Data analytics course: How it helps in your career

Technology and data are pervasive in the digitally driven times we live in. Data analytics is one of the significant markets today because of technological improvements. India Brand Equity Foundation predicts that the country's data analytics market will reach $118.7 billion by 2026. Therefore, it is accurate to say that Data Analytics is now an essential part of businesses across all industries. It offers extensive market analysis together with practical insights into client behavior, giving businesses a competitive edge. And for this reason, one of the modern - day courses that is progressively gaining popularity is data analytics.

The importance of data analytics

The huge amounts of unstructured data that have been gathered for the sole goal of organisational growth are translated, measured, and insightfully captured by data analysts. Through precise forecasting models, this data can be used for increased sales, product creation, better operations, and risk reduction.

The analysts perform data analysis and insight gathering. This information is also used in several businesses and process domains.

Data analytics are becoming absolutely essential for enterprises. It assists them in gaining knowledge of market trends and in making data-driven decisions that maximize earnings. Data analytics are used extensively and in many different fields. Just a few industries where technology is making a mark include finance, E-Commerce, banking, logistics, supply chain, healthcare, etc.

The findings are put to use to provide solutions for challenging business issues and promote organizational growth. Additionally, they give businesses information on the preferences and experiences of their customers, allowing them to tailor their products and services to meet the needs of their target market. The cutting-edge technology of data analytics makes it possible to analyze consumer behavior and come up with novel marketing ideas, which further opens the road for consumers to develop into devoted patrons.

Data analytics has various uses

Data analytics as a technology has many different uses. The usage of it in the field of human resources is one of its key applications. HR analytics, a data-driven strategy that aids in talent acquisition, enables recruiters to take advantage of this technology's promise for finding suitable personnel. Capturing insights that enhance healthcare decisions and help patients is another area where technology is being used.

Treatment analytics have improved patient care, made diagnoses more precise, and made it easier to provide rapid and preventive healthcare.

Financial analytics is another area where data analytics is used to estimate the organization's financial future and find solutions to specific business difficulties. By assessing operations, budgets, and other transactions, the insights offer information on the company's financial situation and aid in business expansion. The government, in addition to the private sector and businesses, is employing data analytics to improve state affairs, local governance, ensure public welfare, and find solutions to larger-scale problems.

The in-demand skill set is data analytics

According to IBEF projections, the Indian Data Analytics industry is expected to be a major force in advancing the fourth phase of industrialisation. Additionally, it will aid in opening up a variety of job prospects. The study also highlights the industry's predicted job growth of nearly 11 million by 2026. By the end of this year, it will also see a 33.49% increase in investments in AI and ML learning.

Data analytics is quickly becoming a popular career choice for students as a result of how quickly businesses are adopting it. So, choosing to work in this industry becomes the best job choice for both professionals and students. There has been a 30% increase in Data Analytics and Science positions this year compared to previous year, according to numerous industry reports. ML Engineer and Data Science Specialist are the fastest expanding segments and are anticipated to be in-demand employment roles in the next few years, according to LinkedIn's Job on the Rise 2022 study.

B-schools filling the talent-skill gap

Data analysts are in great demand. The truth is that there is a shortage of talent with the necessary skill sets. As a result, there is a substantial personnel skill gap and a rising demand for employees with data analytics expertise who can lead enterprises with a data-driven strategy in the future. This is where PGDM courses in data analytics come into play!

These programmes support the students in decision-making that is data-driven and supported by insightful information. They engage in all forms of analytics education, with a particular emphasis on management. Along with academic knowledge, the students also have the chance to gain practical experience using a variety of tech-driven integrated tools and analytical platforms.

Additionally, they gain knowledge on developing automation-aided data-driven strategies that would help improve business operations and spur innovation.

The management schools provide educational opportunities at a global level. Their industry-relevant curricula place a strong emphasis on equipping students with cutting-edge abilities, including those in Data Analytics & Artificial Intelligence, Innovation & Design Thinking, Marketing Analytics, FinTech, Venture Capital, M&A, etc.

The corporate data analytics training programs are created in a way that gives students a thorough understanding of the big data ecosystem, computing, and programming environment, as well as business acumen and the ability to stay ahead of the curve while following market developments and innovations. Additionally, students engage on real-world projects and get the opportunity to network with business titans. Through sessions that are held on a regular basis, they look for mentoring from the subject matter experts and reputable academicians.

Data Analytics: A popular career field

Students that enroll in such executive management programs grow in a balanced set of managerial and analytical abilities. This enables students to establish themselves in the field of data analytics and pursue their interests across a wide range of data-driven enterprises. The field is viewed as a highly lucrative work option with a wide range of job roles and high pay scales. The industry norms pay data scientists and analysts high salaries due to their in-demand skill. The range of income for professionals is roughly between 2 lakhs and 12 lakhs. According to the professional's experience and skill set, the average income is predicted to be approximately 4 lakhs.

Job applicants can apply for positions as a data analyst, data architect, statistician, project manager, chief data officer, and ML engineer, among many other positions. You can choose a specialty according to your interests from a variety of subjects and degrees. Forensic data analysts, for example, aid in the recovery and security of digital information related to criminal and cybercrime investigations. Data mining is a different area of specialization where experts examine data to identify patterns and trends.

In conclusion

Data is predicted to be the driving force behind corporate disruption across all industries. So it makes sense to say that careers in data science and analytics are looking promising. The need for Data Analytics is rising dramatically as businesses depend more and more on AI, ML, and Big Data. People who are interested in working with statistics and insights might think about enrolling in PGDM courses in this area since it can be a rewarding career choice!

(The author is a faculty at IT Management, FORE School of Management, New Delhi)