Data analytics is an umbrella term used for evaluating, identifying, and examining data trends and patterns and providing insights. This domain utilises its own set of tools, software and techniques for generating and producing results.
Moreover, data analytics takes other data science domains such as artificial intelligence, big data analysis and others. Machine learning forms an integral part of data science. It helps identify patterns from complex data-sets, sift through different data types, and provide the required algorithm for approaching problems. Getting educated about different data science domains and their intricacies allows young engineers and data analytics personnel to get a foothold over its concepts.
Learning about Data Analytics
Young data analytics enthusiasts and professionals who aim to move into prosperous roles need to acquire knowledge about this domain. Pursuing the right set of courses and enhancing their skill-sets and acumen throughout the course’s duration will help executives furnish successful careers. A plethora of analytics courses online offered by world-renowned institutes helps provide necessary intel that learners need for acing their job roles.
Amongst these courses, the XLRI data science certification program devised in association with industry leaders enriches learner’s experience through its brilliantly laid out course modules and guided practical sessions. Before taking a data analytics course, there are certain things to consider– the course modules, different skill-sets provided, core elements learned, and others. Equipped from these programs and certifications, professionals can clearly understand the practical uses of data analytics that make processes efficient.
Practical Uses of Data Analytics
Data analytics is a value-adding domain for businesses, corporates and other startups. Analytics backed by data helps industries take care of their systems company’s growth and speed up the processes. Furthermore, analytics renders meaningful insights to organisations that help to improve their overall performance. Apart from providing insights, some other practical uses/applications are taught during several analytics courses online.
Some of these uses and applications include the following:-
- Helps in Taking Improved and Reformed Decisions
An organisation involves numerous processes, procedures, life-cycles and other aspects that require decision-making at different levels. Insights provided by data analytics removes the guesswork and helps in taking reformed decisions. Given the technological advancements, with continuous data analysis, the data backed decisions are more rational and practical.
- Optimises Operations
Data analytics helps in optimising operations, work-flows and other cyclic processes. With knowledge about customer’s preferences and a focused target audience, companies can save money and reap more profits.
Furthermore, with analysis offered at each stage of operational work-flow, the tasks and other attributes assigned get streamlined and increase its efficiency.
- Helps in Identifying Risks
Data analytics plays a significant role in identifying risks. Analytics monitors and oversees the corporation’s cash-flow, expenditure, resources, debts and losses and other financial data regularly. This helps in figuring out financial anomalies and mitigating risks.
The uses, as mentioned above, of data analytics taught through the XLRI data science certification, pave the way for better analysis and prepares businesses for future losses/debts. However, with the Covid-19, wherein most corporations’ economies have suffered, certain advances in this domain help organisations maintain steady growth.
How Data Analytics Will Look Like Post Covid-19?
Covid-19 has disrupted many businesses, changed how companies perform their operations and with social distancing norms, has led the world to shift to work remotely from their homes.
The future of data analytics looks promising. Numerous data analytics courses will render knowledge about following technical advances in this sector post-Covid-19:-
- Cloud Analytics and Saas Platforms go Mainstream
Companies in the “new normal” are ideating towards adopting technological platforms that incorporate Cloud and Software as a Service (SaaS) devices. Modern corporations have realised that to stay competitive post Covid-19, they have to integrate models with cloud-based data storage, analytics, and power devices using Saas mechanisms.
- Rise of Decision Intelligence
Decision intelligence integrates different aspects together and provides a roadmap for performing data analytics. Data analysts and engineers can use decision intelligence practices for designing, modelling, aligning, executing and tweaking decision models to decide the outcome of business policies.
Taking help from decision management and other modelling technology, data analytics gets enhanced and helps companies in making better-reformed decisions.
- Introduction of “X” Analytics
X analytics is the umbrella term used for describing an X variable that represents a range of structured and unstructured content. In other X analytics is a unified term for the data analytics domain that will be used to provide solutions for future societal and corporational challenges, avoiding a future pandemic and other challenges.
X analytics coupled with AI and graph analysis is used for monitoring, identifying and planning in advance for natural disasters, business crises and seeking future opportunities.
- Data Marketplaces will Become Common-Place
As per Gartner’s 2020 study, nearly 35% of large corporations will either become buyers or sellers of data through online data marketplaces.\
Data analytics leaders and engineers will be required to establish a fair and transparent approach for governing data in the coming future. These data marketplaces will provide a unified platform for organisations to purchase X analytics, new data sets and other exchanges.
- Provide a Solution to Pandemic
It’s been a year since Covid-19 affected professional and private lives. Many researchers believe its only the beginning, as pandemic will be part of human lives for at least many more years to come. However, data analytics and its ability to look through anomalies and provide a solution to complications can be used to fight the pandemic. Taking help from smart and effective machine learning algorithms, data analytics with its revolutionary analysis mechanisms can help in curbing the pandemic.
Summing it Up!
The future of data analytics looks set to fight the pandemic, perform efficient and targeted analysis through X analytics and decision intelligence advances. Moreover, with integration of cloud and Saas platforms and data becoming a commodity, the next few years will see domination of this domain.
Therefore, the different data analytics courses help in teaching essential concepts, components and principles of this sector to young professionals. Furthermore, executives who aim to move into prosperous careers can enrol for the XLRI data science certification program.