With an increasingly digitalized world, it is becoming more and more clear that the one thing that makes a company really rich is Data. Data has already become one of the most valuable assets of any company. With Data becoming so important, it is a given that the future will need experts who are capable of understanding, analyzing, and interpreting this data. Do you think you are equipped with the right skills to take on this future? What do you think you need to prepare for such a future? Read on and find out!
*This is a promoted feature
What is Big Data Analytics?
Big Data Analytics (or Big Data, for short) is a vast field that transcends business, math & statistics, and computer science. Big Data Analytics is not just another catchword. Its influence can be felt across domains – BFSI, retail & e-commerce, manufacturing, health care, and several other services. This truly multidisciplinary field uses scientific methods, processes, algorithms, and computer systems to extract knowledge and insights from data in various forms. This data is then used to further business objectives. Big data analysts are responsible for utilizing data using mathematics, statistics, and machine-learning techniques to evaluate performance or predict future requirements.
Big Data has gathered significant momentum and interest in the last few years because of multiple reasons, including (but not limited to) an explosion of computer processing power, decreasing the cost of data storage, and the quantum of data generation and recording. The last point is particularly noteworthy. The explosion in analytics is an outcome of the sheer volume of data that is being generated in the world. According to Internet Live Stats, as of 1st June 2020, there are over:
- 1.7 billion live websites
- 164 billion emails sent daily
- 4.5 billion Google searches
- 487 million tweets.
Awed by the sheer numbers you just read? Now imagine the data contained within those numbers. It might seem like a daunting task to process this data, but that is the essence of Big Data Analytics. Data science and analytics jobs are often multidisciplinary but they all require an ability to link analytics towards creating value for the organization. It helps companies process extremely large amounts of structured, semi-structured, and unstructured data sets using special software and algorithms to get enhanced insights into the domain that generated them (manufacturing, sales, marketing, etc.). This in turn helps companies in decision making and process automation. By this definition, the application of Big Data Analytics naturally transcends disciplines. Use of predictive analytics pervades diverse disciplines such as oil and gas, marketing and sales, sports, molecular biology, drug-designing, waste management, finance, and many other domains.
How Can Big Data Benefit Companies?
The following are 3 immediate benefits to companies. Needless to say, there are countless more.
- Cost reduction: Big data technologies bring significant cost advantages when it comes to storing and analyzing large amounts of data.
- Faster and better decisions: With the speed of in-memory analytics, businesses can make faster and better decisions based on the insights gained.
- Effective product launches: Customer needs, and launch medium insights help businesses deliver what the customer actually wants.
Is India Ready For Big Data?
According to NASSCOM, the premier coordinating body for the Indian IT industry, Big Data Analytics is poised for exponential growth in India. Big Data Analytics in India is expected to witness an eight-fold growth by 2025 - from the current $2 billion to $16 billion. NASSCOM is working towards placing India among the top three markets globally in the next three years. The growth prospects are likely to be further bolstered by India’s already strong position in the Software as a Service (SaaS) segment, a booming e-commerce sector, blockchain adoption, and the growing focus on data security.
This implies that there will be a huge demand from students and future employees for courses and resources to help develop the necessary skills to thrive in this data-dependent environment.
What Roles Will Be In Demand In The Future?
The specific roles that would see demand are those of Data Scientists, Data Analysts, Data System Developers, and Functional Analysts. Industries that can be expected to offer the highest recruitment potential are ITES, Manufacturing, Finance, Retail, and Health Care.
About FORE School Of Management’s PGDM (BDA) Course:
In response to this increasing demand, FORE School of Management, New Delhi has launched a Post Graduate Diploma in Management (Big Data Analytics). This is a 2-year, Full-Time Programme that is AICTE Approved. Candidates enrolled in this programme will get an opportunity to Specialize in Big Data Analytics as well as a second specialization in other traditional PGDM disciplines. The curriculum is developed and taught by practitioners, faculty, and corporates. Students will get a chance to be a part of industry collaborations for specialized exposure.
FORE School of Management, New Delhi launches the programme building on its experience delivering quality courses in the field of Big Data Analytics targeted at professionals. Incidentally, FORE School has been offering this certification in Big Data Analytics for Business & Management, in collaboration with the University of California Riverside for the past few years. The program was designed for executives from public and private sectors, academicians, data scientists, developers, or anyone interested to get an edge in their career. This includes:
- Certificate in Big Data Analytics for Business & Management
- 11 Months Online Professional Certificate in Big Data
The courses have helped the Institute to build both expertise as well as industry networks in this exciting field, the benefit of which will be enjoyed by students of the Post Graduate Diploma in Big Data Analytics. To read more about it, click here
About FORE School of Management
Foundation for Organisational Research and Education (FORE) is committed to the advancement of Management Education, Research, Training, and Consultancy. Incorporated in 1981, as a non-profit institution, FORE has been working with industry and academia for developing new domains of managerial thought and education and contributing to building leaders in today's global business environment.
Have you also read:
1) Life At FORE School Of Management | Interview With Mr. Rahul Raizada, Director @ PwC
2) Nestlé, Deloitte - What It Takes To Get A PPO From These Industry Giants
3) The Journey Of A Badminton Player To A B-school - Sanya Sethi