If you are aspiring to pursue an MBA, chances are that you must have come across the terms, 'Data Analytics' or 'Business Analytics'. In this article, the Praxis Business School, Kolkata, sheds light on a career in Data Analytics.
Data is the new Oil!
According to The Economist, the world’s most valuable resource is no longer oil, but data! This is because the ability to access, store, analyse and control data gives enormous power to companies in what is popularly called the ‘data economy’. There are two principal reasons for this:
(1) Volume and variety of data: The internet, smart phones and now the Internet of things (IoT) are generating data – called Big Data - at rates never experienced before. Almost every activity creates a digital trace and is a source of data – in text, audio, video, numerical or other forms. We have generated more data in the last two years than in the entire history of humankind!
(2) Ability to extract value from this data: What makes this data really valuable is the enhanced ability to derive actionable insights from this data. Statistics and Machine Learning techniques such as machine learning and deep learning enable organizations and governments to understand consumer behaviour, create better products, monitor and manage public health, make better use of resources.
Analytics and Data Science – the best job in the world
As businesses and governments increasingly realize the strategic importance of data, there is a growing demand for analytics and data science professionals - people who have the skills and knowledge to extract value from this data. There are principally three areas in which these skill-sets are sought – techniques like statistics and machine learning; tools and technologies like Python, R, SAS, Big Data Hadoop and Spark; and understanding of business domains.
According to a research conducted by the McKinsey Global Institute – “by 2018 the united states will experience a shortage of 190,000 skilled data scientists, and 1.5 million managers and analysts capable of reaping actionable insights from the big data deluge.” Harvard Business Review named data scientist the ‘sexiest job of the 21st century’ in 2012 while Glassdoor named it the ‘best job of the year’ for 2016.
How can you be a part of this exciting world?
Various reputed institutions offer programs in the area of analytics – in full-time class room, hybrid and on-line modes. These professional courses can help you acquire the knowledge and skills necessary to get opportunities in this field. In November 2017, Analytics India Magazine has released a list of the top institutes offering post graduate course in analytics across the country.
Here is the list of institutes as per their rankings -
#3. Manipal Global Academy of Data Science, Bangalore
#4. International Institute of Digital Technologies, Tirupati
#5. SP Jain School of Global Management, Mumbai
Read the complete article on this link - https://analyticsindiamag.com/top-6-full-time-analytics-courses-india-ranking-2017/
Related article, "MBA Specialization - Business Analytics"