Last updated on November 29th, 2023 at 09:21 am
Does it feel like you are stuck in your data science job without any upward movement? Are you tired of doing the same MATLAB analysis that you were doing three years ago?
If yes, then it is time to further your data career with a new addition to your academic qualifications. Introducing predictive analytics as a perfect addendum to your data career.
Why Predictive Analytics?
Just like a finance student will learn about microeconomics to further his career in the field, a data student or professional can add auxiliary credentials to his name. Since predictive analytics goes hand in hand with data analytics, statistics, and machine learning, it can be a great way to explore one more avenue in the ever-growing field.
Predictive analytics essentially means using different data analytics and machine learning techniques to predict the future of a process or of a hypothetical situation. The idea is to use past and present (ongoing) data to accurately predict the future. To state the obvious, this can revolutionize (and already has) the way companies and governments work.
A perfect example of the current times would be to use predictive analytics to predict the outbreak of the coronavirus outcome. Scientists and analysts around the world are already involved in such activities. Research made by them is the source of news stories that predict the estimated duration for which the pandemic will stay.
How Can It Boost Your Data Career?
The first step here is to get enrolled in predictive analytics courses. Research what the best and the most important courses are and then sign up. The more you know about the subject the better will be your job prospects.
Let’s take the example of a data scientist involved in marketing as a professional. She should ideally take a predictive analytics course that enables her to optimize different types of marketing campaigns. A good example would be to predict a customer’s future actions after he has bought a pair of jeans from a shop. If data can also help her understand what physical store he will next visit for shopping, then that is an additional insight for the company to move its marketing cross-channel.
Because she took a predictive analytics course and would study detailed case studies during the tenure of the course, she can use that knowledge to apply for jobs across agencies and companies. Instead of just being a data scientist, she can boast of a specific skill set that can have an actual impact on the potential employer’s marketing campaigns.
List of Sectors Using Predictive Analytics
Another reason why a predictive analytics course would do good to you is that it is leveraged across sections in India and elsewhere. Just take a look at all the sectors that use it as of 2020:
- Banking and Financial Services – measure credit risk and reduce online fraud
- Retail – Price optimization and solve digital marketing challenges
- Governments – analyze census data and detect citizen behavior
- Manufacturing – optimize production to reduce costs
- Insurance – reduce risks and provide appropriate coverage recommendations based on user history.
The opportunities for individual companies are even higher. Just like the internet marketing example given above, a predictive analytics course can help you explore more of how data analytics work in the real world.
If not anything, it can act as a speciality. Because remember that being a jack of all trades is no longer a good thing in the modern professional world. You have to choose a speciality and be the best in it to succeed.
