Data analytics have become a necessity in the 21st century, especially in our effort to work in Industry 4.0. Data analytics technology has been used for commercial matters in order to help companies obtain more accurate outputs. There are many uses to data analytics: business development, disease diagnosis, website optimization, etc. In its most basic use, data analytics help researchers study data to see hidden patterns, correlations, and many more. The most current technology enables us to do data analytics and instantly answer different questions.
Prof. John Vong, a Visiting Professor in the Master in BioManagement Program at i3L School of Business (iSB) stated that good decisions can only be made through the availability of data. “Data science is a discipline which studies quantitative and numerical data, it has become a discipline which is sought after in the current technological era, and its use differs based on the career of each person,“ John explained.
John Vong put a special emphasis on 3 different types of data analytics that the younger generation should master:
The implementation of data analytics has contributed in many positive developments in healthcare. Health data from a population are analyzed and used for preventing a pandemic or curing diseases.
John Vong explained, as an example, mobile phones can now be used to identify the health condition of a person: mobile applications can diagnose the respiratory disease a person has through analyzing their cough pattern (e.g. whether the person has bronchitis or pneumonia).
“With data analytics we can increase the chance of a person to fully heal. With enough data, we can discover new ways to make better treatments for better results,” John added.
Most of the data used in healthcare analytics come from wearable devices as they need to be acquired through real-time observations.
Marketing analytics has become one of the most prominent ways to analyze marketing performances, to maximize work efficiency, and to optimize return of investment (ROI). Marketing analytics enables marketers to be more effective in optimizing their marketing strategies and to be more efficient with minimizing their marketing budget.
The implementation of marketing analytics supports decision making in all channels. One of the benefits of data analytics is that companies can better optimize their marketing as it can produce insights which can give companies the competitive upper hand that they need. Marketing analytics has the capability to process customer interactions into insights which are used to strengthen customer loyalty. Through analytics, companies can provide more accurate offers to customers, including through cross-sell and up-sell models or appropriate product combinations.
On top of that, analytics enables companies to plan a marketing campaign which suited to the business interests and issues of a specific industry. After further development, the same marketing campaign can be re-implemented when needed.
Web analytics is an approach used to analyze the traffic of a website. Through web analytics, we can see who visits our website, where they are from, and how much time they spend on our website. Apart from those analyses, we can also study our website’s clickstream, how generally they find our website (including the keywords used to find it), and how many times they revisit our website.
Web analytics provides us with data which can be used to create better user experience for our website. By understanding user behavior, we can optimize our website in order to obtain a satisfying user con
version rate. For instance, web analytics can actually display links to popular shopping websites on your page.
We need web analytics to measure the success of a website or other related businesses. Web analytics enables the analysis of problems with a web content so that it can be improved. All these efforts made possible through web analytics would result in one output: better user experience and higher website traffic.