In a time when the world is rapidly moving towards the fourth industrial revolution and organisations must heavily rely on data to optimise their operations. Analytics is helping us to overcome weaknesses and leverage strengths. To make you understand in the simplest form before going deep into the concept of data analytics, it can be simply put forward as an ‘interpretation of data using modern machines.’
A large quantity of data is stored in a raw form and from there it runs through various software and computer applications for discovering meaningful patterns. The results are then utilised to strategize enhanced operations across businesses and public institutions. From here, we can understand Data Analytics as a systematic, computational, and scientific process to analyse data and find meaningful conclusions.
Data Analytics is an umbrella term that includes various types such as Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics. Now, before understanding the types of Data Analytics, we must understand basic procedures and steps that are involved in the analysis of data.
1. Gathering of the data: It involves what and how the data is to be gathered. It involves creating a set of measurable such as age, gender, etc., and subsequently the second step —how to gather it? There can be various modes such as surveys, computers, cameras, etc.
2. Organising and cleaning of gathered data: While going through the raw data you gathered, you will have to classify it and clean it by removing incorrect pieces of information. This is essential as superfluous data will hinder the accuracy of data analysis —the next step.
3. Data Analysis: It is here when the rich data that you have will run through software and application to gain patterns and meaningful insights.
4. Interpretation of the data: Now it is time to interpret the results you have and creating visualisations using graphs and charts representing what you have discovered. Presentation of meaningful and compelling insights to the decision-makers to optimise businesses.
1. Descriptive Analytics: It digs deep into the historical trends to discover what has happened in the past. Every industry has its own indicators for descriptive analysis to produce the summary of data. ROI or return on investment is one such traditional parameter used across industries.
2. Diagnostics Analytics: It is done to diagnose results discovered through descriptive analytics to understand why things happened. The process goes deep into the data to analyse the causes —good or bad by identifying anomalies and analysing trends.
3. Predictive Analytics: It builds upon the historical data to predict what might happen in the future. Hence, it identifies and analyse trends to tell whether they are going to reoccur. ML techniques such as decision trees and neural networks are included to discover what might happen in the future.
4. Prescriptive Analysis: As the name suggests, it helps to answer what needs to be done. It analysis the insights discovered from predictive analysis and helps businesses making data-driven informed decisions.
There are multiple dedicated job profiles in data analysis that are performed by experts who possess relevant analytics training. Data Analyst, Data Scientist, Business Analyst, Data Engineer, Data Analytics Consultant, Quantitative Analyst, Operations Analyst, Marketing Analyst, and IT System Analyst amongst others are some of the high in demand job profiles in the market today.
Here is the list of some of the highly valuable profiles in analytics:
As the job title suggests, s/he is responsible for analysing data and finding valuable meanings. Today, you can find Data Analyst professionals across the industries —healthcare, education, IT, e-commerce, etc. They are equipped with programming, SQL, statistical, and data visualisation skills. If you want to be a data analyst, there are multiple analytics courses online that you can choose.
A high-level analytics professional, Data Engineers often works upon larger datasets or the one responsible for preparing data for analysis. Moreover, they are responsible for developing data pipelines to streamline the collection of data on the scale. The Big Data they prepare is then analysed by Data Scientists.
A Technical level up of Data Analyst profile, Data Scientists usually perform similar tasks those of Data Analyst. However, they are responsible for performing detailed and more informed analysis of data, and a strong command over Python or R, analytic tools and software, and data visualisation is required. In case you are already a data analyst and want to take your career a level ahead, we offer state-of-the-art analytics online courses from premier national and international institutions for executives. Join our courses and become a Data Scientist.
Usually, the role revolves around finding value out of the data to help a business optimise its operations. Hence, a Business Analyst is expected to run data on analysis along with having a knowledge of SQL, and decent data modelling and visualisation. As it involves the development of businesses, they are expected to have good communication skills to be able to convey the results convincingly.
Often referred to as ‘Quant’, they are specialists in developing and running complex models to help businesses make financial decisions such as pricing, investments, and so on. They develop and apply mathematical and statistical methods to their processes. They are highly sought-after professionals in the finance industry.
Data Analytics is an ever-evolving field and hence, even the ones who have a sound career in Data Analytics continuously learn and upgrade their skill set to remain relevant and maintain their employability quotient. However, for those who are planning to enter the rich field as freshers they need to develop;
1. Languages: SQL and/or Python or R (as per the sub-field)
2. Microsoft Excel: No it is not just a spreadsheet but a lot more than it. For smaller sets of data sets (way larger than what we use in our daily lives, but smaller than the ones that require Python or R), advanced MS Skills are considered to be pre-requisites.
3. Critical Thinking: Every day of yours as a professional in data analytics will be challenging and tricky. Other than the hard skills required for the role, you need to think like an analyst —seeking solutions to complex problems.
4. Data Visualisation and Presentation: Consider yourself as a good data analyst but not having appropriate data visualisation skills. Now, when you have made crucial discoveries while analysing the data, how will you be able to deliver your point to the audience? Hence, you must know how to visualise and deliver your findings using creative ways (including charts and graphs) to the audience.
5. Machine Learning: First you need to develop good hand over statistical programming skills, then you can move to machine learning to advance your career. Just in case you don’t know, Machine Learning has almost become the backbone of Data Analysis.
Hence, you need to have proper data analytics training to kickstart your career in the said field.
How can one remain relevant to the ever-evolving field of Analytics?
With the rapid development of technology, Data Analytics is a field that is evolving on daily basis and even the ones with a sound career in analytics continue to learn, relearn and unlearn to remain relevant. For the executives, you can find cutting-edge advanced analytics certification that can help them learn new advances in the industry. To gain insights into what new is happening in detail, join our analytics online courses and upgrade yourself.
Based on your area of specialisation, you can choose from a range of courses that we offer for the executives:
1. Business Analytics Certification
This certification program is for executives who are looking to up-scale their analytical skills for business processes. Talentedge business analytics by XLRI is one such certification program where you will learn by exposing yourself to real-life applications of analytics across multiple domains along with learning advanced tools —Python, R, Minitab, etc. Moreover, you will be participating in Capstone Project for practical learning. Such live and interactive business analytics online certification courses are perfect for your blended learning for executives.
2. Certification in Marketing Analytics
Executive Marketing Analytics is an advanced course that helps professionals to learn new processes to compile and analyse data for enhanced profit generation. We, at Talentedge, offer an Executive Program in Marketing Analytics from IIM Lucknow exclusively for the executives looking for leveraging analytics for implementing marketing strategies. Our out-of-the-league course will introduce you to various analytics tools along with their applications in marketing.
3. Certification in Data Analytics
This is the general course in Analytics for the professionals and the freshers who want to dive into the rich field of Data Analytics. For Instance, our Data Analytics 360 Certification Program by eCornell is tailored exclusively for Indian executives. The world-renowned faculty will take you through a blended learning experience. Post completion, you will be able to create statistical summaries and data visualisations including learning to build advanced dashboards, creating regression models to predict outcomes, reducing uncertainty in decision making using analytics, etc.
4. Certification in Financial Analytics
This course will help you to combine internal financial information with external information to provide predictive analysis to the business. TalentEdge along with XLRI is offering a state-of-the-art certification in Financial Analytics for the executives. In this course, the students will start learning from the introduction to Python and R to Modelling Credit Risk, covering almost every crucial element of Financial Analytics in detail. Learn from the market experts and enroll in the course now!
To understand it better, here is the list of real-life data analytics applications employed worldwide across the industries.
1. Healthcare
From the development of medicines to their delivery directly to your homes by Health-tech firms, data analytics is being employed in almost every sphere of healthcare today. Innovaccer, an Indian health-tech unicorn startup is leveraging data analytics to analyse the data it collects through various touchpoints, eventually helping healthcare providers to make data-backed decisions. Similarly, a Mumbai-based Qure.ai employs deep learning to make its healthcare products better and efficient. Today, several HealTech startups in India are using AI and ML to make their services and products user-friendly and more accessible while optimising their operations and enhancing revenues.
2. Transportation
We all are well aware of how the US-based Tesla has transformed the way we look at passenger vehicles using automation. It is important to take note of what Elon Musk and Tesla have done, but there’s a lot more when it comes to transportation and data analytics. Analytics in transportation has made the industry safe and more efficient. As per the recent estimates by Markets and Markers, Transportation Analytics is expected to touch the $28 billion markers by 2024. If you are planning to be a part of the Transport Analytics field, you are likely to make roads, trains, and flights a lot safer by spotting and foreseeing accidents and machinery breakdowns and suggesting effective recourses. Given the high accidental death rates on roads in India, it is definitely where you are required right now to make all of us secure on roads.
3. Logistics
Logistics is one of the fastest-growing segments in India. With the growth of the e-commerce industry, there’s always pressure of fast and safe delivery of products from the source to the consumers. Consequently, along with the international players, domestic startups such as Delhivery are turning towards data analytics for enhancing their operations while maintaining cost-efficiency. Owing to the rapid growth of the sector, professionals from data analytics are high in demand in logistics.
4. Digital Marketing
Data analytics has made both online modes of marketing efficient as well cost-effective for marketers. Digitally, most of the ad sources employ data analytics to get more CTRs than ever before. Moreover, every time you search anything on Google’s search engine, you have already become a part of their data analytics applications. Almost every search engine globally is employing data analytics to deliver the best search results to users. One of the hot spots of employment, Data Marketing has a lot to offer to Data Analysts along with Digital Marketers.
Data Analytics is being used across the various sectors not only by private companies but also the governments. From City planning to security and surveillance, states have been employing data analytics for better public services.
Data Analytics is being employed for various outcomes, below are some of the common reasons:
1. Informed Decision Making: Organisations and institutions have been using data analytics for making more informed decisions ensuring better outcomes. Guesswork is almost eliminated as everything is backed by data. Predictive Analysis helps in suggesting what could happen in the future which enables you to make informed decisions.
2. Efficient Operations: It helps the organisations to eliminate redundancies and gaps, thus streamlining operations. This makes the operations going cost-effective, helping the organisations to save more and generating greater revenues. Take the example of Supply Chain Management. Data Analytics can help identify the bottlenecks in the chain and can also predict where they might arise in the future as well.
3. Better Services to Customers: Data analytics has proven to be efficient when it comes to providing utmost customer satisfaction. Today, many firms have been able to provide tailor-made services to customers based on the analysis of customer behaviour through data. For instance, you must have experienced e-commerce platforms promoting products on social media that you are already interested in!
4. Security and Risk Mitigation: With almost everything going digital, there’s always a threat of data security. Here, data analytics can help identify the course and origin of attacks while identifying loopholes in the IT system that can cause a possible breach of security. Moreover, it can also help the organisation mitigating other risks as well as data security. For instance, data analytics can help a jewellery store to determine what all outlets are more at risk of theft and robbery.
Why one should choose the Data Analytics field in India over other professions?
India is one of the fastest-growing countries when it comes to Industry 4.0. Hence, there has been a rapid rise in the job trend in data analytics with the growth of big data, and it is expected to grow multi-folds in times to come. NASSCOM predicts the Indian analytics industry to cross the $16 billion mark by 2025, making it grabbing almost one-third of the total global market. Unfortunately, there has been an acute shortage of data analytics talent when compared to the rising demand.
Hence, if you are interested in the field, you are advised to choose an analytics online course only from the market leaders for an enriched learning experience so that you can take the lead in the market tomorrow. Moreover, as data analysts have become a top priority of the organisations, they pay data professionals big fat paycheques —a phenomenon observed globally. Recently, Randstad noted that analytics people receive 50 percent more than other IT professionals.
It depends on program to program and person to person. However, based on the customer output, you can expect at least 10-12 hours weekly for the completion of our analytics online course.
Our courses offer blended learning for the students. Most of our courses are live and interactive for the theoretical part, for your practical learning, you are exposed to popular tools like Excel, R, and SPSS. You will also be given assignments that will help you create innovative business solutions.
Based on the level you are in and the field you are in, you should choose the course that will suit you the best. Our customer executives will guide you through choosing the right course based on your background. They will take you through all the details of the courses you are interested in and what courses suit you the best.
There are numerous job opportunities available for a trained and talented individual in analytics today.
Below is the list of job profiles in Analytics:
As some estimates suggest, at least 2.5 quintillion bytes of data are produced every day. Hence, data has become like an ocean, and analysts as divers. Today, Big Data is growing at a rapid speed and businesses are always short of talented analytics professionals. Hence, if you are well trained and talented, there’s a lot of scope for you in the market today.
Given the present situation amid the pandemic, you are advised to pursue online education in analytics as physical learning is frequently disrupted by the ongoing waves. Otherwise, you can enroll in any university or college for earning your certification.
It depends on the course you are opting for. However, most of the courses do not ask for a prerequisite hard skill set as eligibility criteria for enrolment.
Having at least two devices (a laptop and a smartphone will do) at your end is always advised for a flawless learning experience. One device for your live and interactive classes and another for working on the applications.
All of our Analytics courses are affiliated with premier institutions in India and abroad. Moreover, we are the ones to first introduce the concept of live & interactive learning in India. Hence, our courses are not boring and monotonous, but highly interactive so that you can learn the most from the industry leaders.
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