4 strong reasons to invest in Big Data Analytics for business growth

4 Reasons Why You Should Invest in Big Data Analytics

In 2018 alone there is expected to be an estimated shortfall of over 200,000 data analysts and data scientists in India. This means the opportunity to invest and grow in the data analytics field has never been greater.

But beyond helping to ease the lack of skilled data scientists, what other skills does a specialization in big data analytics offer? What other reasons do companies have for focusing on big data? Let’s take a closer look:

Big Data Will Be Instrumental to Today’s In-Demand Tech Careers

From software engineering to IT consultants, all aspects of the tech sector have seen a surge in the use and analysis of big data. Worldwide, we create roughly 2.5 quintillion bytes of data a day. From the GPS that’s collecting information on your route to work every morning to the tweets you send on Twitter at lunch, to the text messages, weather updates and sports score you check, all of it is being collected.

But simply collecting the data is not enough. Computers and networks are great at storing and sifting through ones and zeros, but a deeper, human understanding of that data and how it factors into overall company initiatives are where the need is most pressing.

In order to play a pivotal role in this burgeoning field, top technology industries will require data scientists, engineers, and architects to build and analyze the information collected, so that they, in turn, can make confident decisions that move their respective companies forward.

Data Accuracy and Data-Driven Decisions are Imperative in Today’s Workforce

These days, companies are extremely reluctant to make decisions without core data backing them up. Too many campaigns have been derailed and brands sullied by knee-jerk reactions fueled by emotion and “what we think people want”, instead of logic.

And while think-tanks, brainstorming sessions, and focus groups are beneficial, they also don’t present the raw confidence and practicality that data can.

The brilliant thing about data is that data doesn’t lie. It’s concrete, proven and powerful. In the right hands, data can do everything from illustrating the customer journey to improving the overall efficiency of bringing a new product or service to market.

For this reason, investing in an education that teaches the intricacies and complexities of big data analytics is crucial to a company’s overall success and growth. Companies who don’t take the initiative in embracing data-driven decisions are simply guessing — and guessing is a shaky infrastructure to build a profitable company on.

Smart CEOs and startups alike know this and are hungry for skilled employees who not only understand the many facets of the data being collected but know how to leverage it for maximum impact across all sectors of the company’s growth and overall stability.

Understanding Big Data Goes Beyond Marketing and Technology

When most people think of big data analytics, they understandably think of its use in information technology and marketing. Knowing what actions people are taking based on the information you collect about them are vital to creating campaigns and promotions that are relevant to them.

But big data is much more than just a marketing tool. Handled correctly, it can be used by sales to improve customer retention or by accounting to help decrease expenses and improve profitability.

The Harvard Business Review recently polled Fortune 1000 executives to determine not only how they’re using data, but where they’re getting the most value from it. Their findings are as follows:

As this is only a sampling of the overall market potential for big data, it’s easy to see how smart companies are taking steps to not only integrate data analytics, data architecture, and data engineering into their overall operations but also creating a company-wide culture that is fueled by big data findings and analysis — so that all roles in the company can take the initiative to learn from the data at hand.

Growth in Big Data Sectors Shows No Signs of Slowing Down

Of course, the formation of a data-driven culture doesn’t happen overnight, and even in areas where companies have started data-driven initiatives and not seen value yet doesn’t mean that there won’t be a payoff for their efforts in the future.

Data is continually being collected, collated and consumed. If anything, the plethora of mobile devices, kiosks and the Internet of Things are enabling even greater data consumption and collection.

The sooner companies are on board with investing in data-driven analytics, the sooner they can begin to glean insights and enjoy “quick-wins” that further motivate and push the boundaries of what’s possible with the information they’re collecting.

Those companies that neglect to invest in big data analytics do so at the risk of their own market growth and loss of their competitive advantage. For individuals with the foresight to see the strategic maneuvering of today’s top companies, there’s little doubt that having the right people with the right skills is pivotal to their success.

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