The amount of computing power available today is truly remarkable as compared to the scenario just 10 years back. Constant innovation in technology is driving markets upside down more often than sustainable levels.
Trends are changing fast and the industry has not been ready to cope up with them. Jobs are being put to obsolescence through new technologies like Artificial Intelligence, Automation, Cyber Security, Data Science, and Robotics.
5 Fields that Analytics is creating waves in to understand the changing business landscape
- Real-time Analytics
This is set to be one of the most disruptive business forces today, so much so that 91% of data scientists are interested to work with real time data. Immediate insights are naturally bound to be more useful than analyzing a pool of collected data. Thus, this is helping companies to embrace new opportunities which would have otherwise proven impossible to spot.
- Changing Hiring Patterns
Talent Acquisition is now based on better-informed decisions while recruiting, thanks to analytics. Big data helps identify red flags during the hiring process. The cost of acquiring new employees and training them is going down. Research suggests that a staggering 69% of talent acquisition professionals make use of age-old operational methods such as spreadsheets and other ad-hoc tools to maintain databases and analyzing key business metrics, hence the vast scope on using analytics.
- Improved Marketing Efficiency
What makes analytics even hotter for you to learn about? The fact that it is also being extensively used to derive what the customers are actually interested in buying, especially in the e-commerce space. If you’re a decision maker, such insights will help you in defining market blueprints for the company. Every step of a customer’s buying journey – Awareness, Consideration, and Decision, is optimized via data pools to streamline all aspects of the marketing funnel.
- Healthcare Ingression
With new apps and wearable techs enabling users to keep a track of calorie count, work as pedometers, and even measure heartbeats, a mind-boggling amount of data is being created and stored. And soon you would be able to share such data and actionable insights with your doctor who will use it as a part of his diagnostic inputs. An example of the scenario is the partnership between Apple and IBM where healthcare data collected from iPhone and Apple Watch users will be shared with IBM’s Watson Health cloud healthcare analytics service.
- Cyber Security
Big data comes with threats, thus making it mandatory for all to leverage data analytics in order to mitigate cyber security risks. Employees, especially in research and development domains, are expected to know all about the technological aspects of handling cyber-attacks. For example, IBM has quickly capitalized on the potential of analytics and cyber security to introduce hundreds of security products.
Thus, such prolific impact of Data Analytics proves how the market is quickly responding to the advantages of technology and shifting gears accordingly. This is bound to have a much worse impact on the job prospects of outdated business methods and technologies, hence calling for an immediate need to upskill for job seekers as well as current employees.0