We live in a data rich, data driven world. Literally everything we do is recorded and stored somewhere. For companies of every size, analyzing this data has become the basis of having an edge and staying ahead of the competition. Data helps them understand their customers and allows for better targeting and improved customer experiences. They are also able to use analytics to identify new growth areas and product opportunities, as well as to streamline costs, increase operating margins and make more effective budgets.
This is just the beginning. If data is already revolutionizing business in ways we never conceived, then can we dare to imagine the future? Experts predict that there will be a 4300 percent increase in annual data generated by 2020 and that business of every size and from every sector will look to leverage the data at hand. How then can today's generation of graduates prepare to survive and succeed in the data centric world that will find themselves in the next many decades? The answer is simple. Even if they do not want to become hard core data scientists, they will need to pick up essential data analysis skills and become data savvy, if they want to in succeed in their careers.
Increasingly we are noticing a trend among top recruiters who require that their new recruits demonstrate strong data analytical skills, sometimes in the application and interview stage itself. The GMAC's 2012 Corporate Recruiters Survey showed that data analysis skills are an important asset for their new graduate business hires. A vast majority of business school alumni surveyed in the 2013 Alumni Perspectives Survey said they use these skills on the job and that the more they used these skills, the more likely they were to be ahead in their career.
Increasingly, in the next couple of years, data will further percolate all layers of the organization. As such, not only will businesses require dedicated analysts to manage their ever growing data needs but it will be imperative for all managers to have data science skills. They must be able to understand and make sense of the data driven insights that are brought to them in order to make business decisions that impact the bottom line.
We are looking at a future where analytics will have a pervasive presence in our lives. Every action we take or don’t take will be recorded and analyzed. This will change the way we live, make our life better and change the ways businesses function. As consumers the data we inadvertently offer business will allow them to directly and indirectly manipulate us. On a personal level, we will make data backed decisions about travel, charities, our love life, what we eat, where we go, what we buy. Let’s be prepared.
Jigsaw Academy is an online training institute that provides courses on business analytics. The academy has over 3000 students enrolled for its courses.