Nowadays, businesses need data more than ever to thrive and survive. They are using various ways to get data to improve their overall efficiency, have more targeted marketing campaigns, and plan matter strategies to increase their metrics. But other than this, data is needed to have a more competitive advantage over others.
That’s where these industries shine; they have used smart data interpretation and augmented analytics to position themselves ahead of their competitors. This means more opportunities for success and survival. In this blog, we are going to look at five industries that are leading the charge in smart data interpretation and strategic advantage.
The online gaming industry is one such industry that has mastered the use of data interpretation and analytics to make big moves. Many platforms, especially those that offer real casino online experiences, have gone forward to show how data analytics has helped with customer engagement. They use many advanced data tools and algorithms to scrape huge amounts of data and plug it into a model for better interpretation and analysis. These findings are then later used for monitoring user preferences, predicting popular games, and giving out targeted offers.
For example, casinos and other betting platforms use real-time analytics to adjust winning odds or highlight rending games. Many of these platforms also have personalized bonuses and offers that are based on each player’s gaming history to ensure high engagement and retention rates. The trick is to look into understanding the player’s behavior like tracking popular time slots or analyzing spending patterns.
This is more true when we see the revenue growth. In fact, some reports suggest that personalized marketing can increase the retention rate by 30%. Moreover, these smart data analytics and algorithms can also be used for placing fraud detection systems that can boost the customer’s trust in the platform.
Another big industry that has succeeded in using the power of smart data interpretation is boost its revenue and competitive advantage is the retail industry. In fact, the retail industry simply survives on data. They use vast amounts of data from daily operations to forecast demand, manage inventories, and create super-personalized shopping experiences.
An example of the practical usage of smart data interpretation by retail companies is dynamic pricing. This means retailers can adjust the prices of goods and services in real-time based on supply, demand, and competitor’s pricing. They also give out loyalty programs that are fully based on the customers' spending habits so that they can suggest relevant products. This also has a practical effect, with the revenue from the retail sector seeing a global increase of 15%.
Although surprising, the healthcare industry also thrives on smart data interpretation. They do more than just help with operations - they save lives. Doctors and surgeons can use predictive analysis and algorithms based on historical data to forecast disease outbreaks, patient readmissions, and optimal treatment plans. They can also use data to look into the count of staffing, reduce wait times, and improve overall patient satisfaction.
Pharmaceutical companies can also benefit from predictive analysis by using trial data to accelerate drug development timelines while ensuring safety. Some numbers back up these facts. For instance, there are reports that show that using predictive analytics can reduce the number of readmissions by up to 20%.
The finance industry is also the number one user of data for reducing risks and maximizing their returns. You might have scenes in popular finance movies where the top management or staff have multiple monitors and TVs showing the latest news, trends, and market moves. These are all massive datasets that banks and investment companies use to predict market trends, assess credit risks, and prevent fraud.
For example, when it comes to issuing credit cards and looking into the creditworthiness of the individual, the banks look into many factors like income, spending patterns, and loan history. These are all made possible within seconds due to smart data interpretation and fraud detection systems that are put in place because of data.
Another unusual industry that has successfully used data to push itself among other industries is the entertainment industry. Many streaming services use data and analyze them for viewing habits to recommend shows and create a more personalized experience for the viewer. Many concert organizers also look into vast amounts of data and trends to make accurate predictions on audience preferences to create a more likable line-up.
In fact, the numbers also say the same. Netflix has increased its viewer engagement by 75% with a simple use of data analytics to suggest relevant shows.
