The Information & Communication Technology is now treading a much creative path that weighs human logical thinking over anything else. ‘Data Analytics’ & ‘Big Data’ are the new buzz words in Industry, which are to stay with us for a healthy spell in future.
Simply put, Data Analytics is all about processing data collected from multiple sources into useful information for informed decision making, through data tools & techniques.
Globally, organizations have become ‘data abundant’ but face acute shortage of ‘analytics professionals’ who can process the same into meaningful insights for a positive impact on their Top & Bottom lines. India is estimated to witness a ‘data’ talent shortage of 2 lakh experts by 2020 with USA predicted to see a 60% Demand Supply gap by 2019 itself. (Mckinsey report).
As investments in Data Analytics tools soar to a all time high of $187 billion by 2019 with salary packages ranging from Rs. 15 Lacs per annum (for beginners) to Rs. 75 Lacs (with an experience of 5 years), the career prospects have become too big to ignore.
It is no more a question of “Is Big Data & Analytics relevant?” ; rather people now ponder “How do we derive value for business from data?”.
Whether you are a novice or an experienced candidate considering a career shift, Data Analytics open up immense opportunities and now is the right time to strike. So, ‘how does one find place in this ocean’???
Get Equipped with the right skill set:
The industry is open to people from almost all backgrounds, however, possessing the core vital skills to work with data analytics tools is essential. The following is an illustrative list of talent pool entailed:
|TECHNICAL SKILLS||NON – TECHNICAL SKILLS|
|Basic Statistics||Intellectual Curiosity|
|Algebra & Calculus knowledge||Understanding Business Implications|
|Coding Fundamentals||Communication skills|
|“R” programming language||Logical Reasoning|
|Hadoop, Python, SAS essentials||Thirst for constant updation|
|Spreadsheet visualization||Problem solving mindset|
In the absence of any specific pre requisite educational qualification / training, during initial stages, one may depend on various online courses that throw light on the ground work needed for becoming a data scientist as well as provide an overall view of this mammoth industry.
The most common fields of study include Mathematics & Statistics, Economics, Computer science, Business Analytics & Predictive modeling among others with nearly 80% of existing data scientists holding a Master’s Degree in Advanced Analytical courses.
Data Analytics Job Roles:
The effect of data analytics tools has become so pervasive that no sector can claim immunity to the new technological dimension being added to their conventional processes. Be it Fintech, AgriTech, MediTech, corporate consulting, business strategy, sales, marketing & even government services are beginning to have positions for analysts. Some of the key job titles in big data analytics are as follows:
- Big data engineer
- Analytics associate
- Business Intelligence & Analytics consultant
- Big data solution architect
The 3 major career options to choose are namely “Prescriptive Analytics”, “Predictive Analytics” & “Descriptive Analytics”. An aspirant can elect any of the above to suit his/her acumen, previous work experience and area of passion.
Industry Recognized Certification coupled with practical exposure is the key to securing one’s place in this grand growth story of analytics.
It is learnt that more data was created in the last 2 years than in the entire previous history of human race. So is the case with number of certificate offerings. Candidates have to choose from a wide range of free & paid online courses but most of them finally end up with half baked & unrecognized certifications. A word of caution would be to research the credibility of such sources.
In this regard, it is noteworthy that Indian Institute of Management, Rohtak has launched a MDP Certification program in Data Analytics directly aimed at incorporating extensive training to leverage ‘Microsoft excel’ (spreadsheet visualization) & ‘R tool’ for business data analytics & informed decision making. The blended online offering of course is an added advantage to distant learners. Given the scratch to advanced scope, potential data scientists may want to take a look at this affordable curriculum. (Information on iimrohtak.ac.in < Programs < Executive Training).
Here is a list of few other famous course offerings in India:
- Jigsaw Academy – Online Tutoring
- Analytix Labs – Classroom & virtual
- International School of Engineering, Hyderabad – Classroom program
- Imarticus Learning, Mumbai – Online & classroom
- IIM Kolkata, IIM Bangalore, IIM Lucknow – Business analytics certifications
- Indian School of Business & Great Lakes Institute of Management
A Quick Glimpse at Trend
The Indian Data Analytics Trend is very promising with an Industry base of $2 billion and developing at CAGR of 26%. The ongoing Digital Inclusiveness programs sponsored by the Indian government further augment the capacity of this major to generate jobs with handsome packages.
Teamlease survey (a HR firm) revealed that data analyst professionals in India with an experience of 5 years or more are making around Rs. 75 lakhs per annum against the Rs. 8-15 lakhs for Chartered Accountants and Rs. 5-8 lakhs for architects with similar experience. Also, a little more than 41% of the beginners in data job roles are commanding Rs. 15 lakhs per annum.
NITI Aayog & NAASCOM forecast that Indian Big Data & Analytics Markets will rally to reach $16 billion by 2025 thereby conquering 32% of the global market by then.
It is estimated that 600 new firms adopting Data Analytics join the Indian market every year with 76% of respondent businesses signaling huge budgeted investments in this arena.
With just 0.5% of total data generated being harnessed as on date, there is no doubt in referring the Data Analytics industry as the “Career Genie of 2020”, which is soon poised to find its place along with Construction & Financial sectors, as a top employment catalyst for our sub- continent.