Importance and Scope of Data Analytics in Business World: Need To Know

By Jyoti Nigania |Email | Jul 19, 2018 | 21873 Views

Analytic is the interpretation of the data collected. Raw form of data is not of any use. It is important to convert raw data into analytic so that it is easier to find that what is the decision that are to be taken by the use of analytic. Businesses use this analytic for making actionable business analytic that will help them in taking real time actions.

What is the scope of Data Analytics?

Answered by Aishwaraya Karuppali on Quora:
Data analytics is the Art and Science of drawing actionable insights from the data.

Data Analytics + Business Knowledge = Impact/Value Creation for the Business.

It involves following steps:
  1. Understand business problem that we are trying to solve
  2. Obtain and prepare the data to solve the business problem
  3. Do data mining, statistical analysis, machine learning etc to build models and dashboards
  4. Draw insights and create decks/visualizations
  5. Share and convince stakeholder.
Data Scientists and Analytics Professionals try to answer following questions via their analysis:
  • Descriptive Analytics ( What has happened?)
  • Diagnostic Analytics ( Why it has happened?)
  • Predictive Analytics ( What may happen in future?)
  • Prescriptive Analytics ( What plan of action we should follow?)

Scope of Data Analytics in India is huge. Experts say that Big data analytics is going to be the next big career move. While considering data analytics as a career choice, it requires deep knowledge and skills from extremely diverse sets which includes, Human resource, mathematics, statistics, finance, marketing, etc. Data analytics is actually a mixture of everything.

Data Analytics is referred to as the process of collecting and analyzing Data so that the companies can make informed decisions about their business. It actually refers to the techniques used to enhance business productivity and gain. Someone who's good with numbers can easily become an expert in Data Analytics.

Why Data Analytics is important?
As I mentioned before, Data Analytics is going to be the next big career move. Data Analytics is primarily conducted from Business to Consumer (B2C) applications, which means the business applications are directly performed between a business and its consumers, who are the end users of their products.

The organizations collect and analyze data regarding their customers, business processes and practical experiences. This data is analyzed to understand purchasing patterns of the customers.
Today, Big Data is everywhere and the need for collecting and storing any data that is being generated is very important. Why it is important is because big data aids in improving the business and decision makings. For professionals who have a good knowledge on big data, there's a pool of opportunities.

5 Reasons why Big Data Analytics is the next big career move?

  • High demand for Data Analytics professionals: The need for data analytics professionals are increasing each year and IT engineers are ready to invest their time and money to learn more about data analytics.

  • Huge job opportunities and meeting the skill gap: Even though there are many job opportunities for data analytics professionals, most of them are unfilled because of the scarcity of skilled professionals. Currently, India has the highest concentration of analytics globally. In spite of this, the scarcity of data analytics talents is particularly severe and is expected to be on a high as more companies will be outsourcing their jobs.

  • Salary aspects: The strong demand for data analytic experts are boosting the wages for qualified data analytic professionals. In fact, big data pays big amounts for the right skill.

  • Big Data Analytics: Top priority in lot of organizations: According to "Peer research-Big Data Analytics" Survey most of the organizations consider Big Data as one of the top priorities in the upcoming days. Approximately 45% of the surveyed believed that Big Data analytics will bring more precise business insights.

  • Numerous choices in job titles and type of analytics: From a career point of view, there are numerous options available, some of them are listed below.
  1. Big Data Engineer
  2. Big Data Solution Architect
  3. Analytics Associate
  4. Big Data Analytics business consultant
  5. Big Data Analytics Architect
  6. Metrix and Analytics specialist
  7. Best Universities or Colleges in India for Data Analytics Course.
Analytics is important for your business to the extent that making good decisions is. The practice of analytics is all about supporting decision making by providing the relevant facts that will allow you to make a better decision. The alternative is a heady mix of subjective opinion, bias-tinged intuition, and blissful ignorance. Often led by the HIPPO (HIghest Paid Person's Opinion).

As a business gets more comfortable with analytics, the 'fancier' parts of analytics can also kick in. This is when data that is hardly appreciated, sitting on technology that is hardly seen, comes together with mathematics that humans can hardly compute, comes together. And allows you to make decisions on a scale that can hardly be believed. This is when data that is hardly appreciated, sitting on technology that is hardly seen, comes together with mathematics that humans can hardly compute, comes together. And allows you to make decisions on a scale that can hardly be believed.

Like a professional poker player, there is no guarantee of immediate success. But done right, over time the consistent good decisions will enable your business to be fitter, leaner and a force to be reckoned with in the market.

Source: HOB