Big Data: Supply falling short of demand

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Coined in 2005, the term ‘Big Data’ never enjoyed as much traction until last few years, where it has become a global talk. So what makes the big data so important that it is called the currency of the next generation. To reach to it roots let’s start with what big data really is and how is different from the traditional data we stored, processed and procured.

As the self-explanatory seeming term already defines, big data is large chunks of information which is too large and complex to be processed by traditional data processing software. This includes datasets of information coming from various sources and channels

As we continue further let us address the Elephants in the room, Who’s data it is? And Where it comes from? Well, it’s our data, we being customers of any particular business insert our information, make choices, purchases and transactions uncountable times. All this makes businesses inundate with heaps of data. Now traditionally there was very limited use of this data, mostly to the extents of marketing. But with big data into the picture, it has expanded the limits and horizons for the businesses using this data.

Applications of Big Data

Big data since its inception has been an ever-evolving tool, it started with the need of businesses to understand their customer’s preferences, trends and patterns in the data that is generated while the customers interact with the businesses and its systems. With this new information at their dispersal, many firms have started repurposing it to make their customer experiences, products and services better.

From IT to Healthcare the wide array of benefits have made a place for big data in almost every sector. Here are a few ways companies use big data:

Predicting customers choices and preferences:

Organisations always choose to be a step ahead when it is about understanding the needs of the customers. What better than big data could help, the organisations already have plenty of data on the web, via their websites and social media platforms. They can successfully predict the purchase decisions and the tradeoffs their customers will be making with analysis of these datasets with various big data tools. This is one of the most primary uses of the big data that firms are reaping the benefits of. Coca-Cola is one such brand, actively using big data and social listening to improve their products.

Strategizing:

Truth being told, businesses have many times lost millions in marketing campaigns that were seldom fruitful. Knowledge of industry trends and their impact on a brand’s customers can go a long way in making marketing and pricing strategies of a product or service. Netflix for eg. uses the behavioural data of their users for better-targeted advertisements.

 

Risk Assesment and Analysis:

When it’s about lending money or even investment, the big data provides a financial institution insights into a prospective client’s financial standing and therefore allowing them to minimize risks. Many banks abroad like UOB bank from Singapore already have a solid risk analysis system based on big data to keep fraudsters at bay. RBI has recently announced to integrate big data to open up a plethora of possibilities for Indian banks.

Human Resource Management:

As it is said people have the potential to make or break an organisation, the organisation stay clear on the most performing skill sets fit for them with the help of big data analysis.

The Rising Demand

With numerous uses stated above and much more uses coming up, big data integration is on the radar of every aspiring organisation in almost every industry. Moreover, the increasing competition from startups and early adopters have led to the emergence of massive demands in the big data sector. The organisations have already started preparing their employees for this and will soon have Big Data as a required skill in their hiring checklist. With the CEO’s and organisations readily embracing this technology, McKinsey global institute predicts scarcity of about 1.7 million data scientist and big data professionals worldwide.

Who are Big Data Professionals?

Big data professionals or data scientist are the ones who have mastered bigdata and its applications like Python, Hadoop and Spark. These usually come from the background of IT or Software development and then specialize in Big data with the help of specialized hands-on courses.

The Opportunity

The rising demand for big data is quite evident, what else is evident with it is a career in big data analytics. The IT students who were yet puzzled about how could they stand out in the crowd could consider this as an opportunity and prepare themselves for the time when the demand-supply gap arises. There are institutes like Analytixlabs offering various Big data courses online, their trainers have worked with global tech and consultancy firm like McKinsey, KPMG, Deloitte etc.  A course with them guarantees practical experience as well as placement assistance.

With the scope of big data growing every next day, there couldn’t be a safer bet than adding this to one’s skill set right away!

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