Data analytics has dominated almost all the industries of the world and data collection has become an important part for any organization. These days every click or scroll you do and every time you open an app, huge amounts of data are being generated and stored for business intelligence and data mining.
Various industries like finance, banking, transportation, manufacturing, e-commerce, and healthcare use this data to make smarter decisions, gain meaningful insights, and predict outcomes. Businesses today are increasingly using data science to uncover patterns, build predictions using data, and employing machine learning and AI techniques.
For example, the Banking industry uses data analytics in credit risk modeling, fraud detection, and evaluate customer lifetime value. Erica, the virtual assistant of Bank of America gets smarter with every transaction made by studying customers’ banking habits and suggests relevant financial advice. Finance industries use machine learning algorithms to segment their customers, personalize relationships with them, and increase the profitability of their businesses.