Data Management and Industry: How Data Influences Decisions

data-management

Following the creation and massive popularity of the internet and all things digital, it became clear to many that data was soon to be the way of the future. Historically, our use of data could provide us with information that would influence decisions but required extensive work to collect, track, and interpret.

With the introduction to modern digital data during the 21st century, the power of our computers and technology has broadened the accessibility of data collection, tracking, and interpretation to a wider group of businesses and industries as a whole.

Because of these new opportunities, industries are now able to leverage the power of data management and interpretation to become more efficient. Here are a few examples of industries taking advantage of this opportunity.

Retail

Online retail, which is now the king of the internet, is a major player when it comes to big data. Because of the nature of the business, online retailers have data already integrated into everything they do. Through the use of analytical platforms, retailers can use their insight to make major or minor business changes that will optimize their performance. Whether it be a change in the product price or a new website to enhance the user experience, data management is a foundation of this industry.

Healthcare

Healthcare is an industry that can benefit a lot from the use of technology. This relationship has proven to help it become more efficient and provide incredible insight into the mysteries of biology and the human body. Though the use of data management healthcare professionals have been able to better predict health complications and can become more efficient through the use of accurate patient information.

For example, with the use of EMS billing software, EMS agencies are able to operate with accuracy by documenting patient information more efficiently. This accuracy of patient information can be applied throughout the industry as a whole to ensure completion of payments and can increase the time spent on resources that help save lives.

Manufacturing

One industry, which wasn’t always known for data collection and management operates in today’s world through automated processes and data interpretation on a day-to-day basis. These changes are a direct result of searching for the most efficient processes possible. Since the creation of the assembly line, manufacturers have done anything and everything to quickly produce products through new technology. Because of the inevitable automation of factories, data collection of manufacturing robotics allows for insight into the repairment and replacement of parts or equipment.

Entertainment

Online streaming has become massively popular over the last 10 years. With the creation of services like Netflix, Hulu, and Amazon Prime Video, people are able to more easily watch what they want when they want. According to one survey, approximately 60% of Americans utilize some form of streaming service. And with people, comes information. User analytics such as demographics and user interests influence the type of content is provided on the platforms and ultimately the decision to choose one platform over another. 

Construction

In a similar vein as manufacturing, construction leverages data management by tracking its resource usage and worker performance. The ability to understand how to efficiently use materials and time increases the overall money a company can make. Due to this, the integration of data collection and management has become more frequent in businesses as a way to more accurately predict costs leading to better performance of the business as a whole.

A Final Note

As we continue our data journey, it can be expected to see data play an increasingly important role in not only the industries mentioned above but everything we do. 

About the Author

Cristian Garcia is a freelance writer living in Salt Lake City, Utah. He writes about all things tech, entertainment, and AI. Follow Christian on Twitter: @cristian_i_garc

About Ryan Swanstrom

Creator of Data Science 101

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