The banking sector relies heavily on reducing risk and increasing revenue. To achieve such goals, banks need to pay heavy attention to data and transform their business operations accordingly. This is why over 90% of the top 50 banks are using data analytics in their business operations. Analytics helps banks detect fraud, streamline operations, and develop innovative products.
The region is ongoing major transformation led by Saudi Arabia. To achieve the ambitious targets of the Saudi Vision 2030, the public sector needs constant adaptation to the newest technologies. Estimates show that by digitizing information, disseminating public data sets and applying analytics to improve decision making, governments around the world can act as catalysts for more than $3 trillion in economic value.
Healthcare and pharmaceuticals are heavily operational fields where analytics can shine. Descriptive and predictive analytics have many applications from testing new policies to reducing drug costs. These minor changes can potentially save millions of lives and billions of dollars.
For a long time, the oil and gas industry has been behind on adopting new technologies. Slowly, this technological gap has been decreasing with 57 of the world’s 100 largest oil and gas firms are using or planning to use predictive analytics. Predictive analytics allows oil and gas companies increase drilling speed and accuracy as well as reduce maintenance costs and downtime.
Predictive analytics is becoming a necessity in the field of logistics and supply chain in order meet changes in demand and cut excessive costs. One of the major objectives in the logistics industry is to guarantee high efficiency as it is the main driver for more revenue. Optimize routing, performance management, productivity improvements and warehouse management through advanced analytics make a huge impact on the logistics business.
The retail industry is mainly interested in attracting clients by meeting their needs and providing the most convenient experience. Applying advanced analytics in areas such as customer behavior, site selection and optimization, social media analysis, pricing optimization have proven to leave tremendous effect in the retail industry.
Insurance is a very risky and competitive industry as it relies on a multitude of factors. To gain an advantage in the industry, insurance companies constantly test new policies to prevent fraud and achieve competitive pricing. Data analytics helps insurance companies decrease costs, streamline operations, and enhance their customer value proposition.
The technology industry is a constantly evolving industry, affecting almost every industry along the way. In a cutting-edge sector, technology companies need to be constantly innovative to gain competitive advantage in the industry. In a survey conducted by the International Data Corporation, 71% of the big data innovators use advanced analytics tools that have high-level forecasting and real-time visualization capabilities. This gives enterprises a competitive advantage and allows them to foster a more customer-centric approach.
30 years ago, advertising meant placing ads on TV, radio or print media. Today, online advertising is the fastest growing format of advertising. This has allowed agencies to gain insights on what drives the conversion of viewers to buyers. Data driven analytics allows marketers determine what’s driving customer behavior to strategize on their campaigns.