Ignoring Business Analytics Can be Fatal in the Current Times

Ever since the inception of big data analytics it has been solving problems which is great but it has also been creating some residual problems. Initially this problem was regarding the storage of the unprecedented amount of data; afterwards it was about integrating, processing, digging, mining and so on. Most of these have been solved over time with the emergence of new tools and technologies. But you cannot expect to have no problems at all – that is against progress. So, now the major issue is, obviously, skill gap. This will also be solved over time as a positive initiative can be spotted among universities and private institutes around the globe to develop the data analytics workforce. A lot of young students are aware of this career and they are preparing for this. There is yet another issue which has been lingering for a while, and needs our focus, something that, if not taken care of, can turn everything upside down: The issue of effectiveness.

Businesses are investing in big data analytics because they want to stay ahead of their peers, expand their business and enlarge their consumer base – generate more revenue. This is an exciting phenomenon. Collecting and analysing data to make better decisions. Currently there is a kind of disillusion among a lot of businessmen. They are not being able to measure the enhanced profit. A lot of them feel that the investment is not coming up with adequate returns. So, while we are looking at a soaring industry of analytic service firms and spotting a marvellous opportunity for generations of youngsters, we cannot ignore the possibility that the investment in big data analytics may just start drying up in near future.

This is happening for a few discernible reasons.

  1. Investment without a specific plan.
  2. Lack of understanding of the market.
  3. A gap between the data analysts and the business executives.

Companies in India use data analytics mostly to identify their consumer base, direct their ad campaigns, guiding product modification. All of this is directly related to revenue generation. The changes cannot be expected to show themselves right away but it should after a certain period of time – when this does not happen, negative speculations start that all this might not be effective after all. Well, this is not true, if it did not work it would not be so big; people around the world are not fools to invest so much in something totally intangible and ineffective. The average big data expert earns $112,000 a year in USA for a reason. A survey confirms that companies that do not adapt analytics are running a risk of losing 20% of their profits. So, we will assume that big data analytics works fine and the problem is in execution. And this problem elevates the importance of a job role, namely Business Analyst. A lot of small and mid-sized companies prefer to ignore this job role or just shove the responsibility in the data analyst’s job profile. But we need to wake up to the fact that business analytics is a different and legitimately necessary area which needs some special expertise.

A business analyst is trained to close exactly those gaps which happen to be between investments and returns. If you are out sourcing your analytics services you need a trained person to direct that service and see that no pointless investment is made. Business analytics training does cover a fair bit of analytics knowledge – this is to cater to the multidisciplinary needs of companies who are keen to receive multiple services for a single salary. It is understandable in a startup-centric industry. You cannot complain against this, you have to comply, at least in the initial days. Currently a lot of business analyst posts are being created around Indian cities like Bangalore, Delhi and Hyderabad. The startups are waking up to the fact that they need someone trained to link up the business and the analytics efforts. Great market research skills, impeccable communication skills, practicable knowledge of data analytics and polished data visualization skills can help you get you employed as a business analyst. Business analytics training in Bangalore should prepare you for the challenge as the best analytics institutes in India have condensed in and around Bangalore. Business analytics is as important as data analytics for the flourishing of a business and more so at the moment when companies are suffering from aimless endeavours.

 

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