Analysis by Data Analytics- A Way to Predict Your Consumer’s Decision
March 3, 2017
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The role of data sciences has evolved over time. What used to be an after-thought is now a multi-billion dollar industry that can make and break businesses. With the proliferation of wearable and the impending chip boom in Internet of Things (IoT), data sciences presents a cutting edge proposition for businesses to understand competition and consumers alike. Any product you conceptualize, it has to be supported with corresponding data. It is the very fabric of businesses now. As the common adage goes, a prototype is worth a thousand meetings and you cannot have the perfect prototype without the backing of data. If a digital company is not interpreting and reading data, it has a weak shelf life and it is probably going to disappear in months, if not years.
Data sciences can cut edges, no matter which sector a company is in, lead the charge in innovation and transform companies. The cornerstone of any technology business is built on data. Companies cannot live in isolation on the power of data. One has to embrace the efficacy of predictive analytics that can gauge sentiments and build brands. The ad technology and consumer internet companies were early adopters of data sciences. Without analytics, these companies could not compete in scale and understand demand. Telecom is also a big player and it is quickly digitizing their data. The compelling advantages of data is now being realized by all sectors especially Banking, Financial services and Insurance sector. Big data does not offer solutions; it poses problems and hypothesis for business. It is only through the science of data, namely, analytics, does one truly offer business decisions to management that can result in ROI. In India, the market for structuring data and deriving meaning from it is weak, however that is changing with the explosion of software-defined businesses.
With the government's impetus in digital India initiatives, data sciences can help set up cloud-based education systems. The primary advantage of a cloud-based education system is that it can bridge the urban-rural divide. It can also tackle the paucity of teachers irrespective of geographical barriers. In the data sciences field, there is no formal course for a candidate to equip himself with advanced technologies. According to IDC, the big data and analytics market will reach $125 billion worldwide in 2015. However, yet there is no formal course that prepares candidates to tackle such problems. We look for engineers and statisticians who can read data, but there is a gaping hole with respect to the quality of education for this field. Most companies have their own labs to train and prepare candidates on the job, but imagine if candidates can already have a prerequisite set of skills at the basic level. The education sector has a huge role to play in enabling candidates to innovate and think out of the box for a niche field like data sciences.
The entire business runs on data. Any discussions start with proven records and samples. Any product that we conceive or how we approach ad inventory, margins, runs on data. By collecting data, a deep profile of a user builds and understands. This allows advertisers to reach the right kind of audience and assure consistent ROIs. The bedrock of this entire paradigm runs on data sciences and our ability to assure increased revenues for a customer.
In the past decade information Technology has grown in size and numbers. India is moving into an era where we are building software in India. As we see companies building technology based solutions for a range of verticals, the need for data scientists is going to increase. It is going to be one of the hottest jobs for the next decade or more. More exposure to course content in machine learning is needed. A unique blend of statistics and engineering skills would help candidates to explore untapped potential. We are going to see more entrepreneurs in India and with that growth, we will see more data scientists jostling and competing at the highest levels. With Sharpen your creative energies, learn to love numbers, read voraciously, with these three ingredients, students' stand a good chance to compete.
Data analytics is all about interpretation and some of the most obscure numbers can give you the most fascinating insights into problems, helps to predict a consumer's decision-making power. One has to go beyond the call of duty to learn from multiple fields, with the necessary perseverance, students can crack the biggest problems at the highest levels adding to our talent prowess.
Nishant Kadian takes care of content marketing for mFaaS. He is passionate about sharing his learning on the ad technologies, mobile ad fraud preventions, and more. Drop him a 'Hello' on LinkedIn or Twitter to start a conversation with him.