The idea is to go from numbers to information to understanding.
So, why Analytics?
According to the International Institute for Analytics (IIA), the world will create 180 zettabytes of data (or 180 trillion gigabytes) in 2025, up from less than 10 zettabytes in 2015. This momentous growth of data is ushering in a Fourth Industrial Revolution – Digital Business Transformation.
No surprises then that the big data analytics market is expected to surpass $200 billion, with worldwide revenues to grow from $130.1 billion in 2016 to more than $203 billion in 2020, at a compound annual growth rate (CAGR) of 11.7%.
Is this upswing here to stay? There are definitely no doubts about that.
Analytics - collecting, processing, analyzing and interpreting data to derive insights has and would continue to give an edge to enterprises that believe in it’s power. Data Science has proven to be instrumental in enabling better business decisions and an accurate study of the impact of such decisions. A past Harvard Business Review study stated that top businesses are generally 6% more profitable than their peers when they rely on data-enabled decisions. Data Science can make more exact predictions about the future where both human intuition and experience fail. With Data Science, businesses no longer have to depend on guesswork.
As the Data Analytics industry makes huge strides, these are some of the key trends
we can expect to see in 2017:
Machine Learning will be necessary
Claudia Perlich, Chief Scientist at Distillery and Adjunct Professor at NYU, confirms that given the close relationship of Data Science and Machine Learning (ML), the future business analytics world will not be able to survive without ML. Perlich expects that as ML is increasingly becoming more relevant to Data Scientists, a basic skill level in Machine Learning will soon become mandatory to even begin a career in Data Science!
Internet of Things (IOT) will rule
We are surrounded by data capturing devices. And as an obvious result, BI solutions capturing and harvesting real-time data are fast emerging. According to GE’s Industrial Internet Insights Report, the Internet of Things (IoT) market will contribute between $10 and $15 trillion to global GDP in the next 20 years.
Big Data – the Big Boss
Big Data technologies today are more critical than ever for the success of Data Science initiatives. Big Data investments would continue to see huge increases. According to Information Week, Big Data Analytics Sales Will Reach $187 Billion by 2019.
So in 2017 Data Science will become all pervasive and will be expected to enrich every business process. There is a mountain of data, and there certainly is gold in there!!!
And to mine this gold – well that would require professionals specialised in specific skills. A particular McKinsey report published in 2013 predicted that the global business community would feel the pinch of an acute shortage of Data Science professionals for the next decade.
According to the current trends, there are a few roles in Analytics that would grow at a higher rate and demand greater value than others.
Some of these are:
According to a recent report , Data Analysis is the most in-demand skill in marketing currently, with 72% of marketers saying that Data Analysis is vital for the health of their businesses.
‘The Data Scientist is probably the most in-demand technologist out there, with people who qualify commanding a significant salary' according to Data Mation.
MARKETING COORDINATOR (DIGITAL)
Data today is essential and critical in helping create and maintain effective Marketing strategies. There is a real crossover between the Marketing and Data Analytics industries.
BIG DATA ENGINEER
'Without big data analytics, companies are blind and deaf, wandering out onto the Web like deer on a freeway.'
Geoffrey Moore, Author of Crossing the Chasm & Inside the Tornado
According to Time magazine, Big Data engineers are amongst those set for the biggest pay rises in the coming year.
Data Analysis as a sector is on a strong and unbeatable upward trend. And rightfully so, as it enables companies to design better strategies for the future. Being a part of this revolution makes more sense than ever. Data Analysis today is the top priority of an organization, the analysts being at the core of the decision making process. Demand for skilled professionals is high.
And besides that the work itself is so interesting - much like that of Sherlock Holmes -collecting the clues to solve the mystery at hand.
Opportunities in Analytics are varied and diverse, with scope in banking, manufacturing, health care, and the energy sector to name a few.
The most lethal weapon that Organizations can work with is Intelligent Analysis. And the savvy ones are sure to cash in on this opportunity. So, shouldn't you too?