‘Analytics’ is the new buzzword in business. The world is overflowing with data and anyone who can harness this data to benefit enterprises is highly sought after.
In a recent report, McKinsey predicted a shortfall of 150000 trained analytics professionals in the US in the next 2 years.
No wonder data scientists are commanding salaries from $110000 to $150000 per annum.
The story is no different in India. Demand for analytics talent is at an all-time high in our country.
There are several reasons for this.
India as a global hub for analytics – Due to its huge (and cheap) talent pool, India has emerged as the global hub for analytics. Most of the large MNCs have analytics teams in India. Companies like HSBC. Citibank, Accenture, Deloitte, IBM, Amazon, Target and many others have teams of data analysts or data scientists (the term in fashion currently) working from India to serve businesses globally.
BPOs moving up the value chain – BPOs led the growth of the Indian economy in the last decade. But with increasing competition from countries like Philippines, these companies are seeing little or negative growth in the voice business. However, high value processes like analytics are still continuing to grow strongly in India. The story is the same with the Indian IT giants like Infosys, Wipro, TCS and Cognizant. All these companies have realized that the next growth spurt will be driven by data and advanced analytics.
Consequently, BPO companies as well as IT companies are ramping up their analytics talent, pushing the demand further.
Analytics for Indian businesses – Indian businesses have also understood the power of analytics. It started with the financial services companies like ICICI, HDFC, HSBC etc. and spread to the retail domain with Shoppers Stop, Pantaloons and many others. Slowly but steadily, the demand for analytics professionals is growing in the Indian businesses as well.
These are some of the main reasons why it is a good idea to build your analytic skills. However, there are many other reasons as well.
The most important one being the future of analytics.
IBM recently estimated that 90% of the data in the world today has been created in the last 2 years only.
This just goes to show how fast data is growing all around us. Big data is no longer the sole domain of big businesses like financial institutions or large retail chains. Digitization and growth of ecommerce have also helped this explosive growth.
Those following the growth of this field in the recent years are confident that these trends will continue in the foreseeable future. In fact, with demand far outstripping supply, we are bound to see shortfalls in the field. This means those that possess this precious talent will be the ones in demand.
There is no arguing that business analytics is a great career choice.