Future of Big Data and Working Opportunities By Ravindra Deshpande, Head-IT, Universal Sompo General Insurance

Future of Big Data and Working Opportunities

Ravindra Deshpande, Head-IT, Universal Sompo General Insurance | Friday, 12 August 2016, 07:16 IST

Big Data has tremendous potential in India with social media usage on the rise and increased adoption of technology by sectors such as BFSI, retail, hospitality etc. Small & Medium Businesses (SMB) are some distance away from Big Data as their challenges are more basic – effective data storage and management. Many medium businesses are already on track of adoption of Big Data and are working to make it as a reality.

While the approach towards Big Data in India has been slow, it is expected to pick up in the near future. Once the skill barrier is overcome, both SMBs and enterprises will take up Big Data analytics. It will be exciting to watch as to how different organizations adopt the concept of Big Data.

Current Big Data Trends

• Big Data has advantages over normal data
There are certain times when voluminous data proves to be advantageous over regular data and fetches more accurate results. The processing of voluminous data leads to a qualitative shift which derives beneficial economic values.
• Algorithms initiate interest in Big data
Algorithms will work more than people at variety of jobs. We can take example of flying of an airplane, controls being taken by Auto-pilot. In future Big Data algorithms will be better doctors diagnosing diseases than human doctors of now. Self-driving cars will be safer than human drivers.
• Organizations experience the difference when switching to Big Data
Companies can benefit from Big Data as they can measure their existing activities and improve efficiency by optimizing their operations and the data can be the source of new revenue streams.
• Business analytics allows companies to operate differently
Various organizations are now able to see detail level of operations by which organizations can make improvements, although small but these improvements when scaled across the entire business add to a very big effect.
• Specific industries which have seen bigger impacts using business analytics
Health care and Education fields are greatly affected and benefited by data analytics.

Big Data Algorithms would not have limitations for detailed analysis and will remember rare complicated cases as well unlike current practices. Likewise in education, tracking student performance all the times will be convenient. Computers & algorithms will help us in learning and improve teaching skills.

Why BIG DATA ANALYTICS is the fastest growing areas of interest

1. Rising Demand - Analytics Professionals
Technology professionals, experienced in Analytics are in high demand as world organizations are exploring the ways to exploit the power of Big Data.

2. Huge Job Opportunities
Despite highest concentration in India for Big Data concept, there seems to be a scarcity of data analytics talent as compared to the demand of the expected talent as organizations are opting for outsourcing their work in India.

3. Salary Aspects
Due to scarcity of Data Analytical skills, there is a boost in the wages for qualified professionals for the right skill.

4. Big Data Analytics as a Top Priority
With various studies, it was derived that Big Data Analytics is one of the top priori ties which will eventually improve performances of various organizations.

In various surveys conducted it was found that Big Data analytics will enable more precise business insights, recognize sales and market opportunities and will boost Big Data Analytics and add to organization’s profitability.

5. Embracing Big Data Analytics
Organizations are adopting Big Data Analytics on large data contained within organizations, which include some form of advanced analytics for Business Intelligence, Predictive Analytics and Data Mining tasks.

Organizations are gradually planning to adopt Big Data by working on internal organizational strategies.

6. Data Analytics - a Key Factor in Decision Making
In coming years analytics will become more important to organizations because there is a huge amount of data which is currently not being used and only rudimentary analytics is being done.

7. The Rise of Unstructured and Semi-structured Data Analytics
Different surveys show that there is a huge growth when it comes to unstructured and semi-structured data analytics for data from weblogs, social media, e-mail, photos, video etc.

8. Big Data Analytics is Used Everywhere
The excellent features of Big Data available are being adopted by various domains like Health care, Consumer, Energy, Manufacturing, Technology and Banking which are grooming themselves and enhancing for which Analytics is being utilized to boost the profitability and working of organizations.

9. Numerous Choices in Job Titles and type of Analytics jobs
There are plenty of options available, one can
choose from:

“Big Data” - Analytics Business Consultant, Analytics Architect, Engineer, Solution Architect, Data Analyst, Analytics Associate, Intelligence and Analytics Consultant and Analytics Specialist.

There is a compelling need for skilled resources with the ability to understand Big Data which becomes a vital asset that boosts the business for an organization and career for the resource. For this reason technology professionals with Analytical skills are finding themselves in high demand.

‘Big Data’ is sure to create a huge demand for skilled professionals and generate appropriate opportunities.