Big data analytics is a vast field encompassing descriptive mechanisms, technologies, concepts, ideas, intricacies and additional information that makes it reliant and result-oriented. As the name suggests, big data analytics works on “big” and massive data-sets that are in the form of binary, hexadecimal and other formats and tweaks them to deduce patterns, similarities, and results. Leading organisations, businesses and other firms leverage big data analytics for uncovering hidden patterns, market trends and additional insights. An analytics certification online course will render young and aspiring data analysts with critical information about this domain.
So how big and mammoth is the influence of big data analytics? Well, the following statistics will help budding data analysts understand its effectiveness and market value:-
- According to the ZDNet 2020 report, nearly 45% of businesses worldwide have at least one of their Big Data workloads shared overcloud.
- As per a study generated by Forbes, the job listings for data science and analytics increased by a whopping 2.7 million!
The stats mentioned above show the utter dominance and job opportunities opened by big data analytics. Owing to the same reasons, the IIM Kozhikode certificate in business analytics has been designed to enable young analysts to master its fundamentals, principles and other facets.
Examples of Big Data Technologies in Different Industries
Different organisations employ several big data analytics technologies for various reasons. Be it for automating tasks, sifting through large data-sets, surveying information using separate databases or providing meaningful insights about data accumulated; big data analytics renders companies with all these solutions.
An analytics certification online course through a good source aims at teaching the importance of big data analytics in numerous industries by providing examples of tools and technologies that this domain deploys:-
- Big Data Analytics in Education Industry
The education industry utilises big data analytics for developing AI and video-based learning environments, training modules and online classrooms. Moreover, given how technically appropriate the analysis is, big data analytics also offers accurate grading and progress checking.
Professionals and fresh graduates can use big data analytics information to shape their careers and understand concepts in detail.
- Big Data Analytics in Insurance Industry
The insurance industry uses big data analytics technology and tools to collect information, gather an in-depth analysis into customer’s behaviour, and detect fraudulent transactions and threats.
Insurance organisations actively collect their customer’s data for making a sale or purchase as per their preferences. Big data analytics vets the frauds through separate use cases and avoids making fraudulent claims. Similarly, data analytics engineers deploy tools and techniques to map threats in advance and avoid losses or debts for their customers.
- Big Data Analytics in Government Industry
Given the amount and volume of data saved, generated and reviewed by government bodies, it’s only practical to have a set procedure in place for evaluating this information. That’s where big data analytics comes into play and renders a streamlined and systematic approach for data collection and retention.
Furthermore, government institutions need to stay up to date in terms of population growth, mortality rates, density and other metrics; therefore, it’s essential to have data analytics methodologies that can assist in surveying large data sets.
- Big Data Analytics in Banking Domain
Big data analytics in the banking department has a prominent role in checking fraudulent transactions, bank transfers and other arrears. Dealing with fragile and delicate information and its misuse can lead to severe repercussions. Hence, having correct big data analytics protocols can avoid identity thefts, information reproduction and other lapses.
As can be seen from the examples as mentioned above, big data analytics applications are diverse and immense. The IIM Kozhikode certificate in business analytics helps professionals understand the importance of this domain in various sectors.
Why does an Organisation Require Big Data Analytics?
There have been several trends that have been at the heart of big data analytics that have transformed the lives around us. These advancements and trends have been instrumental in making big data analytics all the more important for organisations in the current realm.
Here’s why modern organisations require big data analytics:-
- Helps in Reducing Costs
Big data analytics help in reducing costs and maximise profits. With modern technologies such as cloud analytics, organisations can save their data online without splurging on local databases.
These cost-saving mechanisms not only reduce the costs but also increase the efficiency of the business.
- Swift and Rational Decision-Making
Organisations need to make several decisions daily regarding accommodating new technologies, designing strategies, communicating ideas across the hierarchical chains and collecting raw materials.
With resourceful insights rendered by big data analytics, senior advisors and executives can take logical, data-backed decisions to help their organisations.
- Providing Customer-Focused Services and Products
Big data analytics helps in finding patterns from large data-sets and allows companies to deliver products, goods and services that are customer-oriented and can perform well in the international market.
An in-depth analysis of customer’s behaviours and purchase patterns allows retail firms to design and manufacture products suited for consumers’ preferences.
- Understanding Market Trends
Through its clear, precise and thorough understanding of data, big data analytics helps provide knowledge of market trends, insights, and other details about international and domestic markets.
In addition to this, insights about market trends enables professionals involved in sales and marketing domains to design campaigns, pitches and other sales niches as per the current market behaviours and patterns.
Data analytics’s importance irrespective of their fields- big data, business or marketing analytics, play an important role in determining the success and effectiveness of strategies, products, and decisions. An analytics certification online course provides knowledge about different sectors that further take the assistance of big data analytics.
Organisational Success = Adoption of Big Data Analytics Technology
As can be understood from the points mentioned above, modern corporations seek data analytics and its tools for reading between the lines and identifying new opportunities that come through.
The IIM Kozhikode certificate in business analytics is amongst the popular breed of analytics certification online courses that can help professionals set a solid foundation for their career paths.