordingly.

5. Retail and Services

Another area that responds according to data analytics and trends is the manufacturing industry and retail sector. Companies use customer data to determine the demand, and ensure manufacturing for the required supply of items.

With customer data and trends, companies can keep themselves abreast of changing requirements of the customers, and remain competitive in the market. Whether they should increase the manufacturing of a particular product, or discontinue it- this is completely bases on the way customers respond as indicated in the data. Manufacturing companies and retailers are using data analytics to engage their customers more and more with their business by offering a more personalized customer experience. For example, the data of Mr. XYZ in a hotel can be accessed by all other branches of that hotel to offer a more personalized experience whenever XYZ checks in that hotel chain the next time. They’ll keep a record of items he ordered, the kind of room he stayed in, and so on.

Data analytics are also used to optimize supply chain management and logistics and monitor prices of the retail to remain competitive.

Final word

Data management along with analytics has impacted many industries. As companies have access to authentic, complete, and secure data available to them at all times, they can improve their services and have more consumer satisfaction. The major industries which shaped owing to data management include banking, health, media, government, and retail.

Other than the data analytics tools mentioned in this blog, various data management companies can manage the data for you. Some companies, such as GenRocket, also provide analytics services based on the metrics you provide them.

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