Impact of Data Analytics on the world of business.
With the dynamic evolution of technology, the significance of analytics involving big data has also increased gradually. Gone are the days when basket analysis was generally used for recommendation. Now, user specific recommendation is made based on predictive algorithms. No more CSV formats and tabular data as millions of activities are now analyzed in a big data environment. The role of data analytics has also changed as business leaders now rely on data analytics more and more for decision making.
Influencing a Multitude of Industries
- Data Analytics has fetched good investment from banking and government agencies owing to its ability in effectively managing compliance and security issues.
- A good number of companies have sought the help of Data Analytics for managing and enhancing customer support, retaining customers in the process.
- Advanced techniques in Data Analytics have led to a boost in productivity by more than 40%.
- Data Analytics is able to optimize business processes by removing errors from huge data sets and improving the quality of the data.
Data Analytics and E-commerce. A case study!
It is of no doubt that the consumer market of the world and especially India is now dominated by E-commerce biggies. It is projected that within 2026 the e-commerce market in India will cross the 200 billion USD mark. Competition being stiff to gain the largest market share, decision making processes has to be smooth. Effective advertisement along with user specific recommendation becomes of utmost necessity. This is where Data Analytics has played a big part-
- Real time big data analytics has helped the online sellers to understand user behavior better, thereby substantially increasing customer satisfaction.
- Data managed and curated by AI paves way for quick decisions and precisely targeted advertisement.
- E-commerce key players use analytics to manage their inventory too.
- Product specific analytics and Merchant analytics has also led to a good amount of increase in productivity.
What is there for job seekers?
A recent Ernst & Young survey suggests that there is an acute skill shortage in data analytics. Increasing reliance on Data analytics has created a void in the employment sector and thus the demand for trained professionals is ever high. An individual pursuing a course from a good Analytics training institute in Bangalore or any other IT hub will have a number of companies waiting for him. Even good job holders in India who need to upgrade their skills, can opt to pursue a training program from a reputed Analytics training institute in Bangalore or Delhi
An stounding Market
Over the past few years the market of data analytics has expanded beyond imagination. Market Research Future, in its forecast for a period of six years, (2017-2023) has reported that the data analytics market will have a CAGR of 30.08% thereby surpassing a valuation of USD 77.6 Billion, an exponential increment from 12.01 Billion at the beginning of 2016. Clearly shows how inclined towards analytics the businesses have become. It makes total sense to enter the field of analytics in view of such developments.