Innovation and disruption are keywords for success in today’s tech-driven business landscape.
Businesses are investing aggressively to harness data and use it to identify gaps for product innovations. Data has become pivotal for businesses to build efficient operations, reduce costs, increase their profits, develop innovations, and enhance user experiences.
Data analytics helps businesses develop optimized and efficient strategies across marketing, supply chain management, financial management, and more. It requires data analytics managers to delve into forecasting trends, understanding consumer behaviour and engagement patterns, monitoring real-time digital campaigns, etc.
What is Data Analytics Management?
Data analytics management is a process of collecting data, organizing, protecting, and storing the data to analyse it for various business decisions. Data managers work with various management solutions and tools to make sense of the vast quantities of data. Helping a business optimize its performance, maximize profit, and make strategic data-driven decisions.
In simple words, data analysis management today helps businesses identify what works and what does not for their operations. It gives a detailed insight into marketing campaigns, social media engagement levels, email marketing click rates, website traffic, and much more.
As businesses create and consume unprecedented amounts of data, the need for data management professionals is rising across sectors to achieve business goals.
Need for Data Analytics Management Professionals
The growing emphasis on data-driven decision-making in business along with AI and Big Data technologies is fuelling the demand for Data Analytics Managers. As we grow into our global digital economy, these new career roles in analytics are no longer titled Data Analysts. Based on the industry and department, the title changes such as Research Analysts, Market Analysts, Financial Analysts, Digital Marketing Analysts, Business Analysts, Business Intelligence Analysts, etc.
These analysts and/or analytics managers are the glue that holds the data team together. They provide direction for a team of data scientists. They communicate with managers across departments to strategize and align with business goals.
Working on managing forecasts, customer lifecycle value chain, and other business developments. Their goal is to provide the business with insights into how to develop the business, new projects, products, services, etc. Using technology tools, they understand customer behaviours, market competition, and other aspects to boost productivity and sales.
Leading Industries that Use Data Analytics
Data analytics management works to make business more proactive than reactive. The managers in this role are constantly working to highlight micro-trends in data, diminish the challenges, and boost productivity.
We have highlighted below a few leading industries that employ data analytics management to leverage data for fostering growth in businesses.
a. Banking and Finance sector
The finance sector is one of the largest users of data analytics tools and solutions. Requiring a high number of data managers across domains. From hedge funds, private banking operations, and retail trade to stock trading – every aspect of the finance sector employs data analytics management. Big Data technologies and trade analytics are widely used across high-frequency trading, sentiment measurement, pre-trade decision-making processes, predictive analytics, etc.
The Data Analytics manager helps the finance sector in some key areas such as:
i.Risk Analysis
ii.ROI charts
iii.Anti-money laundering solutions
iv.KYC operations
v.Fraud mitigation
vi.Enterprise risk management, etc.
vii.Entertainment sector
Data managers with the help of data analytics tools and solutions help the banking and finance sector to keep close tabs on the movements in the financial market.
For instance: Many stock exchanges use NLP (natural language processors) and network analytics to track and monitor trade practices. The tool highlights any illegal trades in the stock market.
b. Media and Entertainment
The media sector has had a great push during the pandemic that has drastically changed the way people now consume entertainment. With rising OTT platforms available as mobile applications too, consumers are bombarded with rich media content.
Amazon Prime, Netflix, Disney+, Hotstar, Hulu, and YouTube are some of the leading OTT platforms for streaming new shows, movies, and documentaries. They offer on-demand content with personalized updates and recommendations to the audience. How?
They use web scraping; it’s how these platforms collect data from user accounts and social media platforms. It helps them to identify trending topics, most viewed shows, genres, and more.
Managers here work to unlock insights about users’ patterns, preferences, likes, and concerns. Steering media platforms to create better content for their target user base, measure their current content performance, and curate recommendations for individual subscribers.
For instance: Spotify uses an advanced analytics tool called Hadoop big data analytics to collect and analyse data from its million+ users. Only to offer them optimized recommendations and incentives.
c. Healthcare
Wondering how data analytics helps in healthcare?
Think of wearable devices – health trackers, monitors, and RPMs. (Remote patient monitoring). Data Analytics is not only limited to smart devices in healthcare but also leads to informed clinical diagnosis when powered with AI. It helps in clinical data-driven decision-making by analyzing historical patient data to comprehend patient patterns. Using predictive analytics, the healthcare sector can design forecast models that identify at-risk age groups, predict potential flu outbreaks, etc.
With wearable health monitors, healthcare professionals can track improvements in their patients, stay informed on patients taking regular medications, and make adjustments to healthcare plans by co-relating with patient improvements.
The data analytics manager will look after the overall data strategy and governance, and make sure the team has the required analytics and technology infrastructure. They will collaborate with various stakeholders externally and internally to align with business goals. And inform R&D on any curious insights into trends and patterns of patients that can lead to product/service innovations.
d. Education
The education sector today is one of the fastest growing across digital platforms. Think of leading brands like Byju’s, Emeritus, Udemy, Khan Academy and more. These leading ed-tech giants are re-shaping learning experiences with advanced technological solutions. Generating vast amounts of data that needs careful administration, comprehension, and strategic planning.
Where does Data analytics fit in education?
The data generated in the ed-tech setup offer critical information to the businesses on students’ learning patterns, engagement style, attention span, and teaching patterns that work. Data managers here work to highlight gaps and opportunities in enhancing students’ learning experiences.
They offer insights to internal stakeholders like highlighting areas students don’t find exciting, and ones they do. Helping businesses to make courses more interactive and immersive. They work cohesively to improve education and learning systems beyond the classroom experience.
Other industries using data analytics are:
i.Manufacturing: Sectors in manufacturing using analytics management are oil, gas, minerals, agricultural products, etc. They invest in predictive analytics tools to make data-driven decisions.
ii.Insurance: Another industry that employs heavy use of predictive analytics to increase sales, develop new products, etc.
iii.Retail: The retail industry uses analytics management to optimize supply chain and logistics, enhance marketing activities, personalize customer experiences, and more.
Data analytics management allows managers to structure their data sets and maximize efficiency in daily operations. They offer data manager tools to implement technological improvements across a business’s database. In addition to helping data managers enhance decision-making, data analytics also facilitates an agile and proactive managerial approach. Where Data Analytics managers have access to a real-time interactive dashboard to visualize insights and bring in a dynamic data-driven approach to decision-making. As we see industries rapidly adopting data analytics, it’s also fuelling a demand for professionals with analytical solutions and understanding.
At HETIC India, we offer a global learning programme for MBA in Digital Business. The new age programme is designed for global professionals who are seeking to hone their management skills while working with data cohesively. The programme is curated with a French pedagogy, industry-aligned projects, and global networking opportunities.
Learn more about MBA in Digital Business here.
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