Data: Relevance of data in Current scenario

17/04/2020 1 By indiafreenotes

This data comes from everywhere: sensors used to gather climate information, posts to social media sites, digital pictures and videos, purchase transaction records, and cell phone GPS signals to name a few. This data is big data. What has also changed in the last decade is that we now have the means to sift through these 2.5 quintillion bytes of data in a reasonable amount of time. All these changes have major implications for organizations today.

In organizations, analytics enables professionals to convert extensive data and statistical and quantitative analysis into powerful insights that can drive efficient decisions.

Therefore with analytics, organizations can now base their decisions and strategies on data rather than on gut feelings. Moreover, with the rate at which this data can be analyzed, organizations are able to keep tabs on the customer trends in near real time. As a result effectiveness of a strategy can be determined almost immediately. Thus with powerful insights, analytics promises reduced costs and increased profits.
The analytics Industry is one of the fastest growing in modern times with it poised to become a $50 billion market by 2017. With this sudden surge in the analytics industry, there is a tremendous increase in the demand for analytics expertise across all domains, throughout all major organizations across the globe. It has been predicted that by 2018, the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.
IBM’s recent study revealed that “83% of Business Leaders listed Business Analytics as the top priority in their business priority list.”
Deloitte has mentioned in its study that: Decision makers who can leverage everyday data & information into actionable insights for the growth of their organization by taking reliable decisions, will find themselves in a much better position to achieve strategic growth in their career.

There is an information overload in today’s world and data analytics helps to cut out the clutter to help businesses make safe and smart choices.

A recent report by Nucleus Research found that companies realize a return of USD10.66 for every dollar they invest in analytics.

In the developed economies of Europe, government administrators could save more than €100 billion ($149 billion) in operational efficiency improvements alone by using big data, not including using big data to reduce fraud and errors and boost the collection of tax revenues. Thus big data courses in India are going to be essential in a few years.

There is a saying “Today Data is the new Oil”. Data in today’s business & technology world is absolutely crucial. The Big Data technologies and initiatives are rising to analyze this data for gaining insights that can help in making strategic decisions. The concept evolved at the beginning of 21st century, and every technology giant is now making use of Big Data technologies. Big Data refers to vast data sets that may be structured or unstructured. There is a massive amount of data which has been produced everyday by businesses & users alike. Big data analytics is the process of examining large data sets to find the underlying insights & patterns. Data analytics field is absolutely vast.

The Big Data Analytics is indeed a revolution in the field of information technology. The use of Data analytics by the companies is increasing day by day. The primary focus of the companies is on the customers. Hence this field is flourishing in the area of B2C applications. There are 3 divisions of Big data analytics: Prescriptive Analytics, Predictive Analytics, Descriptive Analytics. There are four different perspectives to explain why big data analytics is so important. They are

  • Data Science Perspective
  • Business Perspective
  •  Real Time Usability Perspective
  • Job Market Perspective

Big Data Analytics & Data Science

The analytics involves the use of advanced techniques & tools of analytics on a data obtained via different sources & different sizes. Big Data has the properties of high variety, volume & velocity. The data sets are basically retrieved from various online networks, web pages, audio & video devices, social media, logs & many other sources.

It involves the use of techniques like machine learning, data mining, natural language processing & statistics. The data is extracted, prepared & blended to provide analysis for the businesses.

Benefits of Big Data Analytics

Due to enormous growth in the field of Big Data Analytics it is extensively used in multiple industries like

  • Banking
  • Healthcare
  • Energy
  • Technology
  • Consumer
  • Manufacturing

The importance of big data analytics leads to intense competition and increased demand for big data professionals. Data Science and Analytics is an evolving field with huge potential. Data analytics help in analyzing the value chain of business and gain insights. The use of analytics can enhance the industry knowledge of the analysts. Data analytics experts provide the organizations a chance to learn about the opportunities for the business.