In an era where the data is growing exponentially, businesses have to be smart enough and sort out what data needs to be retained and what should be scrapped. In fact, it is the most important determinant for defining the success of an organization. We all know that in any organization, there is a lot of data available, but not that all helpful. Albert Einstein was a genius and that’s why he had made this statement in that era which trues now as well. “Not everything that can be counted counts, and not everything that counts can be counted.”
What is Business Analytics?
Business Analytics is a huge subject; we can say a compact universe! Business Analytics helps in deciding how to use the data and what models can be used to make better business decisions. Business Analytics can be termed as ‘data science for businesses.’ While there are many models that can be used to take business decisions, business analytics assist in identification of the best possible model.
Business Analytics is a procedure/study that uses all the statistical data available in an organization to reach a constructive conclusion. Organizations hire business analysis experts who assess the previous reports of a company to understand if they are going on the right track. The past reports help them to evaluate whether the upcoming events are in favor of the organization or against it. In both the cases, it is beneficial for the company. If the enterprise is on the right track, they can still improve, and if they are not, then it helps them in finding solutions to rectify the same.
What is the Market Size of the Business Analytics sector?
Every day, lots and lots of data are created and consumed by individuals and organizations alike. From less than 10 zettabytes data in 2015, the data is expected to increase up to 180 zettabytes by 2025. As the data is growing, so is the investment in the various sectors like big data analytics, software, services and in data scientists sector. With so much data available almost everywhere, top companies like Amazon, IBM, Microsoft and Intel, all had to come up with a solution to use it effectively.
With a steep rise in investment in the subject, the data analytics market is believed to surpass the $200 billion mark as well. Now, this is an amazing figure!
As per a report by IDC, the worldwide data for business analytics is said to grow from $130.1 billion in 2016 to more than $203 billion in 2020 at a growth rate of 11.7%.
In fact, it is also said that by the end of 2017, the revenue growth would be doubled, when compared to the others. Basically, data would be used as a source to make money….actually excessive amount of money.
Demand-Supply Gap in future
As per reports, most of the companies are finding it hard to find and retain suitable data analytics talent, while a few others are still unable to find the right fit. The picture seems to be very hazy as of now, I’d say! Data analytics is a big deal, but do you know why? Simply, because the amount of data that is generated now fairly exceeds the data generated previously. This also increases the need to quantify and analyze the data.
As per the current scenario, a number of companies are struggling to find the right talent for business analytics. This clearly shows that in the future, demand for business analytics talent would grow even further while the supply is still limited. Great news for people already working in the field and even a better news for those thinking to join in.
There are multiple ways to kick start your career in the field of analytics and the best way is to get your self-certified. There are many analytics certification programs depends on the technologies offered by many universities and other institutions. Say,
There are Some Excellent Job Prospects in the field of Business Analytics!
As per a report by McKinsey, there is a shortage of close to 1.5 million business analyst in the United States. The shortage of experts in not only limited to the US but is a global phenomenon. There is an excessive demand for business analytics which means that the average salaries are much higher than the other options. Due to the huge demand, MNCs have, business analytics graduates work at great places. Some of the most prominent places where they work include:
Large Companies or MNCs
Own Startups or own companies
Banks or Finance Technical Organizations
Retail and Food Companies
Business Analysts are well-prepared that they would be working extensively with data and machines and develop skills which enhance their business decision-making skills. After the analysts are well-versed with all the required information and gain some experience, they go ahead to lead the analytics team and the organization as well. Yes! After gaining some substantial insight and experience, they also go on to be a part of the management team.