The economy is like time. It doesn’t wait for anyone. And the time for the rustic IT professionals is running out with every new startup and advancement in the business world. I say business world in a generalized manner since there is a common thread of advancement that runs through all the industries and binds them together. That thread is none other than the omnipresent Big Data. For the uninitiated, imagine Big Data to be the Skynet from the Terminator movies. It knows what you eat, where you go, when your groceries run out and my favorite one, when you’re most likely to get pregnant. Hard to digest? Well, our friends at the mega retail store, Target, would disagree.
Business Intelligence has become a crucial part of any data driven organization. No matter which industry you’re in, no matter how old or how new your company is, Big Data can enhance your performance. And the best part is that it works both ways, benefiting both the producer as well as the consumer. Defying the traditional solidified view of one wins while the other loses in any business transaction.
Data and Data Analytics has become more of a commodity nowadays and is no longer the exclusive privilege for the rich and giant business houses. Look in any direction and Big Data would be influencing you in one or the other way;
This increased adoption of data analytics to perform day-to-day business operations is not a passing trend. In the future you can expect a communion of a plethora of organizations for an increased usage of embedded data analytics. This creates a huge demand and opportunity for software and application developers. The data is there, telling who’s buying what, when they’re buying it, what they like and what they don’t like. Now it is time to make the data the guiding force and for that businesses require certified and standardized data analysts. These developers from their respective fields would be required to provide simplistic yet valuable insights from a colossal force of structured and unstructured data.
Big Data and its wide applications are being applied to every field out there. So no matter which field you belong to, you would not be an outsider to the analytics of Big Data. The following industries have embedded Big Data in their day-to-day functioning:
With extensive paperwork and wait time involved in obtaining bank loan, alternative lending options like OnDeck and Kabbage are becoming more popular. They use free flowing information to determine credit worthiness and investment credibility. They use the marketing data, ad campaigns, omni-channel content creation, social media activity, etc.
Increasing number of companies are turning to data solution providers who have already sifted through thousands of data sources, aggregating the most comprehensive intelligence for their industry. According to Larry Bruce, Vice President of Naked Lime, the key to successful marketing lies in using data analytics to segment marketing lists.
They need to establish a long time distinguished relationship with their clients, building a one-to-one communication channel and create timely and relevant content that is customized to the customer’s distinct set of needs. Tracking baggage, personalizing airfare, hotel offers, flight entertainment, etc. are all things that can be achieved by Data Analytics.
The career prospects of a Data scientist have never been more fitting. In the San Francisco bay area most data scientists make $100k+ as a base salary. People who have years of experience in data analysis get paid more than their younger peers. On an average more degrees equals more dollars. O’Reilly Media published a data science salary survey, which states the average respondent to their survey uses 10 tools of data analytics and earns a salary of $100k. The average respondent using 15 tools earns $130k.
Salary found from its survey of workers holding a H1B visa with job title ‘Data Scientist’ make an average of $120k. Glassdoor includes crowd sourced salary data. According to their website people with ‘Data Scientist’ title nationwide make a whopping $118k.