The Rise of Analytics
Everywhere you go, you hear about analytics. It’s one of the most popular buzzwords today – with merit. Analytics is changing the way people do business. Its impact is akin to the revolution brought about by electricity or the Internet. It’s transforming every aspect of our life.
Transportation, governance, sports, media and a whole host of other fields are also changing. The net result in every field is the same – once you’ve seen the power of analytics, it’s impossible to go back. And the Luddites will suffer and disappear.
Analytics has tremendous power. It can change the fate of nations and multi-billion dollar companies. But, in common parlance, analytics is a nebulous term. So, what is analytics?
What is analytics?
In our daily morning routine post, we defined data analytics as:
“the application of a sequence of steps (algorithms) or transformations to generate insights from processed datasets.”
Broken down, analytics consists of collecting, processing, analysing and interpreting data to derive insights. We can collect data from many different sources – from our gardens to our sport teams. We can process it in a myriad of ways. We can define our questions and work with data to answer them. And finally, our insights can have direct, measurable impact on business today.
Demystifying Business Analytics
In business parlance, analytics has gained a star status, finding application across industries. The exact definition and identification of the word changes between industries and verticals. For some, analytics could refer to the analysis of traffic or the performance of a website or app. For someone else, it could be the effort to derive insights that can improve sales or the supply chain. It varies according to its application, but the process remains the same.
Irrespective of the usage, analytics refers to the statistical and numerical analysis of data. This analysis results in insights that businesses can use to perform better. This concept of analytics has become mainstream and is popular across industries.
Mountains of Data
The volume of data generated every day is increasing.
From wearables, GPS, smart home security systems, Wi-Fi enabled microwave oven and fridges to smartphones and computing machines, the number of devices generating data has been extensively multiplied with the advancement in technology. Our online social activities generate data too – from browser logs to cookies and traces. We sign up for newsletters, and ‘like’ articles. We search, buy, tweet, heart, pin, chat, favourite, share and email stuff to our acquaintances.
In the corporate sector, there are many departments that generate and analyse data, including HR, Admin, Marketing, Sales and Finance. The volume of data they produce is growing as our businesses become more complex.
As more technologies emerge, so do potential sources of data. Personal analytics, sensor networks and advanced technologies will produce more data than ever before.
All this data production has no value, if the data produced can’t be analysed.
The State of Analytics Today
Our ability to manage and analyse data has kept pace with the amount of data we generate. With advances in quantum computing and storage technology, analytics is growing ever more powerful. We can process thousands of data manipulation instructions in a few milliseconds. With today’s supercomputers, we can handle massive datasets many gigabytes and petabytes in size, in real time.
At the confluence of all these data analysis efforts lies one inescapable fact: analytics is the future.
Analytics and You
In this dynamic scenario, there is a lot of opportunity for the right professionals to cash in on this wave.
As the Harvard Business Review recently noted, ‘data scientist’ is the sexiest job of the 21st century. Companies need trained data scientists who are well versed in analytics. Professionals with diverse analytics skills are in high demand.
If you can work with data and communicate with stakeholders, you can fast track your success. All you need is the right training and a foot in the door.
The Jigsaw Academy Advantage
Training is available online. The Internet offers plenty of free resources as well as premium resources from which to learn analytics and data science.
At Jigsaw Academy we believe that theoretical knowledge alone is not enough. Context is critical. You need to know when and how to use the tools that you’ve learned. Jigsaw ensures that students learn when to apply their expertise through real world case studies and examples.
We go the extra mile to make sure the transition from the classroom to the work place is as seamless as possible.
Get started with the wonderful world of analytics today!