According to a projection by the International Data Corporation (IDC), the total amount of the data generated across the globe will reach 163 Zettabytes. Moreover, as per the same projection, 60 percent of the 163 Zettabytes data will be there & managed by the enterprises. This number goes all the way to make us comprehend why data is the new oil!
Students & professionals, at this point, must be able to get a top-level picture of the whole Big Data paradigm. It is also easy to infer that Data is only as good as the insights it provides. To make sense of the numbers on a given spreadsheet, Data Analytics is comes in picture. When it is there for a business-case, it becomes Business Analytics.
Every data has a story to tell, and Businesses listen to it via Analytics.
In this post, we will learn as to why Business Analytics is the next big trend in the job market and how can you leverage this opportunity.
Let us get started!
Wide Business Applications & Scope
Business Analytics has a vast array of applications for the optimum functioning and growth of an enterprise. In fact, new applications and data insight models are being coming every now & then. This is the prime reason behind the sharp rise in demand of professionals skilled in Data & Business Analytics. To get a high-level understanding of Data Analytics use-cases for enterprises, refer to the below points;
- Sales & Marketing Projections
- Customer Relationship Management
- Research & Feedback for Product/Service Development
- Supply-chain Management
- Customer Acquisition & Retention
- Competition Analysis
The crux is that a skill Business Analytics professional will be automatically endowed with a plethora of career opportunities.
Real-Time Business Decisions
One of the most sought-after capabilities a business looks for is swift decision-making that lands it at a higher place. Consider this- A Big Data insight reveals that for every two degree increase in the ambient temperature, the check-ins at ice-cream parlors increase by 2% (Source). Now, imagine how a big ice-cream chain can leverage this information to their advantage! For instance, they may introduce quick discount offers/coupons at their parlors as soon as they register rise in ambient temperature. This is not just to increase sales, but check-ins, acquiring new customers, etc. Business Analytics professionals are expected to figure out such insights for the businesses that drive in big-bucks.
Operations & Process Optimization
Every organization, especially the enterprises, aims to optimize their operational efficiency to minimize the overall efforts and maximize the overall profits. However, too many variables and human intervention make it a tedious task and a life-long exercise of ‘constant improvement.’ Here, Business Analytics step-in to save the day. For e.g. if a business is looking to minimize its manufacturing waste, Big Data Analytics might tell the managers about optimum production demand, material procurement volume, time-lapse charts at different stages, and prescriptive measures to uplift the bottom line.
How Can You Leverage this Opportunity?
Like any other industry, the journey into Business & Data Analytics starts with the acquisitions of relevant skills. PST Analytics provides the industry-relevant Power BI Training, Tableau Training & Python Training to the students and professionals looking to supercharge their career. Once you break the ice with the right training from highly-qualified faculty, sky is the limit in this domain.
So, get start with Business Analytics Training today and create a rewarding career for yourself! Until next time. Happy Learning!!