We have compared data to petroleum, gold, and whatnot to underline its value to the commercial ecosystems. Throughout the last couple of decades, data has held a position of immeasurable importance. We have been through crossroads where the real applicability of big data analytics has been debated – many businesses have lost significant amounts of money on a blind pursuit of data-led excellence.
Now, we’ve reached a point where data-led intelligence has already had hundreds of successful use cases. And these use cases are spread across dozens of different industry verticals. One would think that a discipline like data analytics would reach the point of saturation by now, but that hasn’t been the reality. The demand for data analysts in India is at an all-time high making this the perfect time for undergoing a data analyst course in India.
In this article, we will look at some factors that have catalyzed the growth of the data analytics industry.
The Indian government’s keen interest in data-centric growth
Starting with the NITI Ayog the Indian government has been in constant support of data-centric growth in India. There have been significant investments in the field of data analytics both by the public and the private sectors. The public service units are keen on leveraging the power of data to make better policies, take proactive measures in terms of serving the citizens, and create safer and better-organized neighborhoods.
The demand for data analysts in the public sector is one of the key drivers of the overall growth of the discipline.
Expansion of data analytics across industries
What started as an IT-related phenomenon has now pushed its boundaries and encroached on every field you can imagine. The banking and investment sector is a primary employer of data analysts in India. Banks and financial institutes have identified data analytics and predictive modeling as one of the best ways of prospecting and serving good customers better and detecting potential frauds. Data-led intelligence has made a massive impact on fraud detection.
Similarly, manufacturing units use the insights drawn from data to enhance their processes and to make decisions in favor of increased efficiency and better ROI.
In fact, data analytics helps a manufacturing unit increase its logistic prowess – analytics helps them determine which vehicle needs repairing, and which equipment is slowing the process down. Every little thing can have an impact on the overall efficacy of the system, and data analysts can help you manipulate each little lever to achieve the maximum potential. This is true for almost every industry from agriculture to biomechanics.
The democratization of data through cloud computing
The cost and difficulty of data storage used to be one of the key obstacles for businesses trying to leverage data. For the smaller enterprises, data analytics wasn’t even an option because of the outrageous expenses of maintaining large databases.
The emergence of cloud computing and the cloud service providers like AWS, GCP, and Azure has bridged the gap between large and small enterprises in terms of data storage. A company can run its entire business in the cloud. The scenario has made data analysts more relevant for two reasons – 1. Ensuring the security of data in the cloud. 2. Drawing business insights from the data. The affordability of cloud services has allowed a lot of businesses to invest in data analytics.
The remote-work normalization
The Covid-19 pandemic has had a lasting impact on the planet and how business is conducted on it. One of the major changes that occurred post-covid was the normalization of remote work. This has opened a lot of new vistas in terms of data collection, security, and analysis.
People are closer now than ever to realizing a global citizenship, they want to breach the national boundaries to explore new markets and data analytics plays a vital part in it.
It is important to understand how the remote-work scenario has changed the way the consumer thinks, and a data analyst can shed some light on that.
The role of data analyst carries a lot of relevance in the current socio-commercial landscape. The influence of data analytics breaches the domain of information technology and encroaches on every field of business you can think of. As we move forward into an era where the gaps between software development, data security, and data analysis are being blurred, having data analytics skills will help you attain sustaininbility in your career. Choose the right data analyst course in India and you should be good.