February 2018

Big Data Analytics and The Future Ahead

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With the fast changing scenario of businesses and rising challenges to stay ahead of the times, a lot of organisations are trying to develop an approach that helps them to expand their business revenues while cutting the operational costs. Doesn’t it create scope for Big Data Analytics? explores Elets News Network (ENN).

One needs to first understand that the big data analytics is the use of advanced analytic methodologies against very large, diverse data sets that include structured, semi-structured and unstructured data, from different sources, and in different sizes from terabytes to zettabytes.

Where is this Big Data found?

It comes from sensors, devices, video/audio, networks, log files, transactional applications, web, and social media. A lot of is generated in real time and at a very large scale.

The analysis of big data allows analysts, researchers, and business users to make better and faster decisions using data that was previously inaccessible or unusable.

The Big Data Analysis helps organisations in finding scope of innovation and improvement by analysing the available data. It can also help individuals in building a successful career.

Companies seek to expand their operational structure keeping an eye on the future. They have large amount of data in every single area of research, deals creation, customer service, among others.

In recent times, there has been a sudden rise in demand of business analytics. The prime reason behind this surge is the data driven and technology focussed approaches that majority of organisations have willingly embraced.

A proper analysis of the data helps them to identify potential dangers for their company and framing of strategies for the areas that may help to boost revenue generation for the organisation.

In recent times, there has been a sudden rise in demand of business analytics. The prime reason behind it is the data driven and technology focussed approaches that majority of organisations have embraced.

But for how long is this scenario going to stay beneficial? Will it still be advantageous for a student graduating five or 10 years from now? Future of a business or career is solely dependent on market demand as well as its own versatility.

The major reason for growth of business analytics and intelligence is the fact that since the whole concept of analytics revolves around data, it is very challenging to successfully complete the course. Hence, there is a scarcity of
expert analysts.

According to Forbes (2015), there was a 123.60% jump in demand for InformationTechnology Project Managers with big data expertise, and an 89.8% increase for Computer Systems Analysts. It is expected to rise by every single passing day.

The Harvard Business Review quoted something very interesting — job of a data scientist is the sexiest job of 21st century. Now, who wouldn’t want to be one? According to the McKinsey Global Institute report, “By 2018, the United States alone could face a shortage of 1,40,000 to 1,90,000 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.”

Analytics is an ever-growing branch of study. Huge database is available in virtual form which has created a need for more effective and accurate data based decision-makers, which surely points a finger towards exponential growth in demand of business analysts.

Business analytics courses in India and who should opt for it?

So if you have been inquisitive about numbers and data, analytics is the career for you. It is a challenging task which requires high degree of conscious effort and smart work to put things in perspective. This data finally aids the process of decision-making that encourages growth of companies and organisations.

An ideal candidate is expected to be a statistics degree holder and/or a mathematics degree holder. Post graduation or a Master’s Degree adds value to it.

What to Expect?

An integrated master’s level programme curriculum, consisting of business data analysis and business intelligence – is quite popular since there are no effective full-time programmes in place for business analytics.

If you’re a person who is passionate about numbers and data, analytics is the career for you. It is a challenging taskwhich requires high degree of conscious efforts and smart work in order to put things in perspective.

Colleges to look up to:
Some of the colleges, which have either integrated business analytics in their regular course or are providing certificate courses, are:

  • MISB Bocconi, Mumbai
  • SP Jain School of Global Management, Mumbai
  • Indian Institute of Technology (IIT), Kharagpur
  • Narsee Monjee School of Management (NMIMS), Bangalore
  • Aegis School of Data Science, MumbaiIIM Ahmedabad
  • IIM Kozhikode
  • NIT Trichy
  • Great Lakes Institute of Management, Chennai
  • Narsee Monjee Institute of Management, Mumbai
  • Shailesh J Mehta School of Management at the Indian Institute of Technology, Mumbai

Top 7 Business Analytics Programme:

  • Certified Program in Business Analytics (CBA) – Indian School of Business
  • Executive Programme in Advanced Business Analytics from IIM Ahmedabad
  • PGPBA – Great Lakes Institute of Management, Chennai and Gurgaon
  • Certificate program in business analytics for executives (CPBAE)- IIM Lucknow
  • Executive Programme in Business Analytics – IIM Kolkata
  • Business analytics and Intelligence – IIM Bangalore
  • Post Graduate Programme, Praxis Business School, Kolkata
  • CPEE- Big Data Analytics & Optimization – International School of Engineering (INSOFE)

 

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