How Data Analytics is turning to be a Game Changer for a Fruitful Career
In the past decade, according to World Bank, internet usage doubled from 20% in 2018 to 41% in 2019 and is anticipated to add more than 900 million users by 2025. Such extensive use has given rise to growth in the data analytics industry. Moreover, a year-on-year increase of a record 26.5% was recorded in the data analytics industry.
With such a huge demand, data analytics is a lucrative profession. The Big data analytics courses in india are on the rise. The PGDM in business analytics offers a good career option. The process of cleaning, converting, and modeling data to find helpful information for business decision-making is called data analytics.
PG diploma in business analytics guides students in processing data sets that are complex and large to process using traditional methods. Medicine, finance, and marketing are the fields where such analytics are required. The purpose remains to gather raw data, process it, and make useful information out of it. Business analytics helps to track the spread of diseases in medicine. In finance, it is used to predict market trends, whereas in marketing can be used to target potential customers.
Types of Business Analytics
Descriptive Analysis
Descriptive analysis is the first type of data analysis. It serves as the foundation of all data insight. It is the most common and most straightforward of data in business. The past data is summarized in dashboards to understand what happened.
Tracking Key Performance Indicators is the most prominent use of descriptive analysis. The business's performance is evaluated using Key Performance Indicators (KPIs) based on the chosen benchmarks. The next step is to dwell deeper and ask why did it happen. The diagnostic analysis answers why did it happen.
The Diagnostic Analysis
It deals with finding the root cause of the problem by taking insights from the descriptive analysis. Such analysis is conducted to connect data and identify behavior patterns. Creating detailed information is a critical aspect of diagnostic research. It helps if you have already collected enough data related to the issue in the future. Furthermore, access to data at your disposal makes you repeat work and makes all problems interconnected.
Predictive Analysis
As the name suggests, this analysis anticipates the future based on past data trends. Predictions about the future are based on it. It further aids in logically predicting future results based on past summarized data. Detailed and reliable data helps to make accurate predictions. This data relies on statistical modeling for forecasting. Many organizations struggle with predictive analysis, whereas diagnostic and descriptive analysis is standard business practices.
Prescriptive Analysis
Only a few organization carries the expertise to perform it. It is the final type and most sought-after data analysis. It is used to decide the course of action to solve the current problem. The prescriptive analysis employs data practices and state-of-the-art technology.
Students who receive a post-graduate diploma in data science study all types of data analytics. Major data-driven companies (Apple, Facebook, Netflix, etc.) are currently employing AI and prescriptive analytics to improve decision-making. With the technological evolution, more professionals are getting diplomas in data analytics, and more companies will enter the data-driven realm
Big data analytics enables organizations to harness data and explore new opportunities. It leads to more efficient operations, higher profits, innovative business moves, and happier customers. Using big data analytics allows companies to gain value in many ways, such as
To make Quick & Better Decisions.
It helps businesses make fast, informed decisions by using in-memory analytics to analyze new data sources, such as streaming data from IoT.
To Develop and Market New Products & Services.
By gauging customer needs and satisfaction, organizations can meet customers' needs. Customers' ever-changing needs can be met with big data analytics to develop innovative new products.
Cost Reduction
Reduces costs of storing large amounts of data with big data technologies like cloud-based analytics. Organizations can find more efficient ways of doing business by analyzing big data
Ultimately, data analytics is the future and offers a great career option for students or working professionals looking to upskill. PGDM in business analytics offers students a bright career and will expose students to statistical concepts, data management, big data, and building intelligent systems using emerging technologies like artificial intelligence, machine learning, deep learning, blockchain, and related tools, techniques, and algorithms.
Moreover, Post Graduate Diploma in Management (Big Data Analytics) is an AICTE-approved Two-Year Full-Time program at the Asia Pacific Institute of Management allows students to earn the skills, technologies, applications, and processes to be ready for industry to work as business analysts. PG Diploma in business analytics is a job-oriented demanding program that enhances the students' career prospects.