In the digital age, most companies use advanced technology in their business which, in turn, creates a lot of data in the form of several digital footprints. Now humanly, it is not possible to comb through such digital footprints and find trends or patterns which could benefit the business.
Here, the concept of data analytics comes into play which can dig deep and provide meaningful insights that will not only help to find trends but will also help the business to grow. And, this has made business analytics courses one of the sought-after training courses for students globally.
Types of Data Analytics
There are 4 types of data analytics:
Descriptive Analytics - With the usage of key performance indicators (KPI), it answers particular questions like ‘what happened?’ and ‘what is happening?’ and gauges the success or failures of methods implemented in the business.
Diagnostic Analytics - To easily summarise, it is considered the upgraded version of descriptive analytics. It goes further digging into the raw data and provides information about ‘why it failed?’ or ‘why it succeeded?’
Predictive Analytics - From the name, it can be understood that it predicts the future outcome of any initiative by finding key patterns or trends. It also sheds light on the fact further it will again happen or not.
Prescriptive Analytics - Heavily dependent on machine learning, this process collects data from the predictive analysis and provides insights on ‘how to get the work done?’ and is a great way to avoid rash decisions.
What advantages would you have with a certification in data analytics?
The processes that are involved in data analytics are data mining, data management, statistical analysis, and data presentation. After learning these processes, your abilities would include:
Firstly, the omission of guesswork which, in turn, will help to plan proper designs for various business models.
Providing tailor-made customer service is one of the key strategies for a successful business. With its cutting-edge technology, it would analyze the interests and concerns of the customers and would recommend in the same manner creating a trustable customer-company relationship.
With proper information on the table, it would benefit one by cutting the budget and saving valuable time. Both of these precious elements can be invested in other places for further development.
The leads which were once lost in the tons of data now can be easily converted into potential customers, and also, it is one of the most demanding professions in the world according to reports by Forbes.
The sectors that have implemented data analytics are:
Retail Sector - By using data analytics, retailers understand the trends and the needs of their customers. And then, supply them with their want hence increasing their profit.
Financial Sector - There has been an extreme rise in loan scams and frauds globally. In the financial sector, data analytics has been a blessing that has helped to curb these scams to a great extent.
Logistics - Data analytics helps to provide efficient safe routes which, in turn, helps the companies to deliver desired materials in less time conveniently.
Healthcare - It has had a great impact on the healthcare sector, as it not only helps to develop new methods for preparing drugs but also helps in accurate diagnostics of patients and thus providing them with proper treatment.
With the advancement of technology, a career in data analytics seems to be a smart choice, and for doing so, you can definitely check out data analytics certification courses online designed by Imarticus Learning. The course is implemented with real business projects, case studies and mentorships which will help you excel in the corporate world.