Emerging Trends – Business Analytics
EMERGING TRENDS – BUSINESS ANALYTICS
By 2018 US alone would have a shortage of 1.4 lacs to 1.8 lacs people with analytical skills. Data Scientist, Business Analyst, Business Intelligence are all alternate nomenclature for a similar skill set.
The Need:
The amount of data being generated globally increases by 40 percent a year, according to the McKinsey Global Institute, the consulting firm’s research arm. Gartner predicts that data will grow 800 percent over the next five years and 80 percent of the data will be unstructured. International Institute for Analytics predicts that “Big data analytics will top all other areas of growth in analytics during 2012 due to the rapid expansion of social, mobile, location and transaction-based data taken in by various industries.” As the volume of enterprise data sky-rockets, an industry is growing up around using this flood of information to help companies operate more efficiently and sustainably. Companies increasingly will be deploying sophisticated software as a key component of their sustainability strategy. Mu Sigma, for example, an Indian firm providing data analytics and decision support services for global enterprise, secured a $108 million investment round led by General Atlantic. “My smartphone produces a huge amount of data, my car produces ridiculous amounts of really valuable data, my house is throwing off data, everything is making data,” said Erik Swan, 47, cofounder of Splunk, a San Francisco-based start-up whose software indexes vast quantities of machine-generated data into searchable links. Companies search those links, as one searches Google, to analyze customer behavior in real time. Splunk is among a crop of enterprise software start-up companies that analyze big data and are establishing themselves in territory long controlled by giant business-technology vendors like Oracle and I.B.M. Founded in 2004, before the term “big data” had worked its way into the vocabulary of Silicon Valley, Splunk now
By 2018 US alone would have a shortage of 1.4 lacs to 1.8 lacs people with analytical skills. Data Scientist, Business Analyst, Business Intelligence are all alternate nomenclature for a similar skill set.
The Need:
The amount of data being generated globally increases by 40 percent a year, according to the McKinsey Global Institute, the consulting firm’s research arm. Gartner predicts that data will grow 800 percent over the next five years and 80 percent of the data will be unstructured. International Institute for Analytics predicts that “Big data analytics will top all other areas of growth in analytics during 2012 due to the rapid expansion of social, mobile, location and transaction-based data taken in by various industries.” As the volume of enterprise data sky-rockets, an industry is growing up around using this flood of information to help companies operate more efficiently and sustainably. Companies increasingly will be deploying sophisticated software as a key component of their sustainability strategy. Mu Sigma, for example, an Indian firm providing data analytics and decision support services for global enterprise, secured a $108 million investment round led by General Atlantic. “My smartphone produces a huge amount of data, my car produces ridiculous amounts of really valuable data, my house is throwing off data, everything is making data,” said Erik Swan, 47, cofounder of Splunk, a San Francisco-based start-up whose software indexes vast quantities of machine-generated data into searchable links. Companies search those links, as one searches Google, to analyze customer behavior in real time. Splunk is among a crop of enterprise software start-up companies that analyze big data and are establishing themselves in territory long controlled by giant business-technology vendors like Oracle and I.B.M. Founded in 2004, before the term “big data” had worked its way into the vocabulary of Silicon Valley, Splunk now