Where is Analytics used?
There are four types of big data BI that helps business growth:
- Prescriptive –This is the most valuable kind of analysis and usually results in recommendations for next steps and reveals what actions should be taken.
- Predictive – This analysis is predictive forecast of likely scenarios of what might happen.
- Diagnostic –The result of the analysis is often an analytic dashboard. It is looking at the past performance to determine what happened and why.
- Descriptive –Descriptive analytics is using real-time dashboard of what is happening on incoming data.
Data sciences is study of, where the information comes from, what does it represents and how it can benefit business strategies. Working on structured and unstructured data can increase the efficiency of an organization , can help market for new opportunities and can increase the organization’s competitive advantage.
Data Science in future is going to be applied in the following fields:
Data Science algorithms decides right from display of banners on various websites to digital bill boards.
The is the reason why digital ads have been able to get higher “Click Through Rate” than traditional advertisements. They can be targeted based on user behavior. This is why I see ads of analytics trainings while my friend sees ad of fashion at the same time.
They help you find relevant products from billions of products available with them, but also add a lot to the user experience.
Organizations have widely used this engine / system to promote their products / suggestions in accordance with user interest and relevance of information.
Internet giants like Flipkart, Facebook, Google Play, Hotstar, Linkedin, and many more uses this system to improve the user experience. The recommendations are made based on previous search history of a user.
Automatic tag suggestion feature uses face recognition algorithm on various social media platforms. Example:– when you upload a picture on Facebook, you start getting suggestions to tag your friends.
Gaming experience has reached to its next level using data sciences. Games are now designed using machine learning algorithms which improves and upgrades themselves as the player moves up to higher levels.
In motion control gaming also, your opponent (computer) analyzes your previous moves and shapes up its game accordingly.
Airline Route Planning
Airline Industry across the globe is struggling to maintain their occupancy ratio and operating profits. With high price rise in air fuel and the need to offer discounts to customers has further worsened the situation.
Now Airlines are using data sciences to identify the strategic areas of improvements.
The Future of Data Science
Currently there is and there will be a lot of demand for Data Scientists. The upward salary trend for Data Analysts indicates positive and exponential growth.
From a career prospective, there are many option available, in terms of domain as well as nature of job. Since Data Science is utilized in various fields, there are numerous job opportunities available.
The demand for Data Science Analytic skill is going up steadily but there is a huge deficit on the supply side.