Big Data and Analytics have been industry buzzwords for long enough for you to have had them come up in a business conversation at least once. While both Gartner and Forrester have mentioned Big Data and Analytics in their lists of technologies that are likely to change how we work, the actual techniques and technologies continue to remain an enigma to most organizations, especially in the small and medium industry sectors.

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We try to showcase some real-life examples where organizations across sectors are using Analytics to improve everything from end-user experience, to supply chain and financial management.

Before we delve into how companies are using Analytics, it would be prudent to spend some time on understanding why Analytics and Business Intelligence are key to business success.

The human population is generating close to 2.5 quintillion bytes of data every day, enough to fill 10 million Blu-Ray discs in a day! However, over 90% of this data continues to remain unstructured, meaning that it is incapable of delivering any kind of useful insights, and is hence just sitting on disk taking up storage space.

The Business Intelligence and Advanced Analytics industry is dedicated to making this data useful and is delivering revolutionary insights that are transforming organizations globally.

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“The human population is generating close to 2.5 quintillion bytes of data every day, enough to fill 10 million Blu-Ray discs in a day!”
As per Gartner, the Global BI and Analytics market is expected to gross US$ 16.9 Billion in 2016, an improvement of 5% over 2015. Data Scientists, Consultants and Analysts are in high demand, making it an extremely lucrative industry for job-seekers. Let’s try to understand how global organizations are using Analytics and Big Data.

Understanding Customers Better

Due to process digitalization, companies are now much more capable at capturing customer interaction data through multiple touch points when they engage with your organization or brand. For example, E-Commerce websites are closely tracking where users are reaching their websites from, how many pages they visit before they complete a purchase, where maximum time is spent, where they drop-off, etc. Similarly, physical retail stores are constantly observing shelf behaviors and even video footage to understand trends better. All of this customer touch point data is collected, and then analyzed through Big Data and Business Intelligence techniques to provide insights that can help modify processes and reduce customer churn as well as improve satisfaction.

Predicting Consumer Behavior

While the previous case talks about the historical perspective of data, Predictive Analytics is all about predicting consumer behavior in the future. Organizations are using both primary and secondary data to study consumers and understand their likes and dislikes, why they do what they do, and also identify key factors that influence their decision making. These insights are then used in everything from product design, marketing, to customer experience design. Companies such as Apple and Microsoft closely study usage data to understand how consumers are using their software and hardware products and then try to come up with new offerings that are most likely to resonate with customers. It’s like taking the risk out of product design and marketing, and is working wonders for companies!
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Building A Secure Organization And Processes

At the heart of Big Data and Analytics is the ability to identify trends in huge amounts of data, and one of the areas that this is most helpful in is security. Organizations are analyzing user login data as well as activity in real time to identify any anomalies that could help identifying a threat to the organization’s systems. With the ongoing digitalization of the economy because of the demonetization initiative of the Government of India, Analytics and BI hold the key to analyzing millions of transactions taking place through bank systems to avoid fraudulent transactions as well as identify entities that are trying to transfer large sums of money illegally.

While these are just some of the most commonly used Analytics and Big Data used cases, the technologies are being put to good use across industries, including healthcare, where patient data is being analyzed to understand diseases such as Alzheimer’s better. It is then no surprise that an expertise in technologies such as R, SAS, SPSS and more are highly in demand in the market, with over 40,000 new jobs that came up for Analytics professionals alone in 2016. Data & Analytics has been featured in our list of best areas to work in our Job Outlook for 2017, as well as our blog about Top 5 Online Courses in India. Having identified Data & Analytics as one of the key areas for professionals to gain skills in, betterU has partnered with the best in the world to provide the latest Data and Analytics courses on our marketplace that’ll help you cement your place in the industry. Get started now!