What is the Scope of Analytics?October 9, 2017
The word analytics has come into focus over the last couple of years. Analytics is considered to be pivotal especially in an era where internet and technology have taken centre stage in our daily lives. Analytics is essentially a field which brings together, Data, Information Technology, Statistical Analysis, Quantitative Methods and Computer-Based Models to one platform. All this put together to form data, that is accumulated through various ever growing channels, due to the integration of technology in our daily lives, from phones to applications to online movement, any traction on the internet creates data. Analytics done on this data gives decision makers information on which to base their informed decisions.
In recent times, with changing business dynamics, organisations are looking for innovative methods through which they can enhance productivity and cut costs. Companies have large volumes of data being created from almost every area of function. Performing Descriptive, Predictive or Prescriptive Analytics on this data will assist the organisation to identify potential risk areas, understand which areas need intervention and strategy reformation, and with the application of Computer-Based Models also run a simulation, on performance based on the said strategy, and gauge application based on the results.
Hence, the application of analytics in businesses is very vast, if applied with the right vision and strategy, the possibilities are limitless. Analytics can be applied to Customer Service, Acquisition and Retention, Financial Management of an Institution, Supply Chain Management, Human Resource, Government functions, Sports, Marketing, to name a few.
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 Tool.
- 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.
- There will be Big Data staffing shortages, but the crunch might ease when companies start using internal training and innovative recruitments approach, Chief Data Officer will be a position that will open up in most organisations.
Whatever the debate on the future application of data analytics might be, one thing is clear, analytics has the capability of impacting profitability and productivity of a business colossally. Hence, there is no doubt in stating that the ‘Future is in Analytics’.