The importance of data analytics has soared through the roof during the past few years. Data has been recognized as the fuel of digital economy and the role played by data analysts is the key for development. Thus demand for data analysts is also growing at an unimaginable rate. For instance Malaysia is constantly transforming to a fully digital economy and the need for skilled professionals in the field of data analytics has also risen to a great extent as a consequence. MDEC chief has already stated that Malaysia needs at least 1500 data scientists in the data analytics sphere and the demand is continuously growing.
How data analytics is important for modern digital economies?
The capacity to generate and store data has significantly increased over the past few years owing to development in digital technology. It is estimated that today we create almost 2.5 quintillions of data every day. Both business enterprises and government organizations need data analysts to turn raw data into meaningful insights. Various companies use this meaningful data to develop business strategies and government organizations use the insights to serve better. Especially in a digital economy where most of the transactions take place in a digital atmosphere, a lot can be achieved by carefully analyzing the massive volume of data that is created every day. For example the ecommerce giants use data analytics for targeted marketing, recognizing potential customers and predicting buyer’s behavior.
Let’s take a better look of how data analytics helps!
- Data analytics helps to make better decisions.
Business executives from time to time need to take smart decisions. Thus, proper information becomes very handy especially about key performance indicators. This is where the work of data analytics becomes crucial. A skilled data analyst digs through massive volumes of data and tries to notice patterns and recognize trends, thereby creating a report for executives to act on that crucial information.
- Predictive analytics.
By analyzing massive data sets, data analysts try to predict customer behavior and thereby help the business enterprises to strategize their marketing accordingly. Predictive analytics also help various governmental agencies such as cops to predict crimes beforehand and prevent those. Environmentalists take its help to predict climate change and agriculturists use it to predict soil behavior.
Data analytics offers lucrative employment opportunities.
Owing to its importance, data analytics has been providing great employment to thousands. Due to the increasing demand for data analytics, an individual who has undergone good data analytics courses finds it easy to get a good job. You can too take the advantage of the situation and enroll yourself to any of the data analytics courses and earn anywhere around RM 45,220 easily.