Future Scope of Business Analytics

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According to the estimates by various sources, by the year 2025 over 163 zettabytes (i.e.1 followed by 21 zeroes) of data would be generated. Interestingly, most of it will come from the IoT devices that are connected to the Internet. They have sensors that help them gather data. The world of business would be the greatest beneficiary of these data which can help to draw patterns and insights. Today, data analytics has become the core of business world thus compelling the organizations to get digitally transformed. A thorough analysis with the analytics tools would help enterprises to chart out their growth strategies.

Data analytics is the job of a specialist and a PGDM in business analytics would help a person get a leg up when looking to make a foray into the field and will stand you in a good steed to succeed.

The discipline of business analytics as a career will continue to thrive, experiencing exponential growth in the future. As data is today gaining the status of being central to business operations, the enterprises are always looking out for professionals with degrees in Business Analytics who can guide the companies into making data-driven decisions that are smarter, and faster. Specialist professionals who have deep analytical skills are in great demand. For many of the firms in Mumbai wanting to hire these specialists in data analytics will find that many of them come from the PGDM colleges in Mumbai. Also, they have in-depth knowledge of manipulating Big Data and will be highly sought-after.

With globalization, a lot of similarities pervade the businesses, across the world. Most of the Businesses today apply similar standards and practices in their operations as they are trying to create a level ground to face the intense competition. In a metropolis like Mumbai, one can do such a specialist course from Vivekanand Business School. In today’s world, the difference between success and failure in business would often depend on the quality of the data-driven decision-making. The discipline of business analytics offers the tools necessary for businesses that they can leverage to aid in a faster and easier, yet precise business decision-making.

Businesses, across the world, are today incorporating analytics into their systems in order to understand their stakeholders, especially the customers better. At the same time, the advancements in Artificial Intelligence and other tools that help in making accurate predictions today continue to scale up and also redefine how business analytics is executed. Business analytics’ scope in the future will be characterized by the smart data capabilities, by machine learning, and the automation of the whole gamut of the analytic process.

For a student who is a denizen of Mumbai, there are several institutions where they can get the requisite training to enter the field. The MBA colleges in Mumbai are among the better known institutions that offer training in business analytics. As expected, the enhanced capabilities of the analytical tools to handle many of the complex business data would surely increase the demand for these tools. It will ultimately drive the growth of the field of business analytics.

At the same time, such dramatic growth has also been effected by the wide adoption of the business analytics platforms that allow for the deployment of the Cloud. This has had a positive effect on not only the cost front, but also from the point of view of the time with regards to business analytics. An indication of the future growth for the field of analytics is proved by the rising quantum of investments flowing into the development of analytic tools. These tools would help to analyze the real-time as well as the streaming data. On the demand side, the increasing use of smartphones and the digitalization being adopted across industries are the two other driving factors.

The main drivers of Business Analytics include analytics playing an important role as the Internet of Things (IOT) will continue to grow rapidly. Also, the analytics tools and methods for dealing with the large quantum of structured and unstructured data generated by IOT will continue to gain in importance.

Corporations will feel a greater need to monetize the data they have generated for their own financial gains and to add to their revenues. The boost in demand for Data Scientists will lead to a rise in demand for people who have both the quantitative analysis skills and also the ability to tell stories of their data in a compelling and visual manner. The future for Business Analytics is bright and the demand for professionals to join the field would remain high for a long time to come. As a result the salaries too are on the higher side.

 

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- Hetal Palan