Data Analytics: Everything Students Should Know Aboutby Vivek Kumar June 24, 2020 0 comments
Data analytics is changing businesses’ data usage perspective to deliver speed and efficiency, and position themselves in a highly-competitive ecosystem.
Data Analytics is a highly-demanding field among business leaders right now as companies across diverse industries seek to better understand their customers and deliver improved services. As businesses collect a vast amount of data every day about their customers and supply chains, discovering and deriving the full value of that data is a major challenge. This is where data analytics comes into the rescue, deciphering both structured and unstructured data to extract meaningful insights and eventually facilitating significant growth.
The applications of Big Data and analytics are eternal providing a wide range of benefits to businesses. For instance, they help a company from the beginning to driving expansive growth and igniting them into a large, formidable business. Simply, big data analytics assists organizations to harness their data and utilize it to explore new opportunities, leading them towards a smarter business moves, more efficient operations, higher profits and better-off customers.
Why Does Data Analytics Matter?
Keep running a business’ daily operations smoothly is a fundamental goal of any company. Thus, leveraging data analytics techniques can help drive efficiency at which a company runs its operations. Business leaders should also be able to interpret the data they collect while identifying and locating areas of inefficiency. This can help them in creating an abundant opportunity for business growth.
Making use of big data technologies such as Hadoop and cloud-enabled analytics could also facilitate substantial cost advantages when storing voluminous data. With these analytical tools, businesses can assess information instantly and make decisions based on what they have learned. By measuring data, especially on social media platforms, companies can effortlessly enhance and drive their marketing efforts. Moreover, they can now understand their audience better and make appropriate plans on what marketing strategies will be successful.
Demand of Data Analytics
Today, a majority of organizations are already using big data technologies, while many have plans to harness the power of these technologies in order to derive value from their data. This means data analytics is becoming mission-critical for businesses. Whether it is a large company or a small one, all are now expecting to deliver data-driven business decisions. This is why, Big Data Analytics has now become an essential management skill, and the demand of data scientists, data engineers, data analysts and other data specialists’ have become the most sought-after job positions across the world.
Many organizations have already realized the importance of big data professionals for their business innovation as these professionals play an integral role in developing and deploying business strategies. In a GMAC survey, a large number of companies plan to acquire data analytics graduates. The recent demand of Master of Data Analytics graduates is strongest among employers in the field of technology with 72 percent, followed by energy/utilities (63%), and consulting (61%). Meanwhile, the number of data professionals in the US will soar by 364,000 openings to 2,720,000 in 2020, according to IBM. In addition, 59 percent of all Data Science and Analytics (DSA) job demand is in Finance and Insurance, Professional Services, and IT.
Therefore, data analytics is all about solving issues around data, from the beginning of the collection to processing and extracting valuable insights for business growth. The ability to think analytically and approach problems in the right way is a major data analytics skill. Additionally, learning data analytics will obviously deliver benefits to students in higher education and enable them to speak the language of data professionals, giving the rise of a new talent pool.