Now days competition, it’s increasingly becoming important for organizations to continuously up their business performance, stay au courant to the newest industry happenings, respond quickly to emerging market trends and innovate ways to reinforce their productivity if they need to sustain themselves and remain profitable within the competitive business world.
One among the leading ways for organizations to remain before the curve is to harness seemingly unfathomable Big Data to uncover hidden trends, patterns, and correlations which will be wont to draw logical conclusions which, in turn, can enable companies to form informed business decisions and help them improve and optimize their revenues, operational efficiency, regulatory compliance, marketing strategies, and customer service initiatives.
What is Data Analytics?
Also referred to as Data Analysis, Data Analytics may be a vast domain that focuses on the transformation of humongous data sets into meaningful information which will be wont to drive strategic business decisions and actions. the flowery process leverages exploratory data analysis (EDA) and confirmatory data analysis (CDA) alongside many qualitative and quantitative techniques to analyze, profile, cleanse, transform and model data with the help of specialized systems and analytics software, including statistical & predictive modeling tools, machine learning algorithms, and Python Scikit Learn /Scala/R/SQL/SAS programming languages.
Extensively utilized in B2C companies, the rapidly developing and broad field emphasizes the study of a spread of knowledge that’s oriented to customers, business processes, market economics, etc.
Both historical and real-time data are extracted and categorized to unearth and analyze behavioral data that shed fall upon trends related to human interactions like customer preferences, spend & usage patterns, community interests, etc. Data associated with business processes and market economics also are examined to spot purchasing patterns and to align one’s business strategies and priorities consistent with these trends.
Why is Business Analytics a Desirable Career for Engineers?
As an Engineer, Business Analytics is often a path-breaking career move for you because it is one of the foremost wanted, high paying, and fastest-growing fields within the world today with a gentle increase within the number of job opportunities that prevail during this domain. Depending upon your aptitude and interest, you’ll prefer to venture into Big Data Analytics or Big Data Engineering.
While the previous requires you to facilitate the method of business analysis by extracting large amounts of structured and unstructured information from different source systems followed with their integration, assembling, cleaning and subsequent structuring into common data set formats which will be loaded into individual analytics applications, the latter entails the planning and deployment of systems which will make the prepared data sets readily available for various analysis purposes and to be used in internal applications.
According to Srikanth Velamakanni, Group Chief Executive of Fractal Analytics – India’s second-largest analytics firm, the analytics market is poised for phenomenal growth within the upcoming years and can evolve to a minimum of one-third of the worldwide IT market from the present one-tenth. In another study by the McKinsey Global Institute, it’s been estimated that by 2018, the US alone is going to need approximately 190,000 data scientists and 1.5 million managers and analysts who have the power to decode and utilize Big Data to assist the decision-making process of their organizations.
With the demand for skilled business analysts far surpassing the supply of trained professionals, there’s always a scarcity of qualified Data Engineers and Business Analysts who can assist businesses in exploiting Big Data to their advantage. A career during this exciting field can imply immense job satisfaction for Engineers as their Big Data solutions have the potential to exhibit a far-reaching impact on an organization’s overall business goals and objectives and in addressing world business problems.
The power to wear many hats like those of a Business Analyst, Data Scientist , Big Data Engineer, Business secret agent, etc. and therefore the added advantage of having the ability to earn handsomely and gain enterprise-level exposure during one’s day-to-day interactions with various business units, departments and functions further add up to form data analytics a dream career path for Engineers. As Jeanne Harris, former Global Director of Data Technology Research at the Accenture Institute for top Performance in Chicago aptly sums its relevance saying, “Data is useless without the skill to research it.”
Since Business Analytics may be a knowledge-intensive field, one needs adequate exposure to Big Data technologies, data architecture, and essential programming languages alongside many other tools and skillsets to form a successful career during this niche space that’s brimming with endless opportunities and job prospects.
A reputed technical training institute like CETPA Infotech. It provides Post Graduate Course in Data Analytics that augments your awareness and understanding of diverse topics like data processing, Visualization Techniques, Predictive Modelling, Basics of SQL, and Statistics.
Flexible enough to be pursued during the weekdays or on weekends, the great course is meant by industry veterans to assist you to master the concept of massive Data and cater to the info analysis needs of industries as diverse because it, Manufacturing, Professional/Scientific/Technical Services, Consulting, BFSI, Telecom, Retail Trade, etc.