The concept of big data is no longer a novelty as it has been around for years since organizations saw the benefits for speed and efficiency, among others.
The new benefits that big data analytics bring to the table, however, are speed and efficiency. Big data analytics has become more popular nowadays for the ability to work faster in identifying insights for immediate decisions which gives companies a competitive edge. Furthermore, big data analytics helps organizations harness their data to find new opportunities -both in products and services, for smarter business operations that in the end drive higher profits. Another benefit of implementing big data analytics includes cost reduction. With the use of big data technologies such as Hadoop and cloud-based analytics, costs are significantly reduced.
The use of big data is ubiquitous. Many more industries are now adopting it while on social media platforms, billions of users connect daily, users share information, upload images, videos, and many more. are using this to achieve growth and stay competitive among their competitors.
We compiled from Big Data Framework, the top 5 reasons you should study big data.
1. Data-driven decisions provide a competitive advantage
As we mentioned earlier, data-driven is the most effective and efficient determinant in decision-making today. Big data allows organizations to detect trends and spot patterns for future benefit. It also helps detect which customers are likely to buy products and optimize marketing campaigns by identifying which advertisement strategies have the highest return on investment. Organizations that understand more among their competitors will outperform their peers in the long run.
One of the key business drivers behind big data is the ability to start data-driven decision-making. Instead of making a decision based on experience, the decision is based on the best possible scenario. It enables to know ‘sooner’ which products and services will be successful, providing an opportunity to be first to market.
2. Big data provides a foundation for AI
Artificial Intelligence (AI) is one of the most desired areas in business today. Big data provides a springboard for organizations that want to start AI projects. AI mostly builds on the same techniques and processing capabilities that are required in big data organizations. After this has been set up, AI techniques such as cognitive analytics can be taken as the next steps.
3. Big data skills are in high demand
In line with the trends of big data in general, the demand for skilled big data professionals is growing tremendously. Currently, there is more demand than supply which results in large increases in salary for people who possess the required skill set. Big data professionals with this particular sought-after skill set is on the rise while the supply remains low that in the end creates great job opportunities for individuals within this field.
As the demand steadily increases and the supply remains low, big data professionals are getting paid more and more. In Ontario, Canada, the median salary for a big data professional is CAD 83,370 while the demand remains above average.
4. Investments in big data keep growing
Many studies and surveys show that investments in big data keep growing over the years. The increase in spending is a sign that big data is a trend that will continue in the next years, and that investing time to study big data is not just a short-term investment.
5. Studying big data incorporates different skills
The domain of big data and data analysis is full of puzzles to solve and will greatly enhance your analytical skills and reasoning. The major domains of big data involve statistics and problem-solving skills. Even if you don’t intend to make a career in big data, these skills are useful and highly practical on a day-to-day basis.
Post studying big data, you will notice that you will start applying big data techniques to your presentations or reports because they provide a very solid basis for discussion and decision making.
Enroll in 50-week Diploma in Database Administration and Big Data Predictive Analytics at Canadian College for Higher Studies to stay competitive in the job market. If you qualify, Second Career could be your funding option that covers tuition, books, and basic living allowances. Email us at [email protected] to learn more.