Why is data analytics course essential in Indian education?
In the modern era, data is all around us. Data analytics is a crucial area in the wake of digital changes. By 2026, India’s data analytics market is expected to reach $118.7 billion, according to the India Brand Equity Foundation.
Therefore, it would be accurate to say that over time, data analytics has become an essential component of businesses and industries. It offers insightful consumer behavior data that drives conversions and in-depth market research that gives a competitive edge. And for this reason, one of the cutting edge courses that is gradually gaining popularity is Data Analytics.
Data Analytics: Why We Need It
For the benefit of the organization, data analysts analyze, review and glean important insights from the unstructured data that has been gathered. By using accurate forecasting models, this data can be used to improve operational efficiency, increase conversions, develop new products, and reduce risk. Analysts perform data analysis and apply the knowledge discovered through information on a variety of application areas.
To make data-driven decisions, examine market trends, and increase revenue, businesses need data analytics. Data analytics is used in a variety of industries, including e-commerce, banking, financial services, operations, supply chains, and healthcare, to name a few.
The Many Uses of Data Analytics
The human resources industry is one of the main areas where this technology is used. Recruiters use HR analytics, which is a data-driven decision improvement tool for HR departments, especially for talent acquisition. Another area where data analytics is widely used is in healthcare analytics.
Actionable insights from this domain are then used to improve and guide critical healthcare choices, to the benefit of patients. In this approach, patient care is improved, diagnoses are made more quickly and accurately, and early preventative action can be taken.
Data analytics is a booming new industry
IBEF predicts that India’s data analytics market will be crucial for the development of Industry 4.0, as well as open up many job opportunities and improve people’s quality of life. According to the organization’s most recent estimate, the data analytics sector is expected to generate more than 11 million new jobs by 2026, and investment in learning AI and ML will increase by 33.49% by the end of 2022 alone.
Businesses are turning to data analytics, so it makes sense for professionals and students alike to pursue this field as a promising career path. According to numerous industry statistics, the number of jobs in data analysis and science has increased by 30% compared to the previous year. According to LinkedIn’s Job on the Rise 2022 study, ML engineer and data scientist are the fastest growing fields and will have high-demand job responsibilities in the future.
The talent-skills gap is bridged by management schools
The need is great, but there are not enough people with the necessary knowledge and skills. As a result, there is a significant skills gap and a growing need for people with expertise in data analytics. PGDM courses come into play in this situation!
Students taking these courses learn how to develop insights for important business decisions based on data. They instill a holistic management philosophy in all analytical areas. Students have the opportunity to gain hands-on skills on a range of integrated tools, analytical toolkits, and technology-driven platforms. In order to improve operational procedures and foster innovation, they also learn how to design ideal data-driven automated strategies for companies or business units.
Trade schools offer top-notch educational opportunities. Students are encouraged to develop cutting-edge skills such as data analytics and artificial intelligence, innovation and design thinking, marketing analytics, fintech, venture capital, mergers and acquisitions, etc through the use of their industry-relevant curriculum. Data analytics corporate training programs are created in a way that enables students to gain a conceptual understanding of theoretical and abstract concepts, the big data ecosystem, the computing and programming environment, and the business issues, and keep abreast of all industry developments and innovations. In addition to working on live projects, students have the opportunity to network and gain advice from leading academics and business professionals during regular sessions.
Data analytics is a rewarding career path
Students who enroll in these executive management programs have the chance to acquire the necessary combination of management and analytical skills to work in the wide range of data-driven businesses where data analytics is applicable. . It is a rewarding career path that offers attractive income packages and a wide range of professional roles.
Among many other positions, one can consider finding employment as a data analyst, data architect, statistician, project manager, data manager, and ML engineer. You can think of focusing on the area that interests you in a variety of fields and degrees. Forensic data analysts, for example, collect and store digital evidence for criminal and cybercrime investigations.
Data mining is another area where experts look at data to identify trends and patterns. Because it is such an in-demand profession, industry standards are such that data scientists and analysts enjoy huge pay scales. Depending on their expertise, data analytics professionals can expect to receive compensation packages ranging from 5 to 18 lakhs, with an average salary of 8 lakhs.
The importance of data will increase in the future and is poised to transform several industries through automation and artificial intelligence. As a result, the fields of data science and analytics hold promise. As businesses increasingly rely on ML, Big Data, and AI, the demand for data science and analytics is rising sharply. Taking PGDM courses in this field can be a lucrative career option and add new abilities to your resume if statistics fascinate you and are your strength.
(The author is Information Technology, FORE School of Management, New Delhi)