What is Analytics?
Analytics is the systematic computational analysis of data. In the simplest sense, Analytics is Applied Business Statistics. Statistics is a collection of methods for planning experiments, obtaining data, and then organizing, summarizing, presenting, analyzing, interpreting, and drawing conclusions to understand underlying macro trends.
Applied statisticians apply their knowledge of statistical methods to a variety of subject areas, such as biology, economics, engineering, medicine, public health, psychology, marketing, and education.
A Brief History of Analytics:
Over 100,000 people subscribe to our newsletter.
See stories of Analytics and AI in your inbox.
Availability and accuracy of data is the key to decision making.As such, Analytics in some form or the other has been part of business decision making.
There are numerous drivers of production and the supply chain, and there are several processes under each driver. These processes are associated with high overheads and offer opportunities for cost reduction.
Cost reduction requires a complete knowledge and mapping of all costs, cycle times, purchases, inventories, suppliers, customers, logistics, and other service providers throughout the supply chain. Just-in-Time and Six Sigma are two very popular statistics-driven management areas which have been around since the early 1900s.
From then onwards, there has been a steady integration of Statistics into business decision making.
By 2005 most banks, insurance companies, drug and pharma companies, casinos, telecom companies and internet companies had started using data to make critical decisions. These days, data scientist has become a ‘cool’ word to refer to Analysts.
Critical Competencies for an Analyst:
An Analyst needs to have three critical skills:
- Understanding the business – to define the problem in statistical terms and, after the analysis, to summarize and suggest solutions which the business can implement
- Understanding statistical techniques – to decide which technique can be used to solve which problem
- Understanding of Analytics software like SAS, R , SPSS , Excel Analysis Toolpak etc. – To be able to implement the statistical techniques on the data
Future and Careers in Analytics
With the explosion in quantum of data (mobile, internet, application software, sensors) and reduction in costs for storing data, there is a huge demand for Analysts – who are seen as people who can make “sense” of data.
- Data scientists are high in demand — according to one estimate, job postings increased by 15,000% between 2011 and 2012.
- Between 2010 and 2020, the data scientist career path is projected to increase by 18.7 percent, beat only by video game designers.
- There’s a global talent shortage, which means that data scientists are in high demand but short supply. As a result, average salaries are trending higher and higher — the average data science salary in the U.S., according to Glassdoor, is $117,500. Not surprisingly, those with PhDs and experience can earn salaries as high as $650,000, based on a Reuters peHUB article.
According to a report byMcKinseyGlobal Institute, “there will be a shortage of talent necessary for organizations to take advantage of big data. By 2018, the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.”
Industry-Endorsed Business Analytics Course at Imarticus
Imarticus offers an extensive certification course on Business Analytics for freshers and working professionals. The curriculum for the Business Analytics Program (BAP) at Imarticus is prepared in conjunction with one of the largest analytics KPOs in India. In 200 hours of training, we cover the three critical skills required by an Analyst. To create a well-rounded working professional, we top that up with 20 hours of soft skills training.
- Business understanding –Is provided by industry experts who conduct the classes, supplemented by periodic guest lectures from industry stalwarts.
- Understanding statistical techniques – Descriptive and Inferential statistics, Modelling
- Understanding of Analytics software like SAS and R
- Personal development – Soft skills training including interview preparation, resume building, communication skills etc
To know more, please refer to our website(http://imarticus.org/programs/business-analytics-professional/ ).
Lets look at how the Analytics job market is looking in India (http://jobsearch.naukri.com/business-analytics-jobs ) . When I search for Business Analytics on Naukri on 16th June, I find 43318 jobs listed .
Bangalore – 9645
Mumbai – 7622
Chennai – 4022
The industries which are listed as major employers are :-
IT Software / services :- 12667
Banking and Financial Services :- 5060
BPO / ITES :- 1756
Salary wise the breakup of jobs is as follows:-
Freshers with 0 experience , Salary <=3 lakhs per annum – 5000
Freshers with 0 experience , Salary 3- 6 lakhs per annum – 5330
Experience pf 1-4 years, Salary 3-10 lakhs per annum – 10659
This clearly shows that there is a huge demand for Analytics professionals in the market and that Analytics is a lucrative career option .