by Harneet Kaur

Growing demand of Decision Science and Analytics




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 


No comments on "Growing demand of Decision Science and Analytics"

Leave a Reply