Business Analytics have become vital for the growth and
development of the companies1 of
today. Large investments are being made in big data analytics to make better
business decisions from past data. This past data is being generated by
different sources such as business people, marketing, education, engineering,
medicine, social media, on-line transactions, call centers, sensors, web logs
and telecommunications.
Need for the right analysis:
In this day and age, when the economy is challenging and
the business landscapes are changing faster than ever, it is critical for
organizations to focus on their critical business issues. It is also useful to
understand the nature of these challenges. With increasing competition and
plenty of options, consumers are always on the look-out for the
next-best-thing. Business Analytics plays a very important role here as it uses
statistics and tools to decode consumer insights. This is done based on accrued
data, and Business Intelligence that garners key insights that can help predict
future behavior, in effect, helping businesses run better. The latest
developments in Business Analytics’ technology are playing a crucial role in
automating the analysis process. It is also enabling both data analysis experts
and business users to interpret data more easily and quickly. Business
analytics are key differentiators, which provide a competitive edge to
companies across industries.
The Indian talent pool:
Experts believe that In1dia
is amongst the leaders in the talent markets. Its success with the IT sector
for the last two decades, strong entrepreneurship culture and English language
skills have helped India to stay ahead of China and Eastern Europe in the
domain of Analytics. The scope is huge in India as many more companies from
abroad are outsourcing their analytical requirements to India.
Scope of Business Analytics in India:
The scope in the field of business analytics is ever
expanding and is helping it becomemainstream as companies of all sizes and
analytics skill levels get into the big data game.Exploring business analytics
needs the right focus, right technology, right people, right culture and top
management commitment. Companies like IBM, Accenture, and Deloitte are using
business analytics tools and coming up with decisions that are useful and
profitable.
One needs to acquirea particular skill-set to succeed in
a business analytics career. Inquisitiveness, interpretation skills, thorough
understanding of tools and methods, ability to do in-depth research and
quantitative skills are vital to excel in the subject. Sensing the need to
create a workforce that understands the field and is trained to tackle the
complex issues related to business analytics; Indian institutes,in association
with several premiere colleges, are offering regular as well as executive
business analytics courses. Apart from the regular colleges, there are several
analytics training institutes that are offering their own business analytics courses
or are in collaboration with renowned institutes.
Promising future trends:
Experts
believe that the following trends will dominate the world of analytics in 2015.
Analytics
will play an important role in data security. Analytics are already
transforming intrusion detection, differential privacy, digital watermarking
and malware countermeasures.
The Internet
of Things (IoT) will continue to grow rapidly in 2015. Analytics tools and
techniques for dealing with the massive amounts of structured and unstructured
data generated by IoT will continue to gain importance.
Companies
will voice their need of routinely monetizing their own data for financial
gain.
Growth of
Cognitive Analytics.
Relevance of
‘Open Source Solutions’ will regain momentum.
Focus on Tax
Analytics- This will simplify the process of recovering overpaid transaction
taxes and helping to prevent future overpayments.
Boost in
demand for Data Scientists- a hunt for people who can balance quantitative
analysis skills with an ability to tell the story of their data in compelling,
visual ways.
Companies
would become over-critical and cautious about Data Accuracy.
Basis
the aforementioned elements and points, it would not be wrong to say that the
demand in the Business Analytics market would grow at an impressive pace in the
upcoming years.
