Data analytics, as the name suggests, is the process of analyzing data in order to use it to meet an organization’s requirements. The term data has been a buzzword and is given a lot of importance in all the fields and one basic function needed to work with anything is to know how to deal with data. Data analytics is required for examining data sets and creating reports and conclusions about the data and information contained in the organization’s data set. It uses the concepts of business intelligence, OLAP operations, and also deals with big data.
Main Applications of Data Analytics:
- Banking and security- This involves the detection of fraud at early warnings, card fraud detection, enterprise credit risk reporting, customer data transformation and management. The Security Exchange Commission uses data analytics in the field of banking and security for the above operations.
- Communications, media and entertainment- There are a lot of expectations in this field by the consumers and the need for data analytics is very high. Their goals are to create contents for different kinds of target audiences, recommend content on demand, and measure its performance and maintain it.
- Healthcare providers- In order to treat and diagnose patients, they maintain so many measuring devices each dedicated for different operations, collect the output of these devices and maintain a repository, and store and maintain them. This task is not so easy to be done to thousands of records. To make it simpler, they use data analytics technologies which have algorithms and works accordingly and makes the work easier.
- Education- Maintenance of a lot of records reside in this sector. Examples include student records, staff records, accounts history etc.
Importance of data analytics:
By looking at the above application specifications, we may say that data analytics is an internal organizational function. It needs the analysis of in-depth organizational data for recording, analyzing, and presenting it in a much more understandable form.
Advantages of data analytics:
- It has the ability to make faster and more effective decisions for organizational data.
- There are more structured business decisions with backed-up data.
- There is a much deeper understanding of customer requirements.
- Increased awareness of risk factors enables us to implement a system that is preventative of risks.
- There is a good view of financial performance.
- It reduces costs and increases profit.
Over the past 5 years, data analysis has gained a lot of importance and so are the demand for jobs in this area. Several new rules have been introduced which especially require the data analytics course experience of a person. Those job roles are:
- IT system analyst
- healthcare analyst
- operation Analyst
- data Scientist
- data engineer
- quantitative analyst
- data analytics consultant
- digital marketing manager
- project manager
- transportation logistics specialist
This leads to a new area of careers for students and anyone who wants to grow in the field of technology.
As we have seen with the data analytics field and its importance, it can be a very good career option. Thus, it is advised for students interested in dealing with data to opt for the data analytics course and have a bright career.