DATA ANALYTICS – PATTERNS AND THE FUTURE IN MALAYSIA
The world is a complex place filled with all sorts of mysterious questions waiting to be answered. Even complex is the maze and mirage of patterns and observations that drive the world to stability and bring “ordo ab chao” i.e. “order from chaos”.
As more and more of these patterns were observed and studied by humans, they found their way into some of the most sophisticated technologies observed in the modern world.
The use and importance of patterns were found to be so vital that a completely different set of field and study was developed that is known as analytics today. A field that uses statistics, maths, modeling of predictions to find and figure out more and more recurring patterns in a set of given data.
This set of data is worked upon to figure out the series of actions that led to the happening of an event, how that event is taking place at the moment, and what likely is to happen next if another set of actions were to take place and affect the event somehow.
TYPES OF ANALYTICS
Ever since its inception, the study of analytics has seen some diversification in its fields of study. Some of the types include:
- Descriptive: This type of analytics mostly deals with the quantified or quantifiable elements and statistics that help in gaining insights as to how and what event took place recently.
- Predictive: The future is definitely uncertain for everyone and no one has absolutely any idea as to what can happen any time. However, the past data and present behavior when clubbed with predictive algorithms can give an idea about the probabilities of the different possibilities that are most likely to happen or occur in the near or the far future.
- Prescriptive: A relatively new concept. However it provides the missing piece in the puzzle of analytics. It provides the answer to the question of “what to do”. Once predictive analytics come up with possible predictions of the future, it is the prescriptive analytics that provide deeper insights of the predictions and suggests the best and optimum decision to take in order to prepare for the future.
Due to the fact that the future is unpredictable, and the proper technology available to facilitate some predictions for the same, companies want the best of the best people who can work efficiently and come up with a list of the possible turnarounds that the future may hold along with cost-effective strategies that can help them prepare for the same.
As a result, the need for experts in analytics has seen a noticeable rise and has been growing ever since. Companies have gone out of their ways to create separate job profiles and roles specifically to target their needs of facing the future. Job profiles such as business analyst, CAO (Chief Analyst Officer), data scientists, data miners are some of the profiles that have seen an introduction in some of the major tech companies in the world.
The love and knack for solving puzzles is rare. So, in case you are one of the people loving puzzles and riddles, the demanding field of analytics awaits you with open arms. Get enrolled in a Data science course and make your hobby a career.
I am Bharani Kumar Depuru, eminent Digital Transformation Specialist with
over 15+ years of professional experience in Emerging Technologies
consulting. I am an alumnus of IIT & ISB and serve on the board of multiple
companies in devising their strategies.