Data analytics is a method of examining large sets of available information in order to gain insights and come to conclusions that may not be obvious without analysis. Data analysis may be done with advanced softwares or systems that increase the speed of data computing.
Data has become the lifeblood of major financial and e-commerce companies. Everyday we read and listen to news reports that talk about internet companies tracing user behaviour in order to understand their customers better and target them with specific products which they may want to buy. Retail companies today use data about what a person has been doing online or on social media to understand which products it needs to advertise on his screen. This increases the possibility of him buying it if he is interested. Therefore, in today’s world, data = gold. This is how important data analytics is!
Financial companies need data to understand the performance of a company, its peers, the industry, etc. and form a 360 degree perspective. This data helps them to understand the history of the company, its credit worthiness, its ability to grow, financial health and other important details that may affect their decision to invest in the company. Being able to analyse every aspect about a company’s products, sales, funds raised, financial ratios, etc is a highly valuable skill that very few people have. Most investment bankers, hedge fund managers and other investors take decisions on the basis of these ratios. So anyone with the knowledge of computing this information is in a position to take advantage of this information and be the ace investor the world talks about.
Major investors and large investment banks usually make investments to the tune of a few Billion Dollars on a daily basis. Being able to spot the appropriate stock or financial product needs a specific skill set that depends heavily on getting information, which again is dependent on data analytics. Successful analytics executives give owe their success to their ability to visualize an industry in the form of a SWOT analytical chart. Every data point that they churn must pertain to SWOT, .i.e. it should either be a Strength, Weakness, Opportunity or a Threat for the person using that data. Creating a model that gives a crystal clear picture to the reader is of utmost importance.
Another important aspect to being a successful investor is getting the right guidance. Many investors keep refreshing their knowledge by attending short term courses that keep them up to date and in sync with the current markets trends. BSE Institute Ltd (BIL) is an institute that offers multiple courses all over the country in order to support and help students and working professionals grow in the BFSI industry. Visit their website to see the various courses that they have on offer.
Data Analytics is a skill that is very very useful as people in every industry can use them. This will be helpful in sales, marketing, finance, investing, HR, banking, etc. Thus, any top head of a business division, company or any major executive will always be dependent on the Data Analytics team, as he cannot take any informed decision without them. The underlying fundamental needed for being a master here is that of logic. Being able to use logical reasoning, thinking like a consumer and having good mathematical skills helps one build a successful career in this field.
As the world becomes smaller and more tech savvy, every person will soon be just a number on a spreadsheet. Analyzing their behaviour is what any corporate will want to do in order to have an edge over their competitors and anyone who is good at this will be indispensable.