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Industry-Specific Analytics for Leaders: Key to Better Decision-making

Data analytics is essential to understand customers and markets and plan the business’s future steps to achieve its goals. Here, we’ll discuss the need for industry-specific analytics and how it can empower organizations to make better and profitable decisions.  Data analytics is a keyword in today’s world. Every business wants to invest in analytics to gain a competitive edge. The market offers numerous data analytics and business intelligence tools for analyzing datasets and deriving insights.  According to Fortune Business Insights, the global data analytics market was $64.99 billion in 2024, and is predicted to touch $82.23 billion in 2025. It is expected to grow at a CAGR (compound annual growth rate) of 25.5% to reach $402.70 billion by 2032. Artificial intelligence plays a vital role, as data analytics tools powered by AI and ML technologies can provide accurate and quick insights.  However, with large amounts of data generated daily, how can organizations use this data for analytics? After all, statistics show that the global data creation will be 185 zettabytes by 2025. In such instances, the types of analytics you implement can determine your success.  So, what kind of analytical insights should you generate and use for decision-making? Can general analytics provide the same results as industry-specific analytics? What is the difference between them?  Let’s find out why industry-specific analytics are necessary for businesses in today’s scenario. Why is Generic Analytics Less Effective for Your Industry? Data analytics is the process of examining vast datasets to identify hidden patterns and trends and provide useful conclusions or interpretations. These are called insights and help in making data-driven decisions. Business intelligence, reporting tools, and advanced AI analytics come under data analytics. While the tools and technologies used are different, the central concept of data analysis remains the same.  However, generic analytics are not as effective as analytics tailored for the business and industry. That’s because of the following reasons:  Lack of Specifics  Generic analytics are just that and offer one-size-fits-all insights that don’t go into specifics. They can be broadly applicable but miss the nuances of how things differ from one industry to another. Industry standards, business KPIs (key performance indicators), the organization’s mission and objectives, or even the target audiences are not considered in generic analytics. There is no specific indication that the insights will help your business handle a certain situation effectively.  Misinterpretation or Inaccurate Data  Without customized data analytics services, you have to rely on generic insights that may have misinterpreted the context or used a different dataset for the purpose. For example, a business manufactures and sells wooden kitchen appliances. To derive meaningful insights, it has to use data belonging to the kitchen appliances niche, especially items made of wood. Additionally, it should also consider the target markets. However, if it uses random data collected from the internet, the insights can be inaccurate and lead to wrong decisions.  Risk of Biased Insights  Since generic insights cannot offer nuance, they are not always actionable, as in, they are not always useful for decision-making. Moreover, there’s a higher risk of deriving biased insights since the data is not carefully collected or processed. For example, the insights might show that the sales haven’t been as expected, but fail to provide the real reason for this. Or, they could indicate a wrong reason, which ultimately results in extra expenses and losses for the organization.  Lesser ROI  When you hire a data analytics company, you want to get back the return on investment. The ROI is measured based on various metrics, like how actionable the insights are, whether the data-driven decisions helped achieve the business objectives, and so on. However, when the insights are generic, you cannot use all of them for decision-making. But you continue to spend money on the process. This reduces the ROI and indicates that your investment is not worth the money you spend on it. How Can Industry-Specific Insights Improve Your Forecasting Accuracy? Customized data analytics solutions for every business based on industry standards and requirements can increase forecasting accuracy and promote better decision-making at all levels in the enterprise. That’s why many data analytics companies offer tailored services that align with the mission, vision, and goals of each client.  Here’s how industry-specific insights can help an organization be prepared for a better future:   Targeted Insights  Sector-wise data forecasting gives insights that target the industry, market, or customer base. This is done to get in-depth reports about how the various external factors influence the business and what can be done to make the best of the situation. When the insights derived are highly relevant, they help teams make empowered decisions to grow the business. For example, with targeted insights, you can understand why customers didn’t like a product or what can be done to increase sales.  Strategic Decisions  Since industry-specific analytics share insights about the patterns, trends, and correlations in historical data, they can be used to make informed decisions and build effective strategies to tackle various situations. For example, you can understand customer purchase patterns during different seasons to plan an effective marketing campaign and attract more sales. This increases the ROI for the amount spent on promotions and establishes the brand in the market.  Market Expansion  Every business aims to grow and expand into newer markets, increase its customer base, and achieve a higher share. For this, you should know which target audience to impress, how to convert them into customers, when to enter a new market, which products and services to promote, which marketing channels to use, and so on. The information to make these decisions can be provided by industry-specific insights. You can be ready for new opportunities and grow the business quickly.  Customer Segmentation  Customers are essential for any business to survive in competitive markets. However, retaining existing customers and attracting new ones requires a clear understanding of who they are, what they want, and how to convince them. For this, you should segment customers based on demographics, purchase preferences, likes, etc.,

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Modern Data Engineering 101 – Benefits, Use Cases, Examples!

This blog talks about modern data engineering 101 and how organizations are using it to their advantage to extract the full potential of their data. We’ll discuss its benefits and relevant examples of how data engineering services have transformed various industries. Data engineering plays an important role due to the large data volumes and increasing dependence on data-driven decision-making. The global big data analytics market size was valued at USD 307.51 billion in 2023 and is expected to grow from USD 348.21 billion in 2024 to USD 924.39 billion by 2032 at a CAGR of 13%. “Data as a product is very different from data as an asset. What do you do with an asset? You collect and hoard it. With a product, it’s the other way around. You share it and make the experience of that data more delightful.” – Zhamak Dehghani, author of Data Mesh, Delivering Data Value at Scale. In this blog, we’ll discuss modern data engineering and how organizations are using it to make the most out of their data. What is Modern Data Engineering? Modern data engineering includes building, managing, and optimizing scalable data pipelines to handle large volumes of data from multiple sources. It processes data in real-time and uses cloud-based architectures and tools. These tools support data integration, transformation, and storage for advanced analytics and decision-making. Importance of Modern Data Engineering Data engineering helps organizations handle and organize data so that data analysts and scientists can easily analyze it. Here’s why data engineering services are important: The main part of data engineering involves managing data pipelines and ETL (Extract, Transform, and Load) processes. Data engineers build and maintain these pipelines to ensure clean and valid data is available to data analysts. This helps teams access data easily, gain insights, and make informed decisions, enhancing business growth and output. Benefits of Modern Data Engineering Imagine you’re trying to get the most out of your data, but it’s scattered all over the place. That’s where data engineering comes in. Now let’s understand some benefits data engineering solutions bring with them. Use Cases of Modern Data Engineering Some of the potential use cases of data engineering I’ve seen are: Personalized recommendations Subscription-based streaming services such as Netflix and Amazon Prime offer personalized recommendations to their viewers. These companies collect and organize user data and use machine learning to offer personalized recommendations. Fraud detection Banks and financial institutions use data engineering to prevent fraud. They gather vast amounts of transaction data, and with the help of advanced algorithms, they can spot suspicious patterns in real-time, preventing fraud before it even takes place. Predictive maintenance Manufacturing companies use data engineering to keep machines running smoothly. The sensors on equipment collect data continuously, and engineers use these insights data to predict when a machine may fail, preventing breakdowns. Customer behavior analysis eCommerce store owners can track customer purchases, their preferences, and browsing behavior. Further, they analyze these trends with the help of data engineering to create personalized marketing campaigns to offer personalized recommendations. This is the reason why you often see ads for things you’re interested in since the companies already have relevant data to target you. Real-time data analysis Businesses can collect, clean, and verify data through automated data pipelines. This makes it easy for data analysts to centralize large volumes of data by breaking down silos and making informed and strategic decisions. Businesses can detect trends, respond to market changes, and optimize their operations for better returns. Machine learning Machine learning uses large amounts of data to train artificial intelligence (AI) models and make them more accurate. Data engineers use data pipelines to transport data across different sources, ensuring it’s clean and ready for analysis. These data models are used in various applications, from personalized recommendations to fraud detection, and much more. Skill Set of Modern Data Engineer The skill set of a modern data engineer includes the following data engineering tools, technologies, programming languages, and frameworks: Database management systems: Data processing frameworks: ETL tools: Cloud platforms: Data warehousing solutions: Programming languages: Frameworks and methodologies: How do Data Teams Implement Modern Data Engineering? Data engineers integrate all your data into models that support operations and analytics, enabling your company to extract data-driven insights. Further, they understand existing infrastructure and data needs and offer personalized solutions and services to help you make the most of your data. They use different data engineering tools to consolidate data from multiple sources to manage data efficiently. The data teams create data models and algorithms that ensure these models are fully functional and work smoothly. How Does Modern Data Engineering Work? Data engineering involves designing and building data pipelines that convert raw, unstructured data into organized datasets. These pipelines are important elements for a reliable data system, built to meet specific needs of businesses. Data engineers manage data pipelines to ensure users get accurate and reliable data.  The data integration pipeline has the following steps:  Best Practices for Modern Data Engineering Conclusion Data engineering is no longer optional today, it has become a necessity.  By converting data into meaningful actionable insights, data engineering helps businesses to make data-driven decisions. This not only enhances operational efficiency but also helps you deliver customized experiences quickly. Data teams not only add more value but also facilitate the development of the right solutions for various problems. People Also Ask (FAQs) What is modern data engineering? Modern data engineering includes designing, building, and maintaining scalable and efficient data systems. These systems support business intelligence, analytics, and data-driven decision-making by using advanced tools and practices to process vast amounts of data from various sources in real-time. What is modern data engineering, and how is it different from traditional data management? Modern data engineering focuses on building scalable, real-time, and cloud-native data pipelines using tools like Apache Spark, Snowflake, and Databricks. Unlike traditional systems that process data in batches, modern data engineering supports streaming, automation, and faster analytics. It powers agile decision-making and real-time reporting for today’s businesses.

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