Why is data analytics course essential in Indian education?

In the modern era, data is all around us. Data analytics is a crucial area in the wake of digital changes. By 2026, the Indian data analytics market is expected to reach $118.7 billion, according to the India Brand Equity Foundation.

Therefore, it would be accurate to claim that throughout time, Data Analytics has evolved into a crucial component of enterprises and sectors. It offers insightful data on consumer behavior that boosts conversions and thorough market research that gives a competitive edge. And for this reason, one of the cutting-edge courses that is gradually gaining popularity is data analytics.

Data Analytics: Why we need it

For the benefit of the organization, data analysts analyze, examine, and glean important insights from the unstructured data that has been gathered. By using precise forecasting models, this data may be used to improve operational efficiency, increase conversions, develop new products, and reduce risks. The analysts perform data analysis and apply the knowledge discovered through insights across a variety of application domains.

To make data-driven decisions, examine market trends, and increase revenues, businesses require data analytics. Data analytics is being used in a variety of industries, including e-commerce, banking, financial services, operations, supply chains, and healthcare to mention a few.

The numerous uses of data analytics

The HR industry is one of the main areas in which this technology is used. Recruiters employ HR analytics, which is a data-driven way of decision improvement for HR services, specifically for talent acquisition. Another area where data analytics is heavily utilized is in the field of healthcare analytics.

Actionable insights from this area are then used to improve and guide crucial healthcare choices, thereby benefiting the patients. In this approach, patient care is enhanced, diagnoses are made more swiftly and precisely, and early preventive action can be performed.

Data analytics is a thriving new industry

IBEF predicts that India's market for data analytics would be crucial for the development of Industry 4.0, as well as open up numerous employment opportunities and enhance people's quality of life. According to the organization's most recent estimate, the Data Analytics sector is expected to generate more than 11 million new jobs by 2026, and investments in AI and ML learning will rise by 33.49 percent by the end of 2022 alone.

Businesses are shifting toward Data Analytics, so it makes sense for professionals and students alike to pursue this area as a promising career path. According to numerous industry statistics, the number of positions in data analytics and science increased by 30% over the previous year. ML Engineer and Data Science Specialist are the fastest expanding fields and will have in-demand employment responsibilities in the future, according to LinkedIn's Job on the Rise 2022 study.

The talent-skill gap is being closed by management schools

The need is great, yet there aren't enough people with the necessary knowledge and abilities. As a result, there is a large talent skill gap and a growing need for individuals with data analytics expertise. PGDM courses come into play in this situation!

The students who take these courses learn how to develop insights for important data-driven business decisions. They instill a holistic management philosophy in all analytical fields. The students have the opportunity to gain practical skills on a range of technologically driven integrated tools, analytic toolkits, and platforms. In order to enhance operational procedures and foster innovation, they also learn how to design automated ideal data-driven strategies for the companies or business units.

The business schools provide top-notch education opportunities. The students are encouraged to develop cutting-edge skills such as Data Analytics & Artificial Intelligence, Innovation & Design Thinking, Marketing Analytics, FinTech, Venture Capital, M&A, etc. through the usage of their industry-relevant curriculum. The corporate training programmes in data analytics are created in a way that allows students to gain a conceptual understanding of theoretical and abstract concepts, the big data ecosystem, the computing and programming environment, as well as business issues, and to stay up to date with all developments and innovations in the sector. In addition to working on live projects, students have the opportunity to network and gain advice from prominent academicians and business professionals at regularly scheduled sessions.

Data analytics is a rewarding professional path

Students who enroll in these executive management programmes have the chance to acquire the necessary combination of managerial and analytical abilities to work in the wide range of data-driven businesses where data analytics has applicability. It is a rewarding career path that offers attractive income packages and a wide range of work roles.

Among many other positions, one can consider finding job as a data analyst, data architect, statistician, project manager, chief data officer, and ML engineer. You can think about focusing in the area of your interest in a variety of fields and degrees. Forensic data analysts, for example, collect and safeguard digital evidence for criminal and cybercrime investigations.

Another area where experts examine data to identify trends and patterns is data mining. Because it is a profession that is in demand, the industry standards are such that data scientists and analysts are given enormous pay ranges. According to their expertise, data analytics professionals may expect to receive remuneration packages ranging from 5 to 18 lakhs, with an average salary of 8 lakhs.

In conclusion

The importance of data will increase in the future and is poised to transform several industries through automation and artificial intelligence. As a result, the fields of data science and analytics are promising. As businesses increasingly rely on ML, Big Data, and AI, demand for data science and analytics is rising sharply. Taking PGDM courses in this field can be a lucrative career option and add new abilities to your resume if statistics fascinate you and are your strength.

(The author is Information Technology, FORE School of Management, New Delhi)