Massive amounts of data are generated every day. The global data creation is projected to reach more than 180 zettabytes by 2025. To translate those figures into more relatable term, more than 63,000 searches queries are processed by Google every second. By studying all these data and drawing meaningful insights, businesses can tap on the immense potential it offers and explore new areas of growth. This is where data analytics comes in.
In this blog we explore the various components of analytics, the different ways data can be used in the various fields, and the related courses offered at PSB Academy.
What is Data Analytics?
Data analytics helps to make sense of data, interpret the figures, chart patterns and derive conclusions. Top industries in the world – from healthcare to hospitality to even sports – benefit from data analytics. There are four main types of data analytics:
Descriptive Analytics
Descriptive analytics answers the question of “What happened?” and aims to gather data from a variety of sources to piece together what has already happened. This first step of the process addresses the basic questions that allows further analysis to take place.
Diagnostic Analytics
With the information gathered from the descriptive analysis stage, diagnostic analytics goes one step further to answer the question of “Why did it happen?” It is during this information discovery phase that correlations and causes can be identified.
Predictive Analytics
In predictive analytics stage, we attempt to answer the question of “What will happen in the future?” Data gathered from the first two stages are used to extrapolate and make predictions of the likelihood of the various possible scenarios happening. Techniques such as predictive modelling, machine learning algorithms and deep learning techniques are often used to achieve the objective.
Prescriptive Analytics
In the last stage of this process, prescriptive analytics helps to answer the question of “What is the best action?” With today’s advanced tools, it is not impossible to identify the best course of action.
How is Data Analytics Used in Different Industries?
Generally, with data analytics, businesses can transform how they operate by predicting consumer demand, identifying supply chain disruptions early, making effective decisions and uncovering new revenue streams. Ultimately, through data analytics, organisations can increase customer satisfaction and improve retention rate.
Banking Industry
With the availability of data, banks can deliver more personalised customer service, and identify at-risk customers, providing them with added benefits. This allows them to stay ahead of the curve and remain competitive. For instance, predictive analytics allows banks to detect fraudulent sign-ins by flagging up instances where customer behaviour deviates from how they usually carry out their banking activity.
Logistic and Supply Chain Industry
Through innovative technologies, logistics companies can leverage data analytics to optimise operations and create a more efficient and sustainable supply chain. Whether it is performance management, order processing capabilities, or even route optimisation, data analytics can improve efficiency. For example, data can help businesses monitor the workforce performance and highlight which machines are performing poorly, allowing swift intervention.
Healthcare Industry
Healthcare decisions made in the past can be analysed, and those with a high success rate can be highlighted. It is also possible, for example, to predict the outcomes of administering different dosages to different sets of patients in clinical trials before carrying out these trials – increasing the accuracy of outcomes. Also, through diagnostic analytics, vaccines and treatments can be discovered to previously unknown diseases or medical conditions.
Exploring PSB Academy’s Data Analytics Courses
Along with areas of specialisation such as cybersecurity, blockchain and digital marketing, data analytics is amongst the top digital skills companies are looking for to remain competitive in today’s economy. PSB Academy offers a range of data analytics courses in Singapore to cater to different levels of learning needs.
Our Diploma in Business Analytics helps students acquire a solid foundation in business and data analytics. Marketing, data collection method, descriptive analytics, predictive analytics, and data storytelling in business, are some of the relevant modules offered in this course. After completing the diploma, students may progress to a business-related degree offered by one of our university partners.
The Master of Analytics (in partnership with Massey University) explores techniques on how to devise data-driven solutions. Apart from theoretical concepts, technological applications, such as Python, R programming and SQL (Structured Query Language) will also be covered. If you have worked several years in a managerial position coupled with a bachelor’s degree and wish to deepen your knowledge in data analytics, the master programme would be the right fit for you. Enquire with us today.
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