The Thriving Future of Data Science and Business Analytics in India
Data is the collection of pieces of information. Data is the new oil and it is powerful. It is used in every industry in multiple ways, for multiple purposes. Data solves problems, answers questions, and helps organizations achieve their goals. Data aids in improving businesses by eradicating existing hazards. It is through the analysis of the collected data, better decisions are being made. The word data can be defined as the digital outcome of the various activities performed on the internet. Data is being generated every second of every minute through web searches, images, posts, text messages, social media, cameras, wireless networks, and much more. However, the traditional approach can no longer access or store the data as the volume of data is constantly growing. But data is the source to make valuable business decisions. Hence we need the latest technology that could store and analyze the data and also a professional that could perform a set of functions to derive insights. These functions include studying the data, making sense out of it, detecting the patterns of the data, drawing conclusions, choosing the best solution for any given problem, and much more.
There are many technological domains formed around data. Data Science and Business Analytics are the two domains that have been adopted massively by businesses these days.
The domain of Data Science explores the ability to derive meaningful insights from large unstructured data sets. Data Science is an umbrella that covers a lot of tools and techniques. This specific domain has an ever-increasing market.
Data Science is a broader term and it has a lot of subdomains that focus on different aspects. Data Analysts are the set of Data Science professionals that concentrate on quantitatively synthesizing and analyzing the given data. A subset of the data analysts that work towards analyzing the business data and achieving the business goals are called Business analysts.
Data Science and Business Analytics are widely applied in various fields to derive the best results. Gathering data and tailoring it to meet specific needs by accessing the best resources is how industries attain the best returns on their investments. The most business problem can be solved by the ability to store huge amounts of data and derive meaningful insights from it.
Data Science and Business Analytics are the two most significant domains of recent times. These two words are often used interchangeably.
What is Data Science?
A study states that over 2.5 quintillion bytes of data are being generated every single day which is unstructured or semi-structured. To process the massive amounts of data we need more effective algorithms. This is made possible by the Application of Data Science. Data Science is the application of structured statistical and mathematical techniques on collected data in order to detect underlying patterns as well as make predictions.
Benefits of Data Science
The domain of Data Science has been embraced by many industries for the outstanding benefits it offers. Data Science is a boon to modern-day businesses. Data Science helps businesses in making smarter decisions. Data Science improves efficiency and controls risks. Data Science also results in cost cuttings.
Payscale of Data Science
The domain of Data Science is observed to offer one of the highest-paid job roles in the country. Recent industry studies have revealed that median CTC for Data Science professionals in India stands at Rs. 12 lakh/annum.
Job Positions of Data Science
There is a wide range of job roles offered in this domain. Professionals are seeking data analytics training to fit into the below set of job roles.
The following are the major responsibilities of a data scientist.
- Data Architect
- Applications Architect
- Infrastructure Architect
- Enterprise Architect
- Data Scientist
- Data Analyst
- Data Engineer
What is Business Analytics ?
The application of tools and techniques on data to produce meaningful business insights is the simplest Definition of Business Analytics. Even as there exist a lot of definitions for the term Business Analytics or BA, it just means to produce relevant and reliable outcomes at the right time to the right people.
The tools and techniques of Business Analytics help the user to derive the best insights in the least amount of time. The process of Business Analytics involves various methods and structures to collect huge amounts of data and structure them accordingly. The data collected after structuring will be converted into meaningful information.
Benefits of Business Analytics
Business Analytics empowers smart decision making. Business Analytics also improves efficiency and enables us to derive the most meaningful insights by employing data visualization tools.
The growing demand and the pay scale offered in these two domains are the couple factors that are influencing people to seek for the best business analytics courses.
Payscale of Business Analytics
The domain of Business Analytics offers one of the highest-paid job roles in the country. The average salary of a Business Analytics professional is estimated as 6 lakh per year. The payscale definitely stands as one of the major factors driving interest in youngsters to pursue a PG Program in business analytics. However, this differs from person to person considering the experience. Senior Data Scientists make around Rs.1,147,826 per year. An entry-level data scientist in India is estimated to make around Rs. 5,07,269 per year.
Job Positions of Business Analytics
Business Analytics has a huge variety of job positions that are driving interest in many youngsters and working professionals.
Below are the various job positions offered in the domain of Business Analytics
- Business Analyst
- Quantitative Analyst
- Operations Research Analyst
- Business Operations analyst
- Quantitative Modeler
- Data Analyst
- Market Research Analyst
The Exciting Combination of Data Science and Business Analytics
These two fields are growing in demand day by day. Data Science and Business Analytics work wonders when combined together. The combination of these two domains delivers the best outcomes.
Data Science is an interdisciplinary domain that involves the formulation of algorithms and developing systems to derive insights from data.
Business analytics applies statistical concepts to derive the best business solutions.
Hence there is enormous demand for the people possessing a certification in Data Science and Business Analytics. There are a lot of job opportunities awaiting the candidates holding a certification in Business Analytics and Data Science.
Here we list out a few Differences between Data Science and Business Analytics
Data Science is the integral application of several machine learning techniques and concepts to extract meaningful insights from raw data.
Business analytics deals with the collection of data and interprets the collected data towards meeting the business goals.
Data Science focuses on problem-solving
Business Analytics focuses on decision making.
Data Scientists focuses on finding the reason for driving those trends.
Business Analysts focuses on finding the trends of the data
Data Science employs a lot of coding practices.
Data Analytics does not require programming skills.
Data Science applies algorithms, statistics to derive insights from data.
Business analytics employs statistical analysis of structured data.
The ultimate agenda of Data Science is to pose questions and understand the analyze the collected data.
Business Analytics provides reliable solutions to specific business problems
Prerequisites of Data Science and Business Analytics
What are the major prerequisites for taking up a Data Science and Business Analytics Training?
Considering the existing demand for the job roles in these two domains, many young graduates and existing working professionals are strongly desiring a career transition. Hence, there is an exponential rise in the number of people seeking to pursue data analytics courses online. If you are interested in learning Data Science and Business Analytics, ensure that you would gain a clear understanding of the various prerequisites needed to master Data Science and Business Analytics.
Learning the prerequisites of Data Science and Business Analytics would help you to understand the concepts easily and encounter career transition into various job roles of Data Science and Business Analytics.
Basic Programming Knowledge
Any data professional needs desired expertise on programming languages that are employed to manipulate data. Possessing a good understanding of the various programming languages makes it easy to master Data Science and Business Analytics. Some of the most prominent programming languages used in Data Science and Business Analytics are R, Python, Hadoop, Spark, and much more.
When you gain a comprehensive understanding of the several fundamentals of coding, it becomes simpler for you to understand several frameworks and syntaxes.
Database Management Tools
A good understanding of Data Management is one of the most crucial skills a Data Scientist or a Business Analyst must possess. These tools are used to analyze huge data sets to analyze and discover patterns and help businesses to predict the future effectively. These tools are employed to deal with vast amounts of data and to derive the information you need.
Statistics is an integral aspect of Data Science and Business Analyst. It is important to have a thorough understanding of several statistical concepts such as linear algebra, applied science, graph theory, numerical analysis, and much more. Being familiar with these concepts aid you in understanding the algorithms easily.
The concepts of Data Science are based on the application of several mathematical concepts such as matrices. Several mathematical concepts are applied to the given data to derive meaningful insights. Hence it is crucial to have strong math skills to acquire a clear understanding of the various concepts of data science.
Data Visualization Tools
Being a data scientist, it is essential to learn several ways to convey the result of the data study to the people of the organization. So, data visualization tools like tableau, Infogram, plotly, etc play a vital role in getting the job done. Hence, possessing hands-on experience in data visualization tools would be a great aid for you to learn data science as they promote effective communication and a better understanding of the data study to the people involved. To be a potential data scientist you must be good at these tools.
Advanced Microsoft Excel
Advanced Excel is one of the most popular tools used for business applications in several industries. Being good at advanced Microsoft excel would help you to perform effective analysis and gain a data analysis certification easily. Applications such as Pivot tables, Power Pivots, V lookups are a few of the most important excel functions employed in Data Science and Business Analytics.
Understanding Business Domain
Before you take up the data science and business analytics course, it is crucial to develop an understanding of the business domain. Possessing the skill of analyzing the key aspects of any business would enable you to comprehend the data and work accordingly.
Besides the above mentioned, Machine Learning algorithms, problem-solving techniques, are a few more prerequisites of taking up the best online data analytics course.
Applications of Data Science and Business Analytics
Data Science creates magic in the fields it is applied to and has attained immense popularity. Data Science and Business Analytics are basically a set of techniques that could be applied to any domain to derive the desired outcomes. Hence, these domains are not just limited to the IT sector but are being embraced by most of the industries for the amazing benefits they contribute. There is a rapid increase in the number of industries/organizations adapting data science to enhance their businesses. It is highly impossible to list out all the Applications of Data Science in several fields. Data Science can be applied to any industry where data is being generated.
Let us see how Data Science and Business Analytics work together to achieve the business goals of a few sectors.
1. Data Science in Search Engines
Search Engines like Google, Yahoo, Bing, Ask.com and many more employ the techniques of Data Science to drive the most accurate results for the given search queries within a fraction of seconds. The most accurate recommendations on Spotify, Youtube, Netflix are generated by Data Science.
2. Data Science in Social Media
Have you observed facebook suggesting you tag your friends when you post pictures with them? How does this happen? That is nothing but Data Science.
Data Science and Business Analytics play a vital role in boosting up the performance of the various social media platforms such as Facebook, Twitter, Linkedin, Instagram, and many more. Be it the recommendations of 'People You May Know', Friend suggestions, tagging are a few of the features generated by applying the tools and techniques of Data Science.
3. Data Science in Airline Route Planning
Airlines are employing the tools and techniques of Data Science to improve their service to their customers. Data Science is aiding the airline industry in improving flight safety and eradicate technical errors. Data Science is also serving this industry to identify the risks associated with air traffic and provide the best flight routes. Data Science is applied in predicting the flight delay and also aids them in making crucial decisions with regards to the flight landing, weather problems, etc.
The techniques of Business Analytics are employed in the revenue management of the airline industry and offer the best prices to the customers that result in customer satisfaction.
4. Data Science in Financial sector
One of the major applications of Data Science is Fraudulent detection. Data Science is rescuing a lot of banks and other financial companies from huge losses. Data Science assists these companies in studying a customer's past history and analyze the probability of risks associated with the customer. Data Science empowers the financial sector to make wise decisions and eradicate the risks.
5. Data Science in Digital Marketing
Digital marketing is one of the most prominent domains that has attained demand in recent times. Digital marketing aids businesses in achieving global reach to their products and services.
Data Science is applied to derive meaningful insights into the performance of a website and assists the digital marketing team to improve efficiency. Data Science and Business analytics work together to predict the business trends and help the organization to design effective campaigns and improve traffic. Data Science is the reason for digital ads to getting higher CTR than traditional ads.
6. Data Science in E-Commerce
The product recommendations on e-commerce websites are a result of Data Science. Data Science aids the sector of E-commerce sites to offer a more personalized shopping experience to the user and improve the user experience of using their site. Data Science generates the most accurate suggestions by studying the user's past purchase behavior. Data Science also assists the user in displaying similar product suggestions while the user is shopping online. This recommendation system successfully assists you in recommending relevant products from a lot of products available on their website and also helps the user to easily compare the prices and choose the best one.
7. Data Science in Gaming
Gaming companies like Sony, Zynga, sports have employed Data Science techniques to design the most enthusiastic games and enhance the gaming experience. These tools have aided them to take the gaming experience to another level. The algorithms of Data Science helps the machines to analyze the previous moves of the user and improve themselves to give a strong competition to the user and enhance the gaming experience.
8. Data Science in Healthcare
Data Science is observed to revolutionize the domain of healthcare and medical sciences. The healthcare sector is being empowered by Data Science to render better service to the patients. Medical image analysis is a major application of Data Science that is being employed in this domain. This is basically a digital image analysis technique applied to analyze medical issues by studying the image modalities of a patient such as MRI, X-ray, Microscopic Images, etc. This application enhances to extract the data more efficiently and also provides the most accurate insights that help the healthcare professional to provide the best treatment to the patient. Data Science is observed to detect various health issues at the primary stages and provide the best treatment for the same. The algorithms of Data Science also increases diagnostic analysis and provides better treatment suggestions. Data Science has also become a crucial tool in drug detection as it provides the most accurate results by screening the components of a specific drug and also predicting the success rate of the drug.
There are so many friends and a lot of applications of Data Science across the globe. Hence choosing a career in this domain would be the best decision you could make.
Choose the Right Institute that offers the Best Online Data Analytics Courses
- The institute that you choose to learn Data Science and Business Analytics plays a major role in shaping your career. There are a lot of institutes across the major cities of the country that claim to offer the best data analytics courses and the top business analytics courses. However, you have to be wise to choose the best one that grants you success in encountering a career transition into these fields.
- Great Learning has designed a Data Science and Business Analytics course which is a postgraduate program.
- This program would surely stand as the best choice if you are seeking a career transition in these fields. Data Science and Analytics when mastered together fetch you the best career opportunities.
Below are a few reasons listed to choose Great Learning :
1. Ranked No.1 : The Data Science and Business Analytics Program offered by Great Learning in collaboration with McCombs School of Business at The University of Texas at Austin and Great Lakes Executive Learning has been ranked as the number 1 program in the country by AIM for 5 years in a row.
2. Curriculum : This comprehensive course in the two domains employs all the tools and techniques of data science and business analytics. Each topic will be taught with real-world case studies that empower the candidates to gain hands-on working experience in employing these tools such as R, Python, Tableau, Machine Learning, and many more.
The corporate partners of this program include Data Scientists and Analytics Professionals, strongly involved in curriculum design, facilitating projects, industry lectures, and professional evaluation.
3. Flexibility : This program offers an easy and flexible online learning environment with personalized mentorship that offers zero to little disruptions to your personal and work lives. This facilitates existing working professionals to learn while they earn.
4. Faculty : The faculty of Great Learning is recognized as the top among many other institutions of the country. Each of them is alumni of the top institutes of the world, possessing great knowledge and experience in these domains. In fact, our faculty has been ranked as one among the top ten in analytics and data science academicians.
Dr. Abinandan Sarkar, the Academic Director at Great Learning for Data Science and Machine Learning Programs is recognized as one of the top most prominent analytics and data science academicians in India for the year 2019 by Analytics magazine, India.
Dr. P.K. Viswanathan, the professor at Great Lakes teaching subjects like business statistics, operations research, business analytics, predictive analytics is also recognized as one among the top most prominent analytics and data science academicians in India for the year 2019 by Analytics magazine, India.
5. Capstone Project : The capstone project of this program enables you to practice your learning by applying the tools and techniques and gain hands-on experience and make them adept to work in the digital world.
6. Placement Assistance : Each of the candidates will be allotted with a personal mentor that guides them in every step of their learning journey. The mentors assist the candidates in preparing them for interviews. Even as Great Learning has been associated with a lot of top-notch organizations, candidates will take part in the regularly organized placement drives. The list of these companies includes IBM, Accenture, TheMathCompany, Myntra, LatentView, Shell, HSBC, KPMG, and many more.
7. Mentorship : Great Learning offers personalized mentorship to its students that guide them throughout their learning journey. Each of the candidates will be assigned a mentor who possesses expertise in the specific domains. The mentors will constantly assist the student in every step that they take and also aid them in clearing their doubts, sharing valuable insights, and enable them to grab the best opportunities.
Explore the most in demand data science courses offered by Great Learning
Learn Data Science and Analytics with Great Learning Today !
If you are enthusiastic about starting taking up a course in data science and business intelligence, this is the right time for encountering a career transition into the most promising domains of the 21st century. There is an unbelievable demand for data analytics online certification courses, Hence enroll yourself for the best data analyst course and get into the most desirable job roles of this era. In fact, data science and business analytics are also expected to invade many existing job roles by replacing them. Therefore taking up a career in data science also stands as the wisest career choice you could ever make. Choose the best online data analytics courses offered by Great Learning and enroll yourself today.