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Data analytics refers to quantitative and qualitative data manipulation methods and strategies used to maximize the efficiency of corporate companies in the finance, healthcare, engineering, and insurance industries. Managers use this technique in manufacturing to track data processing patterns, create output patterns, and detect correlations between distinct processes. This allows for the optimization of factors of production (inputs) to ensure an optimal yield of produce.
Since most financial institutions are founded on risk, risk control and reduction become critical to ensuring the smooth operation of the banks. Banks apply data analytic techniques in assessing their systems, transactions, and customers' creditworthiness. Banks applies data analytic techniques in assessing its systems, transactions, and customers credit worthiness. The concept of business intelligence becomes useful in this case since it enables the managers to have prior information regarding its industry of operation on issues such as competition level, and interest rates (Laudon & Laudon, 2014). Additionally, banks use the technique in identifying the needs of the customers regarding banking services and products offered, and this assists the bank in returning its high-value customers.
In insurance, data analytics techniques assist in conducting clients survey, mainly after having contacts with claim handlers. These help the insurance company to establish the insurance products which are profitable and in demand in the market as well as the areas that require significant improvement for the firm to remain relevant and competitive in the market. Also, managing of risk in the firm needs analysis of actuarial data, risk data and claim data and this is essential in the decision for an insurance firm (Laudon & Laudon, 2014). Finally, in health care, the technique is essential for storing patients data through Electronic Health Record (EHR). It increases the accuracy of diagnosis for patients since past information is readily available.
Laudon, K. C., & Laudon, J. P. (2014). Management information systems: Managing the digital firm. New Jersey, 8.
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