Our ability to create and share data has been increasing rapidly and so has increased the value of data. Data collected via social media, business operations, sensors and devices in the Internet of Things is huge and is of much value. However, monetization of data is not possible without the advanced technologies of data analytics and the expertise of skilled data analysts. As business organizations look for ways to extract value from their rich data sources, the importance of data analytics has increased significantly. Especially in a digital economy if a business wants to make progress it must embrace data analytics.
Why is data analytics imperative for organizations?
Analysis of data reveals answers to questions. Organizations come across questions that are complex in nature and need quick answers. For instance, questions like- “how is the company’s advertisement campaign faring?” “In which areas do our products sell more?” “How do we discover potential markets?” – Speedy and accurate answers to such questions are only possible with data analytics. By analyzing data, analysts can easily visualize the answers to such questions and can easily communicate them to all the stakeholders. Popular approaches like Descriptive analytics, Predictive analytics and Prescriptive analytics easily provides efficient solutions and adds more value to businesses.
Why especially now?
Importance of analytics have increased in the last few years because of multiple factors like-
More data is available today.
In 2005, the digital universe was about 0.1 zettabytes. In 2015 it was around 8.5 ZB. And now in 2020 it is expected to reach 40 ZB. Now that is huge! And it has much potential to reveal never seen before trends and insights.
Technology has become smarter.
Computers have surpassed the human brain in terms of computing power, Data sharing speed is faster than ever and automation of complex tasks is now a reality. With the powers of Machine Learning and Deep Learning models, bulk data sets can be processed within minutes.
Emergence of a digital world.
Digital transformation of industries has been rapid and digital economies are flourishing. Commercial giants like Alibaba owns no inventory but a digital platform and big companies that did not embrace digitalization went irrelevant.
Importance of analytics in India:
Press information bureau of India reports that India’s economy is the second fastest digitizing economy of the world today and the digital economy of India currently generates around $200 billion with expectations to reach $1 trillion within 2025! Such growth is only possible when businesses in India adopt data analytics and fully utilize the massive data created by 560 million internet users in the country. Already analytics firms like HoC Solutions and Manthan based are doing good business in Bangalore- India’s IT hub and the analytics industry in India is among the top ten in the world. The industry is already the top recruitment sector and many are opting for analytics courses in Bangalore. With hefty pay packages and an increasing demand, analytics courses in Bangalore seem very beneficial!