PGPM ADThe Power of Analytics

PGPM – AD | APP. Deadline: 27th Feb 2021 | Apply Now

India is one of the select few trillion dollar economies. It is clocking the fastest rate of growth among big economies of the world, thus creating a lot of opportunities.

Today is the day of abundance. Be it opportunities, goods & services, or data; everything is available in plenty. 90% of the total data created has been generated in just the past 2 years. In the past, data storage and processing speed limited analytics. Today, those limitations no longer apply, opening the door to more complex machine learning and deep learning algorithms that can handle large amounts of data in multiple passes.

Today most organizations treat analytics as a strategic asset, and analytics is central to many functional roles and skills.

ANALYTICS IS AT AN INFLECTION POINT TODAY WHERE TECHNOLOGICAL CAPABILITIES ENABLE US TO BUILD SOLUTIONS BEYOND FINDING INSIGHTS AND HELP DECISION MAKING

Importance Of Data Analytics

$ 77B

Analytics Industry Value in 2023

90%

Share of Last 2 years data vs total data

2.7 M

Number of Data Analytics Jobs

1.7 Mb

Data Created by a human per sec

90%

Leaders viewing analytics as key area

Organizations have recognized the importance of collecting data and analyzing it, and are striving towards being fully aware of how to effectively use analytics to increase revenue.

The statistical importance of analytics is shown above. As businesses progress and develop, the use of data driven decision making will be the key differentiator between successful and not so successful companies in the future. This is reflected in the increase in data scientist and data analytics job roles available for students.

53 Days

To Fill an Analytics Manager Role

The most important statistic to note is that there is a huge demand for managers with analytical skills than any other role presently. A Forbes study done in 2020 reveals that the global average wait time to fill a manager role with analytical skills takes 53 days. This shows the importance and the huge demand for candidates with business acumen combined with analytical skills

Real life business examples

Founded in 1997 as a mail-order DVD company, it now boasts more than 53 million members in approximately 50 countries. Most of us know about the use of analytics in personalized recommendations, but netflix leveraged big data insights to inform the way it buys, licenses, and creates new content

Gramener and Microsoft AI for Earth Help Nisqually River Foundation, a Washington based nature conservation organization Augment Fish Identification by 73 Percent Accuracy Through Deep Learning AI Models. This project is projected to save 80% of the incurred cost for the organization

Usage of modern tools like Tableau reduces analysis time by as much as 90 percent, and dashboards that used to take up to six months to build are now ready within a day. The company now analyze inventory, logistical, and finance data from across the organization to create supply-chain and forecasting reports in record time.

UPS uses big data, and one of the applications is for fleet optimization. On-truck telematics and advanced algorithms help with routes, engine idle time, and predictive maintenance. Since starting the program, the company has saved over 39 million gallons of fuel and avoided driving 364 million miles.

Amex uses predictive models to analyzed historical transactions of users with the available 115 variables to forecast potential churn. In the Australian market, the company can identify 24% of accounts that will close within four months. This system has been implemented in other countries to improve their credit system