According to a recent Wall Street Journal, companies, barraged with data from the Web and other sources, want employees who can both sift through the information and help solve business problems. As the use of analytics grows quickly, companies will need employees who understand the data. A May 2011 study from McKinsey & Co. found that by 2018, the U.S. will face a shortage of 1.5 million managers who can use data to shape business decisions.
The Journey of Entry Level Data Scientists
The world of marching science and galloping technology demands tough decisions in life to stay special among the whole lot. That one special decision in life of aspiring...
Job Recommendation Engine
We built a job recommendation engine which recommends best job to users based on the user application history, user-user similarity and user-job keyword match. We tried to explore the different methodologies we can utilise to solve this problem...
Head - Trust and Horizontal Analytics at eBay Inc
Asit Kumar Barma
VP – Marketing, value labs
Clinical Associate Professor of Management Education Executive Director, Centre for Teaching, Learning, and Case Development
Prakash Durga Devarakonda-Global
Big Data & AnalyticsHyderabad Area, India Information Technology and Services
Exponential growth of data:The recent years have seen explosive growth of digital data stored in computer databases. With continued innovation revolving around digital technologies, the Internet and mobile computing, the amount of data continues to grow exponentially.
A Very Short history of Data Science
Shortage of skilled people:At this rate, there will soon be a shortage of talented analysts who can help organisations work with this much big data. McKinsey Global Institute’s Big data: The next frontier for innovation, competition, and productivity estimates that by 2018, “the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.”
Sustainable competitive advantage:Business Analytics also known as Business Intelligence (BI) has become strategically important for every organisation to keep competitive advantage by extracting meaningful information from the flood of digital data collected by businesses, government, and scientific agencies.
The article from HBR tells us more about A Data Scientist's Real Job.
A Data Scientist's Real Job:Storytelling
Critical business impact:Some specific applications of Business Analytics, which allow for many novel avenues of opportunity for businesses to optimise and adapt their business model, are: critical product analysis; improved customer service; up-selling opportunities; simplified inventory management; and competitive price insights.
Increase ROI:Return on Investment = [Value achieved through the solution] – [Cost of the solution]
As business analysts, one can impact both of these variables. One can increase the value achieved through the solution to the business problem and our activities actively reduce the cost to implement the solution.
Individual growth:As an individual it will help to move up the Data –Information – Knowledge – Insight value chain. This will enable to you to apply the techniques of BA to have a positive impact at your work and consequently succeed in your career aspirations.The article below from HBR puts some light on how data science promises to revolutionise industries from business to government, health care to academia.
Data Science :The Number of Our Lives