This is not an exaggeration, but the truth. With Data Scientist salaries touching Rs 22 Lakhs/ annum, it’s safe to say that this industry is now one of the highest paying in the world. Data Analytics, is now a solid division in any MNC – just like HR, Finance, Sales and Marketing; but maybe more important than some of them. The question is, are you in place to earn the big bucks?
What is Data Analytics?
According to investopedia.com, data analytics is the science of analyzing raw data in order to arrive at conclusions about market information.
It is used by companies that rely on data for arriving at decisions. Once data is extracted, these metrics are analyzed to find out patterns and insights which can be used to bring in changes and exploit the opportunities available to benefit a business.
Why has data become this important?
Data reveals certain unexpected trends and a completely new insight that could help your business exploit chinks in your competitor’s armour, market requirements or customer needs that you may have never heard of. This will directly impact your sales, revenue, market share and profits.
It could even find certain correlations between two data points which was previously hidden. Ex: A decrease in prices could actually result in a drop in sales in certain geographies.
This is why data is considered an asset and the most valuable resource. A business always tries to expand and find the hidden potential of a market, and analytics is the catalyst that can help it do so.
To sum it up, all you need to remember from a business point of view is that it can help you in –
- Competitive advantage
- Helps provide better customer service
- Increases profits
- Discover new markets
- Product development
The size of data in our hands and its usage around the world is beyond imagination. All you need to know is that the big names such as Amazon, Starbucks, Netflix, Coca Cola and a lot of other big names have gone forward with analytics and earned big!
Let’s take the example of Coca Cola.
In 2009, Coca Cola introduced mix and match machines that had 150 sparkling and still beverages in them. As a consumer you could blend the flavours of your liking and make your drink. These “freestyle” machines were backed with Artificial Intelligence which found the flavour which was in demand. There were 40,000 of these machines in the U.S which served over 14 million drinks per day!
After dispensing a lot of drinks, Coke got the answer they were looking for. Cherry was the flavour which had the highest demand and this led to the birth of Cherry Sprite and Cherry Zero. This was a major boost for a company which has been criticized for the usage of sugar in its cola drinks.
Coca Cola today uses its data for a variety of reasons. One of the most common things is mining data through social media handles and using it to create ads!
If you’re in business and you wish for a competitive edge over your rivals, look no further – data analytics is your answer. It is time you invested in it before its too late.
Invest in what is already the biggest resource on this planet and be responsible for building the future.