In this age of swift digitization, big
data analytics is empowering enterprises to sum up tasks in real time with unexceptional ease.
Data science and analytics are reshaping marketing strategies and has opened
new doors for profit growth and business expansion. Data science and analytics
incorporates statistics, mathematics along with other strategic scientific
mechanisms to analyze data which is mounting with each passing day.
The entire data which an unit has power
over be it regarding asset maintenance or any other equipment, workforce
payment and attendance, distribution, customer growth or something else, data
can enable it to procure a comprehensive expansion plan. Furthermore, data
science also creates streams to get a detailed understanding of a possible
scenario when it comes to a specific expansion.
Diving deeper, data science is also
facilitating competition analysis helping businesses understand the key areas
where they need to zero in their focus to stay ahead in a fiercely competitive
environment.
Strategic insights of business
performance have also made it convenient for enterprises to predict sales
trends and turnover growth. With the numbers in hand, developing new business
plans comes with much lower risk factors than ever before.
Looking 15 years back, Computer
Science ranked among the most lucrative career options with the internet
flexing its potential across the globe. Every engineering aspirant aimed to
become a programmer and owing to the demand-supply gap, the salaries were
skyrocketing in the CS domain.
However, with the flow of time, the
gap bridged and payouts started to shrink. Data Science industry is observing a
similar trend at present with an exceptional demand and low supply, the
salaries are ‘’among the best’’ in the IT segment if not the best.
A recent report by apex IT industry
association, Nasscom depicts that 1.4 lakh jobs remain vacant in the Artificial
Intelligence (AI) and Big Data Analytics domain across numerous sectors in
India, out of the total demand of 5.1 lakh employees in the country.
The report also highlights that
about 3.7 lakh jobs are filled at present and the employee deficit would rise
to 2.3 lakh by 2021, as the total demand touches a whopping 8 lakh
employees.
Data based decision making is hastily
gaining popularity and while analysts till a few years back utilized tools such as Excel to comprehend data, new
tools have emerged for better analysis including-:
· Google Analytics a tool widely used by marketing departments
·
Sophisticated ERPs which process
information and furnish visualizations
·
Exceptional improvements in
programming languages including Python and R
While data science has managed to
claim a significant footprint in the IT segment, for a consistent investment
the technology will have to overcome the challenge of shortage of high-quality
skill sets which are crucial to make an entire data science setup business
viable.
Surveys depict the evolving of the data science and
analytics on the rise and are expected to stir towards enhanced discovery,
innovations, and insights: It is the future!
Courtesy - Ms. Liji Jacob
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