Data is the chief resource of a digital economy and owing to the rapid advance of digital technologies we are expected to create 40ZB (= 1 billion terabytes) of data within 2020. India alone will account for 4% of all the data and thus business organizations in India are eager to utilize at least a fraction of that data to achieve specific goals and perform better. In comes business analytics with its cutting edge tools and intelligent data processing systems. With the help of skilled business analysts businesses in India are able to utilize data resources with amazing results! As a result India is among the top ten big data analytics market of the world with Nasscom aiming to put India among the top three.The overall analytics market in India is growing at a steady rate of 23.8% CAGR and it was estimated to be worth USD 2.03 billion.
Capabilities of data analytics:
Data analytics when adapted and implemented for business purposes is extremely beneficial for companies. Let us take a look at some of the capabilities of business analytics-
- One of the greatest capabilities of business analytics is its ability to predict things accurately. For instance, Google utilizes data to predict search queries and YouTube recommends content by predicting the user’s taste. Indian companies like Swiggy and Flipkart uses advanced data analytics models for predicting consumer’s habits thereby serving the customers better. Interestingly the net revenue of Swiggy was Rs 442 crore in FY 2018!
- Business analytics enables businesses to discover market insights and unravel future trends efficiently. Reliance Jio’s tremendous success in the recent years vouches for this fact. The company accurately predicted that how ‘data’ will be the primary product in the telecom industry and utilized that information to emerge as the largest company in the market.
- Data analytics can be immensely helpful in cutting costs and saving time. Oil giant Shell suffered from machine failure for a long time which adversely affected its revenue and wasted a lot of its precious time. However, with the help of data analytics platform Shell now can anticipate machine failures beforehand and save millions of dollars!
Impact of Data analytics on India’s employment sector:
Adaptation of digital technologies like data analytics has deep impact on India’s employment sector. Proper use of business analytics means increase in automation. Consequently, both the blue collar and white collar jobs are losing relevance in India. Moreover, all the highly performing industries in India like – IT, Media & Entertainment and E-commerce are recruiting professionals with skills in analytics. This is why a data analytics or business analytics course can be immensely beneficial for job aspirants in India.
Moreover, a flourishing analytics industry is in continuous need for skilled professionals and a talent gap in India is creating huge demands therefor job is assured. Presence of Industry giants like Netflix, Amazon and Google in India means a plethora will opportunity will greet you after a business analytics course.