BIG DATA AND ANALYTICS
The way business was done a few decades before and how it is done today is so much different.
What are the main differences?
a) Scale – small to medium to large
b) Reach – local to international
c) Technology – on a continuous change and upgradations
d) Options – Multiple products, multiple services
e) Competition – Multiple players
f) Approach – from supplier centric to customer-centric
All these create complexities, complexities create problems and problems create opportunities.
THE IDEA OF BIG DATA
How do organizations work effectively and ensure growth?
Only if they take the right decision
at the right time and at the right place. And for that, information is required, which means data is required.
What are they?
Numeric data, texts, images, audio, video (Variety) …all flowing
in at a great speed (Velocity) and in huge quantity (Volume), thanks to technology and social
media. Last, but not least is the truth or accuracy of data (Verity). Thus, comes the concept
of BIG DATA.
Thus, Big Data and Analytics – Streams and Options based on the characteristics of Big Data, it can be classified into three main streams :
a) Big Data Technology – this focusses on creating, building the infrastructure of storing this
Big Data and also a collection of Big Data such as Hadoop, Spark, Scala, Cloud Computing
(such as AWS), etc. Big Data Technology while focusing on the collection of data, brings in
the concept of Internal of Things (IoT) which becomes one of the sources for Big Data
Collection. Persons who have flair for programming skills, IT systems find it comfortable
to choose this stream to Big Data Engineer or Big Data Technologist or Big Data Architect.
science behind the data and build models for prediction using simple programming tools
like R or Python and more importantly Statistical Modelling concepts for Predictions
(Predictive Analytics). The candidates who get trained become Data Scientist or Data
Analyst. The advanced level of Data Science brings in Machine Learning which further
leads to Artificial Intelligence.
expectations of the stakeholders in order to provide optimal solutions for suggesting the
models for building algorithms for Predictions which eventually are used for Business
(Organizational) Decision Making. The candidates get trained in this stream to become
Business Analytics Professional or Specialists. Business Analytics is a step further than
Business Analyst in as much as it takes into account the environment and complexities of
Big Data and Analytics – Opportunities
Data Analytics and Big Data Technology is rapidly being adopted by companies across various
Sectors, Fields, Functionalities like BFSI (Banking, Financial Services, and Insurance), Healthcare
(including Hospital Management, Patient Care, Clinical Care etc.), Supply Chain Management,
Logistics, HR, Marketing (including Digital marketing), and so on.
Analysts/Scientists, these are some taken from published or trending information.
2. The overall demand for analytics in the next 10 years is Million plus jobs conservatively.
3. According to McKinsey Inc, the United States alone faces a shortage of 190,000 people with
analytical expertise and 50,000 managers, by 2018.
4. It will get increasingly more and more demand outstripping supply with the Industrial Internet, “Internet of Things” and other 10 disruptive technologies that are fast emerging.
5. India alone needs nearly Million Big Data and Big Data analytically trained talented people in
the next 5-10 years.
The Future Ahead – Are you Ready???
The whole world needs Data Scientists, Big Data Technologists, Business Analytics, IOT
professionals. Forget the world! India with its current focus of Smart Cities, Digital India, StartUp India, Stand-up India, and other developmental initiatives can become one of the Super
Economic Power only if it is able to match the requirements of the business world, technology
and other opportunities happening around the world.
jobs drawing the best of human intelligence.
For more details visit: www.instituteofanalytics.com