Like your potato chips spicy? Someone wants to know
WANTS AND NEEDS Organisations’ dependency on big data to drive business is fuelling a demand for people with skills in analysing big data
The use of big data in organisations across industries has fuelled the demand for people with skills to analyse it. This has led to the growth of analytics as an important tool for businesses. According to McKinsey & Company, a global consulting firm, there is going to be a shortage of around 2,00,000 analysts with the required skills to decode big data in the next two years.
Today, the application of analytics spans across all industries – from banking and healthcare, to retail and sports. In other words, if you are good with numbers, the analytics domain offers you an opportunity in any industry that interests you. Math in Class 12, followed by a graduation in STEM (science, technology, engineering or mathematics/science) can help launch your career in analytics.
THE RETAIL INDUSTRY Predictive analytics allows retailers to predict their customers’ behaviour by analysing data from their past buying behaviour such as purchase frequency, tastes and preferences. Marketers can implement individualised sales promotion schemes along with other marketing incentives to boost customer transactions and sales. By registering your information (such as your mobile number or email address) retail outlets keep tabs on what kind of products you buy and when you buy them. For example, if a customer regularly buys baby diapers, retailers will direct special offers and discounts for all baby products to these customers. In sales and distribution, analytics plays an important role in ensuring that products are efficiently distributed across every retail outlet. Additionally, the type and number of products to be distributed and displayed in individual retail outlets can be accurately determined when crafting a merchandise plan. Forecasting demand helps in inventory management and identifying potential venues for merchandising efforts. For example, different variants of potato chips may be preferred in different parts of the country. By analysing the sales and demand for these variants, distributors can ensure that the right variant reaches the right locations.
HEALTHCARE INDUSTRY This industry has benefited tremendously from the application of analytics extracting critical information about patients. Not too long ago, medical prescriptions tended to follow a “one size fits all” approach, where patients with similar symptoms would be told to follow similar treatment. Now that analytics is the rage, data can now be organised and data on each patient can be examined further to customise medical prescriptions to his or her needs.
The art of predictive analytics has proved to be life-saving. Data has been used to forecast emergencies, flu outbreaks, and complications that may be fatal in nature hours, days or even weeks before they occur. The Columbia University Medical Centre applies predictive analytics on the data of patients with brain wounds. By providing this information to medical professionals on time, the later can make critical decisions to treat potential complications.
THE SPORTS INDUSTRY Technical advancements have made it possible for coaches to monitor each player’s speed, heart-rate and acceleration with the help of devices that can be worn by the players while practising. Data from these stats help coaches to determine who their star player is, who would be in a condition to play further and who would need to be rested.
Data can also be collected live from the field where all the action happens. Minute details which could be missed by the naked eye can now be recorded in real-time, and with the help of analytics, instant results can be obtained. For example, tags attached to sports equipment, balls and players can detect their speed, distance and predicted movement and transfer this data in a matter of milliseconds. Once this data is analysed, key decisions, such as whether a player should be out or not, or whether a team made a goal or a foul, can be made. I’m in the second year of biochemical engineering at USCT, GGSIPU, Dwarka. I want to know if the discipline has a future and where can I apply for summer internship? What are the career prospects in this field in India?
— Rishi Sharma Biochemical engineering is a relatively new field, particularly in India, which applies technological advancements to biological materials. As a branch of chemical engineering, the scope is diverse as it involves areas like immunology, bioinformatics, nanobiotechnology, biophysics, microbiology and tissue culturing. There is great amount of research being conducted in this field as it deals with process engineering and designing for bio production processes, and is being used to replace some of the chemically synthesised I am a 19-year-old girl studying in college. I have always been a bright student. Of late, I am not able to concentrate on my studies because of marital conflicts between my parents. Now I am left with very few friends and feel that nobody understands me. Please tell me how I can maintain my self esteem.
— Deeply despairing You just need to build a positive self-image and work on positive thoughts. If you think marital problems between your parents are affecting your studies, you can help them understand this. Talk to them and share your feelings. Help them resolve their issues