What is the company's current position and market worth? What if tomorrow the scenario changes? What strategic decisions can add value to clients and stakeholders? Historically, answers have been sought for these critical questions through a simple balance sheet analysis and rampant speculation about the company’s growth potential, expected future revenues, and profits. Business analysts also used to make wild assumptions about a company's intangible asset value, such as customer loyalty, employee skills, or intellectual capital, forecasting a highly subjective assessment. Today, all sectors are experiencing dramatic disruption, with Industry 4.0 enveloping businesses at a dizzying speed — an epochal transformation driven by emerging technologies, such as Artificial Intelligence, Machine Learning, the Internet of Things, and robotics.
As the world continues to generate huge amounts of data from millions of sensors, smartphones, and payment systems, many far-sighted organizations are turning to data analytics to boost data-driven business intelligence for tackling disruptive challenges, unlocking new resources, and identifying future opportunities.
By providing businesses with real-time, actionable insights on market conditions, operational processes, customer preferences, and potential risks, data analytics optimizes growth and profitability while completely eliminating the reliance on intuition-based decision-making. 90 percent of business professionals believe data and analytics are key to their organization's digital transformation initiatives.
According to a survey, the number of companies investing in Big Data and related technologies have jumped from 27 percent in 2018 to 33.9 percent in 2019, while the global spending on big data analytics is more than US$ 180 billion in 2019. With growing investment in this field, the global data analytics market that promises to surpass $77.64 billion by 2023, at a CAGR (Compound Annual Growth Rate) of 30.08 percent.
Although the technology sector is at the forefront of implementing data analytics, multiple non-data enterprises are also ramping up their investments to leverage data analytics for creating value across all business processes. In fact, data analytics today has gone beyond the territory of specially trained data scientists. Here’s why - with data and digital information burgeoning at a lightning pace, relying solely on analysts to perform data analysis tasks is no longer viable.
This eBook explores how data analytics has become an in-demand skill in many popular job roles/functions that traditionally weren’t so data driven. Download the ebook now!