In the present times, the information created and shared on the online space today has increased significantly. It has become quite challenging for organizations to make sense out of it. Data Analytics is one such process that will help organizations to extract information from large amounts of data. There are several advancements and improvements in the data industry, and businesses are looking closely for these analytical tools to adapt to ever-changing global scenarios. In this article, we will go through the scope and the future of Data Analytics.
Data Analytics Life Cycle
The Data Analytics Development Cycle represents different phases associated with data. During its life cycle, data gets created, tested, processed and reused. The currently known data cycle for most organization consists of:
- descriptive (what data is)
- diagnostic (why did it happen)
- discovery (what can we extract from it)
- predictive (how to use to predict outcomes)
- prescriptive analytics (what steps to be taken for the best outcome).
Most organizations are currently at the diagnostic or discovery stage and are trying to figure out how to make the best use of data. The ongoing research on Data development by Big Data scientist will shape the future of Data Analytics.
The possible outcomes with the future of Data Analytics:
Challenges because of lack of resources
Many scientists and exports are currently in the discovery stage of the data development cycle, as discussed above. That means we are not using the technology in hand to its full potential. It is because of the lack of resources available in the current age. There is no doubt that the advance in such a research project will forever shape the future, but there is a shortage of data experts, which can be a concern shortly. Hopefully, the introduction of Data Science and Machine Learning as a school curriculum will improve the short-term situation.
Benefits from Data Analytics
Now that we have discussed the challenge to Data Analytics let’s talk about how the technology will help an individual, an organization, or a whole economy. The decision-making process will become more precise and more effortless. There will be efficient functioning, including cost reduction, efficient use of resources and little wastage. Ease access to correct information. It will be possible because of the user’s innovative approaches to make decisions, made possible by the advancement in Data Analytics.
A survey showed that humans could not process all the available information to convert it into meaningful data. And the technology available today isn’t capable of handling that much information as well. But in coming years, only the advancement in technology can solve this issue. In the next 30 years, data analytics will be used to optimize a large amount of data. The development in technology means many jobs today will become obsolete in the coming years. It will be a challenge to create new jobs and opportunities for humans in an automated driven world.
Increased reliance on Artificial Intelligence
There was a time when people believed that they could do well without a cell phone. Those cell phones transformed into smartphones and are now commanding every second of our lives. Similarly, there will be a time when we will see auto-drive vehicles on the road and not a single person driving them. The reliance on Artificial Intelligence is believed to make our lives easier and simpler. The will be minimal human intervention required for automated process, leading to efficiency in any task.
The advancement of technology should be seen as an opportunity rather than a challenge. There will be specific jobs’ disappearance, but we will see a rise or shift in different types of jobs. The growth of machine learning and cognitive computing will give birth to new professions. Also, there will be a noticeable increase in demand for data scientists and analysts. It will be exciting to witness new opportunities in the coming years.
Data Analytics is gaining relevance in today’s scenario, and significant transformation is evident in the present times. In the upcoming years, we can see the scope and potential of Data Analytics and its importance worldwide. Data science will enhance human vision to see possibilities that were not possible before. It might take over 30 more years to see this future, but those changes arrive soon with the current progress and advancements.
Author Bio: Abhyank Srinet is a passionate digital entrepreneur who holds a Masters in Management degree from ESCP Europe. He started his first company while he was still studying at ESCP and managed to scale it up by 400% in just 2 years. Being a B-School Alumni, he recognized the need for a one-stop solution for B-School to get in touch with schools and get their application queries resolved. This prompted him to create MiM-Essay, a one-of-a-kind portal with cutting edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School Updates.