Business Analytics have become vital for the growth and development of the companies of today. Large investments are being made in Business analytics to make better business decisions from past data. This past data is being generated by different sources such as business people, marketing, education, engineering, medicine, social media, on-line transactions, call centers, sensors, web logs and telecommunications.
India is very popular among the international market which provides offshore services to several companies in business analytics. Since huge amounts of data is pooling in the companies, it is always crucial to take the right decision and overcome the drawbacks in companies.The scope of business analytics in several big companies have been never ending and expanding which helps to earn profitable incomes while managing the resources, analyzing the available data, identify patterns in the hidden data to understand the financial state of the company.www.iibmindia.in
Why build a career in Business Analytics?
Analytics, as an industry is set for exponential growth. With more and more data being available in digital form, need for smarter, faster, data based decisions is only going to increase. Consider following facts to substantiate:
“By 2018, the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.”
The scope and use of data analytics is not only a global phenomenon, but as it is turning out, India is being considered as a big market for data analytical skills sets. A career in business analytics is very fulfilling and is one of the fastest paced developments in the current market scenario. India is hence fast becoming the most preferred destination for offshoring data analytics capabilities. In India, the development or the use and scope of analytics is massive and noteworthy mainly in Media Communications, Outsourcing Companies, Internet business Companies, etc…,
- Looking at these trends it is only obvious that the future of analytics will only continue to grow upward. Outlined below are a few future opportunities in Analytics,
- Since data is expected to grow exponentially in the future, the application of analytics will only increase in businesses.
- Nevertheless, there will be a development of the tools used for data analysis, an example could be ‘Spark’
- One will see an integration of Prescriptive Analytics in the Business Analytics
- Going forward people will be able to see real-time insights in data and will be able to make real-time decisions.
- Moving forward, Machine Learning will be a necessary element for data preparation and Predictive Analysis for businesses.