Data analysis is the process of gathering, inspecting, changing, and modeling data to come up with information that can be useful in drawing certain conclusions to support decision-making. Many industries today use this process to work efficiently and to be more productive.
There’s data analytics security for financial institutions, predictive analysis by the police to predict areas likely to have increased crime rates, or historical data analysis to provide better transportation at specific times of the year. All these industries use a certain type of software that helps them examine the data to produce the results they need.
Here’s a look at some of the different applications of data analysis:
1. Digital Marketing
Have you noticed how a banner ad can follow you no matter what website you visit? This is made possible by data algorithms that use the information of their visitors to show them the ads they might be interested in based on their previous online activities.
2. Search Engines
Google. Bing. Yahoo. These are some of the search engines that use data analysis to come up with the results that rank highest to lowest in regards to the search made. They also analyze the data of those who have searched the same keyword through time to rank the results as to which is the most relevant.
3. Risk and Fraud Detection
Many financial institutions used data analysis to protect their clients from fraud or the risk of it. Programs analyze the spending patterns and locations of clients and alarm their system to let them know they’ve detected a suspicious activity.
Analyzing data is now part of the backbone of most businesses. It helps them create their income projections and marketing strategies. It helps them plan a more productive year and reduce the risk of repeating mistakes. With how technology is making it easy for companies to gather or access the data they need, using data analysis to grow a business should also work for you.