It is no secret that data has the potential to power businesses of all kinds. It can instantly give organisations a competitive edge in solving problems, increasing efficiency, boosting revenue, cutting risks, and various other preventive and predictive benefits. The power of data and analytics is so immense that today businesses, irrespective of their size, are leveraging analytics tools to determine how data can be used for innovation to stay ahead in a constantly changing corporate landscape. To understand how business analytics work in real life, one can look at the Covid-19 pandemic when businesses that were data-adept could stay ahead because they could minimise risk and monitor remotely for seamless operations.
A recent report published by The Economic Times also states how 83% of India’s data-driven companies are more resilient and confident during the pandemic than non-data-driven companies. This indicates that analytics is one of the biggest buzzwords in the business world right now, and it is set to get more significant in the coming years. With customers becoming more data-aware, there is also additional pressure on businesses to come up with smart analytics solutions to stay ahead of the rest. This puts the spotlight on the need for data analysts and business analysts who can drive the growth of an organisation by tapping into the various aspects of data. These professionals are expected to help companies create better roadmaps by predicting what their customers want and helping them become more responsive.
With data currently being a significant catalyst for innovation, here are five data analytics trends that businesses and professionals should keep their eyes on to leverage the enormous power of data. Let’s look at how these trends can help build decision intelligence and decision modelling.
Artificial Intelligence: Artificial Intelligence, or AI as it is popularly called, has been a driving force for every kind of business across the globe. AI is effectively replicating complex human intelligence to allow businesses to drive operations most seamlessly. Apart from making many complex business processes automated, it is helping businesses analyse markets and customers, provide virtual assistance, assist in data unlocking, automate processes, and personalise the customer experience. As per a PwC survey from over 1,000 companies from the U.S.A., as many as 52% have accelerated their AI adoption plans. Companies of all sizes are being able to gain a competitive edge through AI and are being able to build innovative solutions.
Data Security: Providing secure solutions is one of the top-most ways to gain a customer’s trust and move up the success ladder. This explains why many companies invest in security solutions to stay competitive and relevant. Data security is a huge asset for both small and large organisations as it adds to the overall reliability and integrity factor. It also prevents unauthorized access to a company’s equipment and systems and helps avoid the unnecessary expenditures that often occur when data loss occurs.
Natural Language Processing (NLP): NLP is another big trend that data professionals should pay close attention to develop optimized business solutions. When applied together with business analytics tools, NLP can allow users to interpret data in their native languages. Through this, NLP converges people, data, and analytics tools to provide insights to organisations for the best business results.
Real-time Data and Analytics: This trend has tremendous potential in the post-covid reality where things are continuously in flux. There is an immense need for real-time and accurate updates for developing solid business strategies to respond to unpredictable situations. This is why businesses have to be adept at accessing real-time data to stay on top of changes and challenges. It can go a long way in cutting risks and developing effective business responses by immediately accessing relevant data whenever the need occurs. High-speed real-time data access is one of the best ways companies can go ahead of competitors.
Data Literacy: As data becomes the foundation of success for businesses of all sizes, the need to use and understand data as a collaborative tool is at an all-time high. This makes data literacy a top requisite for both professionals and companies as it is a critical tool for success. As a textbook definition, data literacy is the ability to understand, read, write, and communicate data in the context of organisational benefit. As per Gartner, the lack of data literacy skills is one of the biggest roadblocks in companies and also for professional growth in the current time. As trends like predictive analysis become popular in the world of data, analytics-related work will not be done only by experts, thus emphasizing the need for digital literacy!
In this business landscape, professionals need to be aware of the latest data analytics trends, and one of the best ways to attain it is with ISB Executive Education’s Applied Business Analytics programme. The 12-week programme is designed in collaboration with Eruditus Executive Education to help you explore in-demand ML techniques in business and their applications. No prior coding experience is required, and at the end of the programme, you will gain actionable insights from an industry-oriented curriculum and real-world examples taught via video lectures from the renowned faculty at ISB. The programme also includes live online sessions with Eruditus programme leaders.
Some of the ways in which ISB Executive Education’s Applied Business Analytics programme will help you
Designed for a wide range of professionals This cutting-edge programme is best suited for professionals who are:
1. Looking to upskill in data analytics to manage data science and analytics teams and improve functional performance through analytics.
2. Interested in leveraging business analytics to outpace the competition and develop data-driven growth strategies.
3. Seeking to sharpen their strategy offering for clients by providing data-driven solutions to their problems.
A chance to be a part of the ISB Executive Network
ISB Executive Network comes with various benefits such as:
● ISB Newsletters with the latest updates
● Learning and Networking opportunities via ISB Executive Education Network Group on LinkedIn
● Exclusive invitations to Online and Offline events like Webinars, Conferences, and Master Classes
● Scope to facilitate as a Guest Speaker at ISB Executive events
● Preferential pricing with 10% discount on programme fee on ISB Executive Education Open programmes
● Upgrade to ISB Executive Alumni Group with 100+ learning hours
Learn a range of data-related subjects
This programme has 12 modules to offer, starting from the introduction to Business Analytics to Data Preliminaries for Analytics. These modules will help you learn from the basics to more advanced Business Analytics applications. Other modules include topics like Regression – Descriptive and Predictive Analytics, Visualisation – Perceptual Mapping for Business Analytics, Decision Trees for Business Analytics, Network Analytics for Business Analytics, Experiments, and Causal Inference.
ISB evolved from the need for a world-class business school in Asia. Ranked #1 in Research Ranking in India, ISB anticipated the leadership needs of the emerging Asian economies. The rapidly changing tides of business would require young leaders who will understand the developing economies. The Centre For Executive Education (CEE) at the ISB designs programmes for working professionals aimed at providing timely learning interventions that help them upskill and progress in their careers, while positively impacting the organisations they operate in. Through innovative programmes, outstanding faculty and thought leadership, ISB is committed to creating leaders.
Eruditus Executive Education offers customised and open programmes in India, Singapore, Dubai, and other global locations in collaboration with some of the best institutes across the globe, including ISB Executive Education, MIT Sloan, Columbia Business School, INSEAD, Harvard Business School (HBS), Kellogg Executive Education, Berkeley Executive Education, Wharton Executive Education, IIM Lucknow Executive Education, IIM Calcutta Executive Education, and Emeritus. If you are interested in becoming data-ready, ISB Executive Education’s Applied Business Analytics programme is just the right step for you. It will allow you to be more future-ready by altering the building blocks of decisions driven by data, analytics, and technology. It’s time you hop onto the data bandwagon.
Disclaimer: This article has been produced on behalf of Erulearning by Times Internet’s Spotlight team
This article was first published on Times of India.