Why is data analytics popular among students across streams
In the current times, data is everywhere around us. In the wake of digital transformations, data analytics is one of the important segments.
According to India Brand Equity Foundation, the Indian data analytics industry is projected to touch the $118.7 billion mark by 2026.
Hence, it would be appropriate to say that data analytics has become an integral part of businesses and industries over the period of time.
It provides valuable insights into customer behaviour that helps in conversions and detailed market analysis thereby providing a competitive edge. And this is the reason why Data Analytics is one of the new-age courses that is gradually gaining prominence.
The need for data analytics
Data analysts interpret, analyze and extract valuable insights from the unstructured data that has been collected for organizational success. This data can be leveraged for increased conversions, product development, improved operational efficiency, and minimization of risks through accurate forecasting models.
The analysts analyze the data and apply the knowledge gathered via insights into a wide range of application realms.
Businesses need data analytics to make data-driven decisions, analyze market trends, and maximize profits. The application of data analytics is witnessed across sectors including E-commerce, banking, financial services, operations, supply chain, healthcare, etc. just to name a few. The insights gathered are used to solve complex problems and help in organizational growth.
Analyzing the customers’ experiences allows businesses to tailor their products and services as per their requirements. They also use analytics to examine their consumers’ behavior and conceptualize innovative strategies accordingly that will persuade them to become loyal cusfrom
tomers.
The diverse application of data analytics
One of the major applications of this technology is in the HR domain. HR analytics is the datadriven method of improving decisions that impact HR functions and recruiters use this technology for talent acquisition specifically.
Healthcare analytics is another field where Data Analytics is used extensively for extracting actionable insights that are further used to inform and improve critical healthcare decisions thereby rendering benefits for the patients. This way patient care is improved, diagnosis becomes all the more fast and accurate, and preventive measures can be taken well in advance.
Financial analytics is another domain where Data Analytics is used to answer specific business questions as well as forecast possible future financial scenarios. It gives insights that offer benefits for the organizations in terms of financial and business growth by evaluating operations, projects, budgets, and other financial transactions. In fact, not only corporates but even the government is using data analytics for improving city governance, enhancing public welfare, and dealing with major issues.
Data Analytics: The booming new-age career field
According to IBEF, India’s Data Analytics market is expected to play a vital role in the future of Industry 4.0 as well as will create significant career opportunities and improve lifestyles. The organization in its recent report further states that the Data Analytics industry is projected to create more than 11 million jobs by 2026 and will witness an increase in investments in AI and ML learning by 33.49% by the end of 2022 alone.
Since businesses are transitioning toward Data Analytics, it becomes a strategic move for the students and professionals as well to pursue this field as a viable career option. Various industry reports highlight that Data Analytics and Science jobs have grown by 30% this year as compared to last year. As per Linkedin’s Job on the Rise 2022 report, ML Engineer and Data Science Specialist are the fastest growing domains and will be in-demand job roles in the future.
Management schools bridging the talent skill gap
While the demand is immense, the people with the required expertise and skillsets are lacking. Hence, the talent skill gap is significant and there is a surging demand for professionals with data analytics skills. This is where PGDM courses enter into the picture!
These courses help the students in building insights for impactful data-driven business decisions. They inculcate a holistic approach of management in all the disciplines of analytics. The learners get a chance to develop hands-on capabilities on the technologically driven variety of integrated tools and analytic toolkits and platforms. They also gather skills about building optimal data-driven strategies for the organizations or business units in an automated fashion to improve operational processes and bring innovation.
The B- schools offer global quality educational experiences. Their curriculum is industry-relevant and focuses on fostering cutting-edge skills such as Data Analytics & Artificial Intelligence, Innovation & Design Thinking, Marketing Analytics, Fintech, Venture Capital, M&A, etc. amongst the learners. The corporate training programs in Data Analytics are designed in such a manner that students acquire a conceptual understanding of theoretical and abstract concepts, big data ecosystem, computing, and programming environment, as well as business problems and remain abreast with all developments and innovations in the industry. Apart from live projects, students also get a chance to network and seek guidance industry experts and renowned academicians via sessions that are conducted regularly.
Data analytics: A lucrative career field
Undertaking such Executive Management Programs, the students get an opportunity to develop the appropriate balance of management and analytical skills so as to work in the diverse set of data-driven industries where Data Analytics has applications in. It is a lucrative employment avenue that comes with handsome salary packages and a myriad of job roles.
One can look at securing employment across roles of Data analyst, Data architect, Statistician, Project Manager, Chief Data Officer, and ML engineer amongst many more. There are different types of fields and degrees that you can consider specializing in the field of your interest. Forensic data analysts for instance retrieve and protect digital data related to criminal and cybercrime investigations. Data mining is another field wherein professionals analyze data to decode trends and patterns. The industry standards are such that data scientists and analytics are offered huge pay scales since it is an in-demand skill. As far as salary packages are concerned, data analytics experts can earn anywhere between 5 lakhs to 18 lakhs with an average salary of 8 lakhs as per their experience and skill sets.
Summing up!
The impact of data is going to grow in the future and is all set to revolutionize various sectors through Artificial Intelligence and automation. Hence, Data Science and Analytics are promising career fields. As organizations are relying on ML, Big Data, and AI, the demand for Data Analytics and science is surging significantly. If numbers excite you and are your strength, then pursuing PGDM courses in this domain can be a lucrative career option and also add new skills to your resume.
The author is professor, FORE School of Management
The Global Rainbow Foundation Charitable Trust, kick started their operations in India in collaboration with the IIT Madras Research Park (IITMRP), India’s first university-based research park, and Torchit. The event brought together over 50 People with Disabilities (PWD), in addition to experts across the disability domain and incubated assistive tech startups from the IITM Incubation Cell. At the launch, ten AI powered “Smart Canes” developed by Torchit, were also distributed among beneficiaries by Hunny Bhagchandani, Founder, Torchit Electronics. Ashok Jhunjhunwala, president, IIT Madras Research Park, IITM
Incubation Cell & RTBI, said, “IITM Research Park and IITM Incubation Cell have decided to have a major focus on getting India to be a leader in Assistive Technology which is useful for people with disabilities. Thus, we are very happy to support the Global Rainbow Foundation in their endeavours.”